Callodine Capital Management LP purchased a new position in Blackstone Inc. (NYSE:BX – Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 450,970 shares of the asset manager’s stock, valued at approximately $51,857,000. Blackstone accounts for approximately 3.6% of Callodine Capital Management LP’s investment portfolio, making the stock its 8th biggest position. Callodine Capital Management LP owned about 0.06% of Blackstone as of its most recent SEC filing.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. FreeGulliver LLC grew its stake in Blackstone by 34.7% in the first quarter. FreeGulliver LLC now owns 1,785 shares of the asset manager’s stock valued at $205,000 after acquiring an additional 460 shares during the period. Lombard Odier Asset Management USA Corp bought a new stake in shares of Blackstone during the first quarter worth about $329,000. Matrix Private Capital Group LLC bought a new stake in Blackstone during the 1st quarter worth approximately $1,340,000. Waverly Advisors LLC raised its stake in shares of Blackstone by 8.5% in the first quarter. Waverly Advisors LLC now owns 138,051 shares of the asset manager’s stock worth $15,875,000 after purchasing an additional 10,778 shares during the last quarter. Finally, Wealth Alliance LLC raised its position in Blackstone by 11.7% in the 1st quarter. Wealth Alliance LLC now owns 5,094 shares of the asset manager’s stock valued at $586,000 after buying an additional 532 shares during the last quarter. Institutional investors own 70.00% of the company’s stock.
Blackstone Price Performance
BX stock opened at $129.72 on Friday. The firm has a 50 day moving average of $120.33 and a 200-day moving average of $124.84. The company has a current ratio of 0.72, a quick ratio of 0.76 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $96.36 billion, a P/E ratio of 29.02, a price-to-earnings-growth ratio of 1.41 and a beta of 1.58. 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 will be paid on Monday, August 10th. Stockholders of record on Monday, August 3rd will be given a dividend of $1.29 per share. This is an increase from Blackstone’s previous quarterly dividend of $1.16. The ex-dividend date is Monday, August 3rd. This represents a $5.16 annualized dividend and a dividend yield of 4.0%. Blackstone’s dividend payout ratio is 103.80%.
Insider Buying and Selling
In other news, Director Ruth Porat bought 355 shares of Blackstone stock in a transaction that occurred on Monday, May 11th. The shares were acquired at an average price of $123.04 per share, with a total value of $43,679.20. Following the completion of the purchase, the director directly owned 41,818 shares in the company, 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 SEC, which is available through this hyperlink. Also, insider Vikrant Sawhney sold 30,014 shares of the firm’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $125.79, for a total value of $3,775,461.06. Following the sale, the insider owned 899,669 shares in the company, valued at $113,169,363.51. The trade was a 3.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders bought 10,252,345 shares of company stock valued at $209,789,893 in the last three months. 1.00% of the stock is owned by corporate insiders.
Key Stories Impacting Blackstone
Here are the key news stories impacting Blackstone this week:
- Positive Sentiment: Blackstone beat Q2 earnings and revenue estimates, with EPS of $1.52 versus expectations around $1.33-$1.34 and revenue of $5.04 billion versus $3.42 billion expected, signaling better-than-expected operating performance. Blackstone Inc. (BX) Surpasses Q2 Earnings and Revenue Estimates
- Positive Sentiment: Assets under management hit a record $1.35 trillion, helped by nearly $70 billion in quarterly inflows, which suggests Blackstone continues to attract capital even in a tougher fundraising environment. Blackstone’s quarterly profit gets boost from asset pile, AI investment gains
- Positive Sentiment: Management highlighted that AI-related investments are starting to pay off, with gains across data centers, infrastructure, credit, and private markets boosting profit and growth prospects. BX Q2 Earnings Call Highlights AI Strategy & Fundraising Strength
- Positive Sentiment: Royal Bank of Canada raised its price target on Blackstone to $169 from $161 and kept an outperform rating, underscoring improved analyst confidence in the stock. Analyst price target update
- Neutral Sentiment: Blackstone is also in the final bidding for yacht retailer MarineMax, a potential acquisition that could expand its deal flow, though the impact on earnings is still uncertain. Blackstone, Donerail among final bidders for yacht retailer MarineMax, sources say
- Neutral Sentiment: The company also announced a higher quarterly dividend, which is supportive for income-focused investors, but this is a smaller near-term driver than the earnings beat and AI-related growth narrative. Dividend announcement
Analyst Ratings Changes
BX has been the subject of several analyst reports. TD Cowen increased their target price on shares of Blackstone from $133.00 to $145.00 and gave the company a “buy” rating in a report on Friday. Zacks Research raised shares of Blackstone from a “strong sell” rating to a “hold” rating in a research report on Monday, June 8th. HSBC reaffirmed a “hold” rating and issued a $135.00 price target on shares of Blackstone in a report on Monday, July 20th. BMO Capital Markets increased their price objective on Blackstone from $126.00 to $132.00 and gave the company an “outperform” rating in a report on Monday, April 13th. Finally, Sanford C. Bernstein assumed coverage on Blackstone in a research note on Monday, June 8th. They issued an “outperform” rating on the stock. 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 a consensus price target of $147.76.
Check Out 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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