Korea Investment CORP acquired a new position in Blackstone Inc. (NYSE:BX – Free Report) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 294,003 shares of the asset manager’s stock, valued at approximately $34,595,000.
A number of other hedge funds have also recently modified their holdings of the business. Ares Financial Consulting LLC purchased a new stake in shares of Blackstone in the fourth quarter worth approximately $28,000. Bell Investment Advisors Inc bought a new position in Blackstone in the 2nd quarter valued at $30,000. Addison Advisors LLC purchased a new stake in Blackstone in the second quarter worth $30,000. Strive Asset Management LLC purchased a new stake in shares of Blackstone during the third quarter valued at $30,000. Finally, Palladiem LLC bought a new position in shares of Blackstone in the fourth quarter worth about $31,000. Institutional investors own 70.00% of the company’s stock.
Insider Activity at Blackstone
In other Blackstone news, CAO David Payne sold 9,500 shares of Blackstone stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $145.23, for a total value of $1,379,685.00. Following the transaction, the chief accounting officer owned 64,448 shares in the company, valued at $9,359,783.04. The trade was a 12.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ruth Porat purchased 371 shares of the firm’s stock in a transaction on Monday, August 10th. The shares were purchased at an average cost of $137.17 per share, with a total value of $50,890.07. Following the completion of the transaction, the director owned 42,189 shares of the company’s stock, valued at approximately $5,787,065.13. The trade was a 0.89% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have purchased 1,339,180 shares of company stock valued at $35,062,433 and have sold 7,562,000 shares valued at $40,331,085. 1.00% of the stock is owned by company insiders.
Analysts Set New Price Targets
View Our Latest Analysis on BX
Blackstone Trading Up 1.6%
NYSE:BX opened at $143.56 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.72 and a current ratio of 0.72. The firm has a 50-day simple moving average of $128.82 and a 200-day simple moving average of $122.57. Blackstone Inc. has a one year low of $101.73 and a one year high of $190.09. The firm has a market cap of $107.76 billion, a P/E ratio of 32.12, a P/E/G ratio of 1.59 and a beta of 1.56.
Blackstone (NYSE:BX – Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The asset manager reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.18. The company had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $3.42 billion. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. Blackstone’s revenue for the quarter was up 35.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.98 earnings per share. Equities analysts anticipate that Blackstone Inc. will post 5.99 EPS for the current fiscal year.
Blackstone Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Monday, August 3rd were paid a dividend of $1.29 per share. This is an increase from Blackstone’s previous quarterly dividend of $1.16. The ex-dividend date was Monday, August 3rd. This represents a $5.16 dividend on an annualized basis and a dividend yield of 3.6%. Blackstone’s dividend payout ratio (DPR) is currently 115.44%.
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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