Blackstone Inc. (NYSE:BX) Given Consensus Rating of "Moderate Buy" by Brokerages

Key Points

• Analyst sentiment is moderately bullish: Of 24 brokerages covering Blackstone, 13 rate it a buy and 11 rate it a hold, with an average 12-month price target of approximately $149.43.
• Quarterly results exceeded expectations: Blackstone reported adjusted EPS of $1.52 versus the $1.34 consensus estimate and revenue of $5.04 billion, up 35.9% year over year.
• The dividend was increased: The quarterly payout rose to $1.29 per share, equivalent to $5.16 annually and a 3.8% yield, although the reported payout ratio was 115.44%.

Shares of Blackstone Inc. (NYSE:BX - Get Free Report) have received a consensus rating of "Moderate Buy" from the twenty-four brokerages that are currently covering the company, MarketBeat.com reports. Eleven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $149.4286.

A number of research firms recently issued reports on BX. Royal Bank Of Canada boosted their price objective on Blackstone from $161.00 to $169.00 and gave the company an "outperform" rating in a research report on Friday, July 24th. Argus increased their price objective on shares of Blackstone from $146.00 to $150.00 and gave the company a "buy" rating in a report on Thursday, July 30th. HSBC reiterated a "hold" rating and issued a $135.00 price target on shares of Blackstone in a research report on Monday, July 20th. Deutsche Bank Aktiengesellschaft initiated coverage on Blackstone in a research report on Monday, June 8th. They set a "buy" rating for the company. Finally, Weiss Ratings raised shares of Blackstone from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, July 24th.

Blackstone Price Performance

BX opened at $136.07 on Monday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.72 and a current ratio of 0.72. Blackstone has a 1-year low of $101.73 and a 1-year high of $190.09. The company has a 50-day moving average of $132.74 and a 200-day moving average of $123.10. The company has a market capitalization of $102.14 billion, a P/E ratio of 30.44, a PEG ratio of 1.53 and a beta of 1.56.

Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $3.42 billion. Blackstone had a return on equity of 23.77% and a net margin of 21.84%.The company's revenue for the quarter was up 35.9% compared to the same quarter last year. During the same period last year, the firm earned $0.98 earnings per share. Equities analysts expect that Blackstone will post 5.99 EPS for the current fiscal year.

Blackstone Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Monday, August 3rd were 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 was Monday, August 3rd. This is a boost from Blackstone's previous quarterly dividend of $1.16. Blackstone's dividend payout ratio is 115.44%.

Insider Activity

In related news, major shareholder Holdings Iv L.P. Blackstone acquired 272,642 shares of the company's stock in a transaction on Friday, August 21st. The shares were purchased at an average price of $26.14 per share, for a total transaction of $7,126,861.88. Following the purchase, the insider owned 8,704,419 shares in the company, valued at $227,533,512.66. This represents a 3.23% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the company's stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $3.78, for a total transaction of $28,264,950.00. Following the completion of the transaction, the insider directly owned 19,374 shares in the company, valued at $73,233.72. This trade represents a 99.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders bought 1,611,822 shares of company stock valued at $42,189,294 and sold 7,562,000 shares valued at $40,331,085. Company insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On Blackstone

Institutional investors have recently bought and sold shares of the stock. Redwood Financial Network Corp lifted its position in Blackstone by 1.8% in the second quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager's stock valued at $537,000 after acquiring an additional 65 shares during the last quarter. Zacks Investment Management increased its position in shares of Blackstone by 2.1% during the third quarter. Zacks Investment Management now owns 3,453 shares of the asset manager's stock worth $590,000 after purchasing an additional 71 shares in the last quarter. Brogan Financial Inc. lifted its holdings in shares of Blackstone by 2.5% in the 3rd quarter. Brogan Financial Inc. now owns 2,904 shares of the asset manager's stock valued at $496,000 after purchasing an additional 72 shares during the last quarter. SlateStone Wealth LLC grew its stake in Blackstone by 1.9% during the 4th quarter. SlateStone Wealth LLC now owns 3,997 shares of the asset manager's stock worth $616,000 after buying an additional 75 shares during the last quarter. Finally, Founders Financial Securities LLC increased its position in Blackstone by 4.1% during the fourth quarter. Founders Financial Securities LLC now owns 1,928 shares of the asset manager's stock worth $297,000 after buying an additional 76 shares during the period. 70.00% of the stock is currently owned by institutional investors.

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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