11 Capital Partners LP Makes New $9.43 Million Investment in Blackstone Inc. $BX

Key Points

• 11 Capital Partners LP has made a new investment of approximately $9.43 million in Blackstone Inc., acquiring 67,428 shares which represents about 3.1% of their investment portfolio.
• Multiple hedge funds, including Brighton Jones LLC and AQR Capital Management LLC, have significantly increased their stakes in Blackstone during the fourth quarter, with AQR increasing its holdings by 287%.
• Blackstone recently announced a quarterly dividend increase to $1.03 per share, representing an annualized yield of 2.4%, up from its previous dividend of $0.93.

11 Capital Partners LP acquired a new stake in Blackstone Inc. (NYSE:BX - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 67,428 shares of the asset manager's stock, valued at approximately $9,425,000. Blackstone accounts for about 3.1% of 11 Capital Partners LP's investment portfolio, making the stock its 14th biggest holding.

A number of other hedge funds also recently added to or reduced their stakes in the business. Brighton Jones LLC boosted its holdings in Blackstone by 34.6% in the fourth quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager's stock valued at $1,365,000 after purchasing an additional 2,035 shares during the period. AQR Capital Management LLC boosted its stake in shares of Blackstone by 287.0% in the 4th quarter. AQR Capital Management LLC now owns 71,007 shares of the asset manager's stock valued at $12,243,000 after buying an additional 52,659 shares during the period. AXA S.A. increased its stake in shares of Blackstone by 55.3% during the fourth quarter. AXA S.A. now owns 52,339 shares of the asset manager's stock worth $9,024,000 after buying an additional 18,632 shares during the period. Aptus Capital Advisors LLC lifted its stake in Blackstone by 0.9% in the fourth quarter. Aptus Capital Advisors LLC now owns 8,466 shares of the asset manager's stock worth $1,460,000 after acquiring an additional 78 shares during the last quarter. Finally, Benjamin Edwards Inc. grew its holdings in Blackstone by 4.8% during the 4th quarter. Benjamin Edwards Inc. now owns 18,298 shares of the asset manager's stock worth $3,155,000 after acquiring an additional 835 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CAO David Payne sold 9,400 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $169.97, for a total value of $1,597,718.00. Following the transaction, the chief accounting officer owned 54,488 shares of the company's stock, valued at approximately $9,261,325.36. The trade was a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Vikrant Sawhney sold 50,850 shares of Blackstone stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $173.64, for a total transaction of $8,829,594.00. Following the completion of the transaction, the insider owned 737,248 shares in the company, valued at approximately $128,015,742.72. This trade represents a 6.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 1,189,806 shares of company stock valued at $30,046,627 and have sold 16,850,134 shares valued at $131,641,986. 1.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on BX shares. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Blackstone from $170.00 to $192.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. JMP Securities lifted their price target on Blackstone from $180.00 to $195.00 and gave the stock a "market outperform" rating in a report on Friday, July 25th. Evercore ISI upped their price target on Blackstone from $165.00 to $197.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Piper Sandler raised their price objective on shares of Blackstone from $157.00 to $181.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Finally, Dbs Bank raised shares of Blackstone to a "moderate buy" rating in a research report on Tuesday, August 12th. Nine equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $172.38.

Blackstone Stock Performance

Shares of Blackstone stock opened at $169.54 on Wednesday. The stock has a market capitalization of $124.97 billion, a price-to-earnings ratio of 45.58, a PEG ratio of 1.39 and a beta of 1.77. The firm's fifty day simple moving average is $166.29 and its 200-day simple moving average is $149.82. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.74 and a quick ratio of 0.74. Blackstone Inc. has a 12 month low of $115.66 and a 12 month high of $200.96.

Blackstone (NYSE:BX - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The asset manager reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.11. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. The company had revenue of $3.07 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same period last year, the firm posted $0.98 EPS. Blackstone's revenue for the quarter was up 32.7% on a year-over-year basis. As a group, equities analysts forecast that Blackstone Inc. will post 5.87 earnings per share for the current year.

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, August 4th were given a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Monday, August 4th. This is a positive change from Blackstone's previous quarterly dividend of $0.93. Blackstone's payout ratio is 110.75%.

Blackstone Company Profile

Blackstone Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.

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