MassMutual Private Wealth & Trust FSB raised its stake in shares of Blackstone Inc. (NYSE:BX – Free Report) by 31.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 72,616 shares of the asset manager’s stock after purchasing an additional 17,378 shares during the period. MassMutual Private Wealth & Trust FSB’s holdings in Blackstone were worth $8,545,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Blackstone by 9.0% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 100,951 shares of the asset manager’s stock worth $15,561,000 after buying an additional 8,321 shares during the last quarter. Greenup Street Wealth Management LLC raised its stake in Blackstone by 1,034.3% during the 4th quarter. Greenup Street Wealth Management LLC now owns 13,940 shares of the asset manager’s stock valued at $2,149,000 after purchasing an additional 12,711 shares during the last quarter. Bank of Nova Scotia grew its position in Blackstone by 92.2% in the 1st quarter. Bank of Nova Scotia now owns 807,184 shares of the asset manager’s stock worth $92,817,000 after purchasing an additional 387,109 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Blackstone by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 71,667,695 shares of the asset manager’s stock worth $11,046,859,000 after purchasing an additional 840,258 shares during the period. Finally, Benson Investment Management Company Inc. acquired a new stake in Blackstone during the fourth quarter worth about $5,856,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
BX has been the subject of a number of research reports. The Goldman Sachs Group raised their price objective on Blackstone from $114.00 to $127.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Dbs Bank raised shares of Blackstone to a “moderate buy” rating in a report on Wednesday, May 27th. Argus raised their price objective on shares of Blackstone from $146.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday. Morgan Stanley dropped their price target on shares of Blackstone from $215.00 to $184.00 and set an “overweight” rating for the company in a research report on Tuesday, April 21st. Finally, Royal Bank Of Canada upped their price objective on Blackstone from $161.00 to $169.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Thirteen analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $147.95.
Insider Buying and Selling
In related news, major shareholder Private Multi-Asset Blackstone bought 765,111 shares of Blackstone stock in a transaction on Tuesday, June 23rd. The shares were purchased at an average price of $26.14 per share, for a total transaction of $20,000,001.54. Following the completion of the acquisition, the insider owned 7,882,145 shares in the company, valued at approximately $206,039,270.30. This represents a 10.75% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ruth Porat purchased 355 shares of the stock in a transaction dated Monday, May 11th. The stock was bought at an average cost of $123.04 per share, with a total value of $43,679.20. Following the completion of the purchase, the director 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 SEC filing for this purchase provides additional information. In the last quarter, insiders purchased 10,825,959 shares of company stock worth $224,789,900. Company insiders own 1.00% of the company’s stock.
Blackstone Trading Up 5.4%
Shares of BX opened at $134.67 on Tuesday. The stock’s fifty day simple moving average is $121.99 and its 200-day simple moving average is $123.49. The firm has a market capitalization of $100.04 billion, a PE ratio of 30.13, a price-to-earnings-growth ratio of 1.42 and a beta of 1.55. Blackstone Inc. has a 12-month low of $101.73 and a 12-month high of $190.09. The company has a quick ratio of 0.76, a current ratio of 0.72 and a debt-to-equity ratio of 0.63.
Blackstone (NYSE:BX – Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The asset manager reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.18. Blackstone had a return on equity of 23.77% and a net margin of 21.84%.The firm had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $3.42 billion. During the same period in the previous year, the business posted $0.98 EPS. The company’s quarterly revenue was up 35.9% compared to the same quarter last year. As a group, research analysts predict that Blackstone Inc. will post 6 earnings per share for the current year.
Blackstone Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 10th. Shareholders of record on Monday, August 3rd will be given a dividend of $1.29 per share. This represents a $5.16 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Monday, August 3rd. This is a positive change from Blackstone’s previous quarterly dividend of $1.16. Blackstone’s dividend payout ratio is presently 103.80%.
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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