Czech National Bank boosted its holdings in Blackstone Inc. (NYSE:BX – Free Report) by 3.7% in the second quarter, HoldingsChannel reports. The institutional investor owned 211,452 shares of the asset manager’s stock after purchasing an additional 7,550 shares during the quarter. Czech National Bank’s holdings in Blackstone were worth $24,882,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the business. Redwood Financial Network Corp increased its holdings in shares of Blackstone by 1.8% in the 2nd quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager’s stock worth $537,000 after buying an additional 65 shares during the last quarter. Benchmark Financial Wealth Advisors LLC increased its stake in Blackstone by 0.9% during the fourth quarter. Benchmark Financial Wealth Advisors LLC now owns 7,748 shares of the asset manager’s stock worth $1,194,000 after acquiring an additional 69 shares during the last quarter. Parcion Private Wealth LLC raised its position in Blackstone by 0.6% during the fourth quarter. Parcion Private Wealth LLC now owns 10,935 shares of the asset manager’s stock valued at $1,686,000 after purchasing an additional 70 shares during the period. Trivium Point Advisory LLC boosted its holdings in shares of Blackstone by 2.6% in the 4th quarter. Trivium Point Advisory LLC now owns 2,713 shares of the asset manager’s stock worth $418,000 after purchasing an additional 70 shares during the period. Finally, Zacks Investment Management increased its position in shares of Blackstone by 2.1% during the 3rd quarter. Zacks Investment Management now owns 3,453 shares of the asset manager’s stock valued at $590,000 after purchasing an additional 71 shares during the last quarter. Institutional investors own 70.00% of the company’s stock.
Insider Activity
In related news, Director Ruth Porat purchased 355 shares of Blackstone stock in a transaction dated Monday, May 11th. The stock was purchased at an average cost of $123.04 per share, with a total value of $43,679.20. Following the transaction, the director owned 41,818 shares in the company, valued at approximately $5,145,286.72. The trade was a 0.86% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of Blackstone stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $3.78, for a total value of $28,264,950.00. Following the completion of the transaction, the insider owned 19,374 shares in the company, valued at $73,233.72. This trade represents a 99.74% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders purchased 10,825,959 shares of company stock valued at $224,789,900. 1.00% of the stock is currently owned by corporate insiders.
Blackstone Stock Performance
Blackstone (NYSE:BX – Get Free Report) last issued its earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.18. The business had revenue of $5.04 billion during the quarter, compared to analyst estimates of $3.42 billion. Blackstone had a return on equity of 23.77% and a net margin of 21.84%.Blackstone’s revenue was up 35.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.98 EPS. As a group, equities analysts forecast that Blackstone Inc. will post 6 earnings per share for the current year.
Blackstone Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Monday, August 3rd will be issued a $1.29 dividend. The ex-dividend date is Monday, August 3rd. This represents a $5.16 annualized dividend and a dividend yield of 3.8%. This is an increase from Blackstone’s previous quarterly dividend of $1.16. Blackstone’s dividend payout ratio (DPR) is presently 115.44%.
Wall Street Analysts Forecast Growth
Several research firms have commented on BX. Weiss Ratings raised shares of Blackstone from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, July 24th. Rothschild & Co Redburn dropped their price target on shares of Blackstone from $134.00 to $130.00 and set a “neutral” rating for the company in a research note on Tuesday, June 9th. Oppenheimer raised their price objective on shares of Blackstone from $139.00 to $140.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Royal Bank Of Canada upped their target price on Blackstone from $161.00 to $169.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Finally, Sanford C. Bernstein initiated coverage on Blackstone in a research note on Monday, June 8th. They set an “outperform” rating for the company. Thirteen analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $147.95.
About Blackstone
Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.
Blackstone’s business is organized around several principal investment platforms.
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