Blackstone Inc. (NYSE:BX) Short Interest Up 44.9% in March

Key Points

• Short interest surged 44.9% in March, rising to 21,491,272 shares (about 2.9% of shares sold short) and a short-interest ratio of 1.8 days based on average volume.
• Blackstone raised its quarterly dividend to $1.49 (annualized $5.96), a 4.7% yield
• Major holders sold large stakes (Bx Buzz Ml-1 Gp Llc sold 7,477,504 shares), while analysts are split—consensus is a "Moderate Buy" with a $155.55 target as the stock trades around $128 (market cap ≈ $95B, P/E ~33).

Blackstone Inc. (NYSE:BX - Get Free Report) was the recipient of a large increase in short interest in the month of March. As of March 31st, there was short interest totaling 21,491,272 shares, an increase of 44.9% from the March 15th total of 14,835,960 shares. Based on an average trading volume of 11,836,339 shares, the short-interest ratio is presently 1.8 days. Approximately 2.9% of the company's shares are sold short.

Blackstone Stock Down 1.6%

NYSE BX traded down $2.09 during trading hours on Thursday, hitting $128.10. The company's stock had a trading volume of 6,146,265 shares, compared to its average volume of 8,133,608. Blackstone has a 52 week low of $101.73 and a 52 week high of $190.09. The company has a market capitalization of $95.08 billion, a PE ratio of 33.02, a price-to-earnings-growth ratio of 1.31 and a beta of 1.74. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.61. The company's 50-day simple moving average is $117.12 and its two-hundred day simple moving average is $140.21.

Blackstone (NYSE:BX - Get Free Report) last announced its quarterly earnings results on Thursday, January 29th. The asset manager reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.21. Blackstone had a net margin of 20.89% and a return on equity of 22.17%. The business had revenue of $4.36 billion for the quarter, compared to analysts' expectations of $3.69 billion. During the same quarter last year, the firm earned $1.69 EPS. The firm's revenue for the quarter was up 41.4% compared to the same quarter last year. Research analysts anticipate that Blackstone will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 17th. Shareholders of record on Monday, February 9th were given a dividend of $1.49 per share. The ex-dividend date of this dividend was Monday, February 9th. This represents a $5.96 annualized dividend and a dividend yield of 4.7%. This is an increase from Blackstone's previous quarterly dividend of $1.29. Blackstone's payout ratio is 153.61%.

Insiders Place Their Bets

In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,504 shares of the stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $3.51, for a total transaction of $26,246,039.04. Following the completion of the sale, the insider directly owned 25,832 shares in the company, valued at approximately $90,670.32. This trade represents a 99.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Tactical Opportunit Blackstone sold 1,596,142 shares of the stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $10.00, for a total value of $15,961,420.00. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On Blackstone

Several hedge funds have recently modified their holdings of the company. Forbes J M & Co. LLP lifted its position in shares of Blackstone by 24.5% during the 1st quarter. Forbes J M & Co. LLP now owns 5,084 shares of the asset manager's stock worth $585,000 after buying an additional 1,000 shares in the last quarter. Sheets Smith Wealth Management lifted its position in shares of Blackstone by 108.1% during the 1st quarter. Sheets Smith Wealth Management now owns 10,388 shares of the asset manager's stock worth $1,195,000 after buying an additional 5,396 shares in the last quarter. IVC Wealth Advisors LLC lifted its position in shares of Blackstone by 3.2% during the 1st quarter. IVC Wealth Advisors LLC now owns 3,204 shares of the asset manager's stock worth $368,000 after buying an additional 99 shares in the last quarter. Triad Wealth Partners LLC lifted its position in shares of Blackstone by 3.0% during the 1st quarter. Triad Wealth Partners LLC now owns 4,109 shares of the asset manager's stock worth $473,000 after buying an additional 118 shares in the last quarter. Finally, Quotient Wealth Partners LLC lifted its position in shares of Blackstone by 13.7% during the 1st quarter. Quotient Wealth Partners LLC now owns 3,219 shares of the asset manager's stock worth $370,000 after buying an additional 387 shares in the last quarter. Institutional investors own 70.00% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on BX shares. Jefferies Financial Group decreased their price target on Blackstone from $161.00 to $143.00 and set a "buy" rating for the company in a report on Wednesday, April 8th. Barclays reduced their target price on Blackstone from $126.00 to $124.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 8th. Citizens Jmp restated a "market outperform" rating and issued a $195.00 target price on shares of Blackstone in a research note on Friday, January 30th. Evercore reduced their target price on Blackstone from $175.00 to $170.00 and set an "outperform" rating for the company in a research note on Friday, January 30th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Blackstone from $164.00 to $185.00 and gave the company a "buy" rating in a research note on Wednesday, December 17th. Eleven investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $155.55.

Blackstone Company 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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