Perennial Investment Advisors LLC purchased a new stake in Blackstone Inc. (NYSE:BX – Free Report) during the second quarter, according to its most recent disclosure with the SEC. The firm purchased 5,943 shares of the asset manager’s stock, valued at approximately $699,000.
Several other hedge funds and other institutional investors have also made changes to their positions in BX. Strive Asset Management LLC acquired a new stake in shares of Blackstone during the 3rd quarter worth about $30,000. Ares Financial Consulting LLC purchased a new stake in Blackstone in the fourth quarter valued at approximately $28,000. Kelleher Financial Advisors purchased a new position in shares of Blackstone during the third quarter worth $34,000. Palladiem LLC acquired a new position in Blackstone during the 4th quarter worth about $31,000. Finally, Entrust Financial LLC acquired a new position in Blackstone in the 4th quarter valued at about $32,000. Hedge funds and other institutional investors own 70.00% of the company’s stock.
Insider Activity at Blackstone
In related news, major shareholder Private Multi-Asset Blackstone acquired 765,111 shares of the business’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was purchased at an average cost of $26.14 per share, for a total transaction of $20,000,001.54. Following the transaction, the insider directly owned 7,882,145 shares of the company’s stock, valued at approximately $206,039,270.30. This trade represents a 10.75% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Vikrant Sawhney sold 30,000 shares of the firm’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $135.55, for a total value of $4,066,500.00. Following the transaction, the insider directly owned 869,669 shares of the company’s stock, valued at $117,883,632.95. The trade was a 3.33% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have acquired 1,611,822 shares of company stock valued at $42,189,294 and have sold 7,562,000 shares valued at $40,331,085. 1.00% of the stock is currently owned by insiders.
Blackstone Stock Down 0.1%
Blackstone (NYSE:BX – Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $3.42 billion. During the same period in the previous year, the business earned $0.98 earnings per share. The company’s revenue for the quarter was up 35.9% compared to the same quarter last year. As a group, research analysts expect that Blackstone Inc. will post 5.99 earnings per share for the current year.
Blackstone Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Monday, August 3rd were paid a dividend of $1.29 per share. This is a boost from Blackstone’s previous quarterly dividend of $1.16. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $5.16 annualized dividend and a dividend yield of 3.6%. Blackstone’s dividend payout ratio is presently 115.44%.
Analysts Set New Price Targets
BX has been the subject of several recent research reports. The Goldman Sachs Group raised their price objective on shares of Blackstone from $114.00 to $127.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Keefe, Bruyette & Woods upgraded shares of Blackstone to a “hold” rating in a research note on Monday, July 20th. Sanford C. Bernstein began coverage on Blackstone in a report on Monday, June 8th. They issued an “outperform” rating for the company. Barclays lifted their price target on shares of Blackstone from $119.00 to $128.00 and gave the stock an “equal weight” rating in a research note on Friday, July 24th. Finally, BNP Paribas Exane dropped their price objective on shares of Blackstone from $126.00 to $125.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 30th. Thirteen analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $147.95.
Read Our Latest Stock Analysis on Blackstone
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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