Blackstone (NYSE:BX) Insider Vikrant Sawhney Sells 30,000 Shares

Key Points

• Blackstone insider Vikrant Sawhney sold 30,000 shares at an average price of $135.55, generating proceeds of approximately $4.07 million. He retained 869,669 shares after the transaction.
• Blackstone recently reported strong quarterly results, with EPS of $1.52 beating estimates by $0.18 and revenue rising 35.9% year over year to $5.04 billion.
• The company increased its quarterly dividend to $1.29 per share, equivalent to an annualized $5.16 payout and a 3.8% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $147.95.

Blackstone Inc. (NYSE:BX - Get Free Report) insider Vikrant Sawhney sold 30,000 shares of the firm's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $135.55, for a total transaction of $4,066,500.00. Following the completion of the transaction, the insider owned 869,669 shares of the company's stock, valued at approximately $117,883,632.95. The trade was a 3.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Blackstone Trading Down 0.9%

Shares of NYSE:BX traded down $1.17 during mid-day trading on Wednesday, hitting $136.03. The stock had a trading volume of 3,661,589 shares, compared to its average volume of 6,683,627. Blackstone Inc. has a 12-month low of $101.73 and a 12-month high of $190.09. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.76 and a current ratio of 0.72. The company has a market cap of $101.06 billion, a PE ratio of 30.43, a P/E/G ratio of 1.49 and a beta of 1.56. The company's 50 day moving average is $122.37 and its 200-day moving average is $123.34.

Blackstone (NYSE:BX - Get Free Report) last announced its earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.18. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The company 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 EPS. The company's revenue was up 35.9% on a year-over-year basis. On average, sell-side analysts predict that Blackstone Inc. will post 6 EPS for the current year.

Blackstone Increases Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Monday, August 3rd. This is a boost from Blackstone's previous quarterly dividend of $1.16. Blackstone's dividend payout ratio is 115.44%.

Institutional Investors Weigh In On Blackstone

Several institutional investors and hedge funds have recently modified their holdings of BX. Family CFO Inc acquired a new stake in shares of Blackstone in the fourth quarter worth about $28,000. Ares Financial Consulting LLC acquired a new stake in Blackstone in the 4th quarter worth approximately $28,000. Richardson Financial Services Inc. bought a new stake in Blackstone during the fourth quarter worth approximately $29,000. Strive Asset Management LLC bought a new position in shares of Blackstone in the third quarter valued at approximately $30,000. Finally, Palladiem LLC acquired a new stake in shares of Blackstone in the fourth quarter worth $31,000. Institutional investors and hedge funds own 70.00% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on BX. Piper Sandler raised their price target on shares of Blackstone from $122.00 to $130.00 and gave the stock a "neutral" rating in a report on Monday, April 27th. Weiss Ratings raised shares of Blackstone from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, July 24th. HSBC reaffirmed a "hold" rating and issued a $135.00 price target on shares of Blackstone in a research note on Monday, July 20th. Oppenheimer lifted their price objective on Blackstone from $139.00 to $140.00 and gave the company an "outperform" rating in a research report on Friday, July 24th. Finally, Keefe, Bruyette & Woods raised Blackstone to a "hold" rating in a research report on Monday, July 20th. Thirteen equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $147.95.

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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