The Manufacturers Life Insurance Company bought a new stake in Blackstone Inc. (NYSE:BX – Free Report) in the 2nd quarter, Holdings Channel reports. The fund bought 1,450,070 shares of the asset manager’s stock, valued at approximately $170,630,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Van Hulzen Asset Management LLC purchased a new position in Blackstone in the 2nd quarter valued at about $277,000. Fiduciary Financial Advisors purchased a new stake in shares of Blackstone during the second quarter worth about $372,000. Manning & Napier Advisors LLC acquired a new position in shares of Blackstone in the second quarter worth about $8,667,000. L2 Asset Management LLC purchased a new position in Blackstone in the second quarter valued at about $523,000. Finally, Cetera Trust Company N.A purchased a new stake in Blackstone during the 2nd quarter worth approximately $88,000. Hedge funds and other institutional investors own 70.00% of the company’s stock.
Blackstone Trading Up 0.2%
NYSE:BX opened at $143.66 on Tuesday. The firm has a market capitalization of $107.83 billion, a P/E ratio of 32.14, a P/E/G ratio of 1.56 and a beta of 1.55. The business has a 50 day simple moving average of $129.20 and a 200 day simple moving average of $122.50. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.72 and a quick ratio of 0.72. Blackstone Inc. has a 12-month low of $101.73 and a 12-month high of $190.09.
Blackstone Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Monday, August 3rd were paid a dividend of $1.29 per share. This is a boost from Blackstone’s previous quarterly dividend of $1.16. This represents a $5.16 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Monday, August 3rd. Blackstone’s dividend payout ratio (DPR) is 115.44%.
Analyst Ratings Changes
Several research firms have recently commented on BX. Piper Sandler increased their target price on Blackstone from $122.00 to $130.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. HSBC reaffirmed a “hold” rating and issued a $135.00 price target on shares of Blackstone in a report on Monday, July 20th. Oppenheimer raised their price objective on shares of Blackstone from $139.00 to $140.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. The Goldman Sachs Group upped their price objective on Blackstone from $114.00 to $127.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Finally, TD Cowen upped their price target on Blackstone from $133.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Thirteen research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Blackstone currently has an average rating of “Moderate Buy” and a consensus target price of $147.95.
Get Our Latest Research Report on Blackstone
Insider Transactions at Blackstone
In other news, CAO David Payne sold 9,500 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $145.23, for a total transaction of $1,379,685.00. Following the completion of the transaction, the chief accounting officer owned 64,448 shares in the company, valued at approximately $9,359,783.04. This trade represents a 12.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ruth Porat purchased 371 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was acquired at an average price of $137.17 per share, for a total transaction of $50,890.07. Following the transaction, the director owned 42,189 shares of the company’s stock, valued at $5,787,065.13. The trade was a 0.89% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders acquired 1,611,822 shares of company stock valued at $42,189,294 and sold 7,562,000 shares valued at $40,331,085. 1.00% of the stock is currently owned by company insiders.
Blackstone Company Profile
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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