Envestnet Portfolio Solutions Inc. boosted its stake in Blackstone Inc. (NYSE:BX – Free Report) by 318.4% during the 4th quarter, HoldingsChannel.com reports. The fund owned 47,699 shares of the asset manager’s stock after acquiring an additional 36,300 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Blackstone were worth $7,347,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of the stock. REAP Financial Group LLC acquired a new position in Blackstone during the 3rd quarter worth approximately $26,000. Redmont Wealth Advisors LLC bought a new stake in Blackstone in the 3rd quarter worth about $30,000. Strive Asset Management LLC bought a new stake in Blackstone in the 3rd quarter worth about $30,000. Family CFO Inc purchased a new stake in shares of Blackstone during the 4th quarter valued at $28,000. Finally, Ares Financial Consulting LLC purchased a new stake in shares of Blackstone during the 4th quarter valued at $28,000. Institutional investors own 70.00% of the company’s stock.
Blackstone Stock Performance
Blackstone stock opened at $116.92 on Thursday. The firm’s fifty day moving average price is $117.34 and its 200-day moving average price is $133.92. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.76 and a current ratio of 0.76. The stock has a market cap of $86.86 billion, a P/E ratio of 29.90, a price-to-earnings-growth ratio of 1.25 and a beta of 1.63. Blackstone Inc. has a fifty-two week low of $101.73 and a fifty-two week high of $190.09.
Blackstone Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were given a $1.16 dividend. The ex-dividend date was Monday, May 4th. This represents a $4.64 dividend on an annualized basis and a yield of 4.0%. Blackstone’s payout ratio is presently 118.67%.
Insider Buying and Selling
In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,504 shares of the company’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $3.51, for a total transaction of $26,246,039.04. Following the completion of the sale, the insider directly owned 25,832 shares in the company, valued at $90,670.32. This represents a 99.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Vikrant Sawhney sold 30,014 shares of the company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $125.79, for a total transaction of $3,775,461.06. Following the sale, the insider owned 899,669 shares of the company’s stock, valued at approximately $113,169,363.51. The trade was a 3.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have purchased 13,502,092 shares of company stock worth $294,789,896 and have sold 9,128,660 shares worth $46,457,920. 1.00% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
Several research firms have commented on BX. Rothschild & Co Redburn dropped their price objective on shares of Blackstone from $138.00 to $134.00 and set a “neutral” rating on the stock in a report on Friday, April 24th. JPMorgan Chase & Co. reduced their price objective on shares of Blackstone from $142.00 to $136.00 and set a “neutral” rating for the company in a research note on Friday, April 24th. HSBC reduced their price objective on shares of Blackstone from $164.00 to $131.00 and set a “hold” rating for the company in a research note on Friday, April 10th. Barclays reduced their price objective on shares of Blackstone from $126.00 to $124.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 8th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on Blackstone from $156.00 to $146.00 and set a “buy” rating on the stock in a research note on Friday, April 24th. Eleven equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $151.05.
Key Headlines Impacting Blackstone
Here are the key news stories impacting Blackstone this week:
- Positive Sentiment: Blackstone and Google launched a joint venture to create a new AI cloud company centered on Google’s Tensor Processing Units, expanding Blackstone’s exposure to AI infrastructure growth. Blackstone Announces Joint Venture with Google to Create New TPU Cloud
- Positive Sentiment: Reports say Blackstone is committing $5 billion of equity to the venture, signaling a major investment in AI compute capacity and a potential new earnings growth avenue. Blackstone and Google form AI infrastructure joint venture focused on TPU cloud expansion
- Positive Sentiment: Market commentary suggests the Google deal is strengthening Blackstone’s competitive position in AI infrastructure and helping fuel investor optimism around the stock. Google and Blackstone to Create New AI Cloud Company. The Stocks Are Rising.
- Positive Sentiment: A large shareholder disclosed a major stock purchase, which can reinforce confidence in Blackstone’s outlook even if it is not the main day-to-day catalyst. Insider Buying: Blackstone (NYSE:BX) Major Shareholder Purchases 9,486,795 Shares of Stock
- Neutral Sentiment: Blackstone’s digital infrastructure trust completed the underwriters’ option in full, bringing the IPO proceeds above $2.0 billion; this is supportive for the franchise but is a separate capital-markets event. Blackstone Digital Infrastructure Trust Announces Full Exercise and Closing of Underwriters Option to Purchase Additional Shares in Initial Public Offering
- Neutral Sentiment: TD Cowen trimmed its price target to $133 from $140 but kept a Buy rating, which still implies upside despite a more cautious valuation view. Blackstone (NYSE:BX) Price Target Lowered to $133.00 at TD Cowen
- Negative Sentiment: Blackstone also gave up its pursuit of the €2.5 billion Stroeer deal, a missed acquisition opportunity that may slightly weigh on M&A sentiment. Blackstone gives up pursuit of €2.5 billion Stroeer deal – Bloomberg
Blackstone 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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Want to see what other hedge funds are holding BX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blackstone Inc. (NYSE:BX – Free Report).
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