Welch Group LLC boosted its holdings in Blackstone Inc. (NYSE:BX – Free Report) by 9.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 95,571 shares of the asset manager’s stock after acquiring an additional 7,927 shares during the period. Welch Group LLC’s holdings in Blackstone were worth $10,713,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also added to or reduced their stakes in BX. Wellington Altus USA Inc. bought a new stake in Blackstone in the 2nd quarter valued at about $26,000. Bell Investment Advisors Inc acquired a new stake in shares of Blackstone in the 2nd quarter valued at approximately $30,000. Addison Advisors LLC acquired a new position in shares of Blackstone during the second quarter worth $30,000. NBH Bank acquired a new stake in shares of Blackstone during the second quarter valued at about $30,000. Finally, West Branch Capital LLC increased its position in Blackstone by 26,600.0% in the 2nd quarter. West Branch Capital LLC now owns 267 shares of the asset manager’s stock valued at $31,000 after acquiring an additional 266 shares during the period. Institutional investors and hedge funds own 70.00% of the company’s stock.
Insider Activity
In other Blackstone news, CAO David Payne sold 9,500 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $145.23, for a total transaction of $1,379,685.00. Following the sale, the chief accounting officer directly owned 64,448 shares of the company’s stock, valued at $9,359,783.04. This trade represents a 12.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 3,767,776 shares of the stock in a transaction that occurred on Monday, September 28th. The shares were sold at an average price of $2.94, for a total value of $11,077,261.44. Following the transaction, the insider owned 16,120 shares of the company’s stock, valued at $47,392.80. This represents a 99.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have purchased 464,792 shares of company stock worth $12,205,945 and have sold 4,077,276 shares worth $37,573,644. 1.00% of the stock is currently owned by insiders.
Analysts Set New Price Targets
A number of analysts recently commented on BX shares. Morgan Stanley reaffirmed an “overweight” rating and issued a $165.00 target price on shares of Blackstone in a research report on Friday, October 16th. JPMorgan Chase & Co. dropped their price target on Blackstone from $136.00 to $135.00 and set a “neutral” rating on the stock in a report on Friday, October 23rd. Wells Fargo & Company started coverage on shares of Blackstone in a report on Friday, October 2nd. They issued an “equal weight” rating and a $122.00 price target on the stock. UBS Group lifted their price objective on shares of Blackstone from $116.00 to $118.00 and gave the stock a “neutral” rating in a research report on Friday, October 23rd. Finally, Credit Suisse Group set a $165.00 target price on shares of Blackstone in a research note on Friday, October 23rd. Thirteen analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Blackstone presently has an average rating of “Moderate Buy” and a consensus target price of $144.57.
View Our Latest Analysis on BX
Blackstone Price Performance
Shares of BX stock opened at $118.46 on Monday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.72 and a current ratio of 0.71. Blackstone Inc. has a fifty-two week low of $101.73 and a fifty-two week high of $165.14. The firm has a market cap of $88.92 billion, a P/E ratio of 26.32, a P/E/G ratio of 1.51 and a beta of 1.59. The business’s 50 day moving average price is $122.66 and its 200-day moving average price is $124.46.
Blackstone (NYSE:BX – Get Free Report) last released its earnings results on Thursday, October 22nd. The asset manager reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.06. The firm had revenue of $3.06 billion during the quarter, compared to analyst estimates of $3.27 billion. Blackstone had a net margin of 22.11% and a return on equity of 23.16%. The business’s revenue was down .8% on a year-over-year basis. During the same period last year, the business earned $0.80 earnings per share. On average, equities research analysts anticipate that Blackstone Inc. will post 5.89 earnings per share for the current year.
Blackstone Cuts Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 9th. Stockholders of record on Monday, November 2nd will be paid a dividend of $1.12 per share. The ex-dividend date is Monday, November 2nd. This represents a $4.48 annualized dividend and a dividend yield of 3.8%. This is a drop from Blackstone’s previous quarterly dividend of $1.29. Blackstone’s dividend payout ratio is 99.56%.
Blackstone Profile
Blackstone Inc (NYSE:BX) is a global alternative asset management firm that provides investment and advisory services to institutional investors, companies, and qualified individual investors. The company manages capital across private equity, real estate, credit and insurance, infrastructure, hedge fund solutions, secondaries, and growth-oriented investments.
Blackstone invests in and manages portfolios of businesses, properties, infrastructure assets, and credit instruments across a range of industries.
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