Twin Tree Management LP purchased a new stake in Blackstone Inc. (NYSE:BX – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,460 shares of the asset manager’s stock, valued at approximately $1,466,000.
Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Blackstone by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 71,667,695 shares of the asset manager’s stock worth $11,046,859,000 after buying an additional 840,258 shares in the last quarter. BlackRock Inc. acquired a new stake in Blackstone in the second quarter valued at $6,112,162,000. Morgan Stanley grew its holdings in Blackstone by 2.0% during the 4th quarter. Morgan Stanley now owns 32,862,165 shares of the asset manager’s stock worth $5,065,374,000 after acquiring an additional 636,613 shares in the last quarter. State Street Corp increased its position in shares of Blackstone by 0.6% in the 4th quarter. State Street Corp now owns 31,542,009 shares of the asset manager’s stock worth $4,861,885,000 after purchasing an additional 179,213 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Blackstone by 3.4% in the 1st quarter. Bank of America Corp DE now owns 11,538,067 shares of the asset manager’s stock valued at $1,326,762,000 after purchasing an additional 384,264 shares in the last quarter. 70.00% of the stock is owned by institutional investors and hedge funds.
Insider Activity at Blackstone
In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $3.78, for a total transaction of $28,264,950.00. Following the transaction, the insider owned 19,374 shares of the company’s stock, valued at approximately $73,233.72. This trade represents a 99.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Private Multi-Asset Blackstone purchased 765,111 shares of Blackstone stock in a transaction dated Tuesday, June 23rd. The stock was bought at an average cost of $26.14 per share, with a total value of $20,000,001.54. Following the completion of the purchase, the insider owned 7,882,145 shares in the company, valued at approximately $206,039,270.30. This trade represents a 10.75% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have acquired 1,339,180 shares of company stock worth $35,062,433 and have sold 7,562,000 shares worth $40,331,085. Insiders own 1.00% of the company’s stock.
Blackstone Stock Up 1.6%
Blackstone (NYSE:BX – Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The asset manager reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.18. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The business had revenue of $5.04 billion for the quarter, compared to analysts’ expectations of $3.42 billion. During the same quarter last year, the company earned $0.98 EPS. The company’s revenue for the quarter was up 35.9% compared to the same quarter last year. Equities research analysts forecast that Blackstone Inc. will post 5.99 earnings per share for the current year.
Blackstone Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Monday, August 3rd were paid a dividend of $1.29 per share. This represents a $5.16 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Monday, August 3rd. 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
BX has been the subject of a number of research reports. Royal Bank Of Canada lifted their price target on Blackstone from $161.00 to $169.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Weiss Ratings upgraded Blackstone from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, July 24th. Sanford C. Bernstein began coverage on Blackstone in a report on Monday, June 8th. They issued an “outperform” rating for the company. Jefferies Financial Group raised their price objective on Blackstone from $143.00 to $152.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Finally, Zacks Research upgraded shares of Blackstone from a “strong sell” rating to a “hold” rating in a research note on Monday, June 8th. Thirteen analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average 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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