135,000 Shares in Blackstone Inc. $BX Bought by Generate Investment Management Ltd

Key Points

• Generate Investment Management acquired 135,000 Blackstone shares in the third quarter, valued at approximately $15.1 million. Institutional investors and hedge funds own about 70% of Blackstone’s outstanding stock.
• Analysts maintain a generally positive outlook, with 13 Buy ratings and 12 Hold ratings producing a consensus “Moderate Buy” rating and an average price target of $144.65.
• Blackstone reported stronger-than-expected quarterly results, including $1.52 in earnings per share and $5.04 billion in revenue, while raising its quarterly dividend to $1.29 per share.

Generate Investment Management Ltd acquired a new stake in Blackstone Inc. (NYSE:BX - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 135,000 shares of the asset manager's stock, valued at approximately $15,132,000.

A number of other institutional investors also recently modified their holdings of the company. Fearless Solutions LLC dba Best Invest increased its position in shares of Blackstone by 11.6% during the third quarter. Fearless Solutions LLC dba Best Invest now owns 34,132 shares of the asset manager's stock worth $3,826,000 after acquiring an additional 3,556 shares in the last quarter. Cohen Capital Management Inc. lifted its position in Blackstone by 9.6% in the 3rd quarter. Cohen Capital Management Inc. now owns 3,437 shares of the asset manager's stock valued at $385,000 after acquiring an additional 300 shares in the last quarter. KMG Fiduciary Partners LLC boosted its stake in Blackstone by 7.9% during the 3rd quarter. KMG Fiduciary Partners LLC now owns 20,587 shares of the asset manager's stock valued at $2,308,000 after purchasing an additional 1,508 shares during the last quarter. Krilogy Financial LLC increased its holdings in Blackstone by 1.8% during the 3rd quarter. Krilogy Financial LLC now owns 31,010 shares of the asset manager's stock worth $3,559,000 after purchasing an additional 543 shares in the last quarter. Finally, Sax Wealth Advisors LLC raised its stake in shares of Blackstone by 40.3% in the third quarter. Sax Wealth Advisors LLC now owns 14,096 shares of the asset manager's stock worth $1,580,000 after purchasing an additional 4,051 shares during the last quarter. 70.00% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Blackstone

In related news, Director Joseph Baratta sold 100,000 shares of the company's stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $123.80, for a total value of $12,380,000.00. Following the transaction, the director owned 771,599 shares in the company, valued at approximately $95,523,956.20. This represents a 11.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Private Multi-Asset Blackstone acquired 573,614 shares of Blackstone stock in a transaction on Thursday, July 23rd. The shares were purchased at an average cost of $26.15 per share, with a total value of $15,000,006.10. Following the completion of the acquisition, the insider owned 8,455,758 shares of the company's stock, valued at $221,118,071.70. This trade represents a 7.28% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders bought 1,038,406 shares of company stock valued at $27,205,951 and sold 4,077,276 shares valued at $37,573,644. Insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on BX. Oppenheimer raised their target price on Blackstone from $140.00 to $171.00 and gave the company an "outperform" rating in a report on Thursday, August 27th. Weiss Ratings upgraded shares of Blackstone from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, July 24th. Wells Fargo & Company assumed coverage on shares of Blackstone in a research report on Friday, October 2nd. They set an "equal weight" rating and a $122.00 price target on the stock. Citizens Jmp cut their price target on shares of Blackstone from $190.00 to $165.00 and set a "market outperform" rating on the stock in a report on Thursday, July 9th. Finally, TD Cowen reduced their price objective on shares of Blackstone from $154.00 to $144.00 and set a "buy" rating for the company in a research report on Monday. Thirteen investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $144.65.

Blackstone Stock Performance

Shares of Blackstone stock traded down $3.35 during trading hours on Wednesday, hitting $106.62. 3,261,761 shares of the company's stock traded hands, compared to its average volume of 6,041,228. The stock has a market capitalization of $80.03 billion, a price-to-earnings ratio of 23.88, a PEG ratio of 1.37 and a beta of 1.59. Blackstone Inc. has a 12-month low of $101.73 and a 12-month high of $166.39. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.72 and a quick ratio of 0.72. The company has a fifty day simple moving average of $129.90 and a 200-day simple moving average of $124.27.

Blackstone (NYSE:BX - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share for the quarter, topping analysts' consensus estimates of $1.34 by $0.18. The company had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $3.42 billion. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The firm's quarterly revenue was up 35.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.98 EPS. Equities research analysts anticipate that Blackstone Inc. will post 5.94 EPS for the current fiscal year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Monday, August 3rd were paid a $1.29 dividend. The ex-dividend date was Monday, August 3rd. This is a positive change from Blackstone's previous quarterly dividend of $1.16. This represents a $5.16 dividend on an annualized basis and a yield of 4.8%. Blackstone's dividend payout ratio is presently 115.44%.

Blackstone Profile

Blackstone Inc is a global alternative asset management firm that provides investment solutions to institutional investors, companies, financial advisers and individual investors. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson, the company has developed a broad platform spanning private markets and other alternative investments.

Blackstone's businesses include private equity, real estate, credit and insurance, infrastructure, secondaries and hedge fund solutions. Its investment activities may involve acquiring and managing companies, commercial and residential properties, infrastructure assets, private credit and other investments on behalf of its clients.

The firm serves clients and invests across North America, Europe, Asia-Pacific and other international markets.

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