Principal Financial Group Inc. raised its stake in Blackstone Inc. (NYSE:BX – Free Report) by 4.2% during the 1st quarter, Holdings Channel.com reports. The firm owned 858,964 shares of the asset manager’s stock after buying an additional 34,323 shares during the period. Principal Financial Group Inc.’s holdings in Blackstone were worth $98,772,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Blackstone in the 4th quarter valued at about $1,275,747,000. Capital Research Global Investors boosted its holdings in shares of Blackstone by 99.2% during the fourth quarter. Capital Research Global Investors now owns 6,381,767 shares of the asset manager’s stock worth $983,690,000 after acquiring an additional 3,178,133 shares during the period. Amundi grew its position in shares of Blackstone by 85.6% in the fourth quarter. Amundi now owns 2,709,345 shares of the asset manager’s stock valued at $417,620,000 after purchasing an additional 1,249,269 shares during the last quarter. Focus Partners Wealth lifted its holdings in Blackstone by 476.1% during the 4th quarter. Focus Partners Wealth now owns 1,324,168 shares of the asset manager’s stock worth $204,193,000 after purchasing an additional 1,094,307 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in Blackstone by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 71,667,695 shares of the asset manager’s stock valued at $11,046,859,000 after purchasing an additional 840,258 shares during the period. Institutional investors own 70.00% of the company’s stock.
Insider Activity
In related news, Director Ruth Porat bought 355 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was purchased at an average price of $123.04 per share, with a total value of $43,679.20. Following the completion of the acquisition, the director owned 41,818 shares of the company’s stock, valued at $5,145,286.72. The trade was a 0.86% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of Blackstone stock in a transaction that occurred on 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 sale, the insider directly owned 19,374 shares in the company, valued at $73,233.72. This trade represents a 99.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have acquired 10,252,345 shares of company stock valued at $209,789,893. Corporate insiders own 1.00% of the company’s stock.
Blackstone Stock Performance
Blackstone (NYSE:BX – Get Free Report) last released its earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.02. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.The firm had revenue of $3.43 billion during the quarter, compared to analysts’ expectations of $3.45 billion. During the same period in the prior year, the company earned $1.11 earnings per share. The company’s quarterly revenue was up 10.0% on a year-over-year basis. As a group, research analysts expect that Blackstone Inc. will post 5.89 earnings per share for the current fiscal year.
Blackstone Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, May 4th were given a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Monday, May 4th. Blackstone’s payout ratio is currently 118.67%.
Analyst Ratings Changes
BX has been the subject of a number of research reports. BMO Capital Markets lifted their target price on Blackstone from $126.00 to $132.00 and gave the stock an “outperform” rating in a report on Monday, April 13th. Evercore reaffirmed an “outperform” rating and set a $150.00 price target on shares of Blackstone in a research report on Tuesday, April 21st. Royal Bank Of Canada cut their price objective on shares of Blackstone from $173.00 to $161.00 and set an “outperform” rating for the company in a report on Monday. HSBC lowered their target price on shares of Blackstone from $164.00 to $131.00 and set a “hold” rating on the stock in a report on Friday, April 10th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Blackstone in a research report on Monday, June 8th. They set a “buy” rating on the stock. Thirteen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $146.52.
Read Our Latest Analysis on BX
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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