1,431,400 Shares in Blackstone Inc. $BX Bought by Renaissance Technologies LLC

Key Points

• Renaissance Technologies disclosed a new position in Blackstone, buying 1,431,400 shares valued at about $164.6 million in the first quarter.
• Blackstone just reported a strong quarter, with EPS of $1.52 and revenue of $5.04 billion, both well above analyst expectations.
• The firm also lifted its quarterly dividend to $1.29 per share, while assets under management reached a record $1.35 trillion amid heavy inflows and improving AI-related investment gains.

Renaissance Technologies LLC bought a new position in shares of Blackstone Inc. (NYSE:BX - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund bought 1,431,400 shares of the asset manager's stock, valued at approximately $164,597,000. Renaissance Technologies LLC owned 0.19% of Blackstone at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Family CFO Inc bought a new position in Blackstone during the 4th quarter worth approximately $28,000. Ares Financial Consulting LLC bought a new stake in shares of Blackstone in the 4th quarter valued at $28,000. Richardson Financial Services Inc. bought a new position in Blackstone during the fourth quarter worth $29,000. Strive Asset Management LLC bought a new stake in Blackstone during the third quarter valued at $30,000. Finally, Palladiem LLC acquired a new stake in Blackstone during the 4th quarter worth about $31,000. 70.00% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BX has been the topic of several research analyst reports. Morgan Stanley cut their target price on Blackstone from $215.00 to $184.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 21st. The Goldman Sachs Group increased their price target on Blackstone from $114.00 to $127.00 and gave the stock a "neutral" rating in a report on Friday. Weiss Ratings lowered shares of Blackstone from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday, May 4th. Keefe, Bruyette & Woods raised shares of Blackstone to a "hold" rating in a research note on Monday, July 20th. Finally, Sanford C. Bernstein initiated coverage on shares of Blackstone in a research note on Monday, June 8th. They issued an "outperform" rating for the company. Thirteen research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $147.76.

Blackstone News Summary

Here are the key news stories impacting Blackstone this week:

• Positive Sentiment: Blackstone beat Q2 earnings and revenue estimates, with EPS of $1.52 versus expectations around $1.33-$1.34 and revenue of $5.04 billion versus $3.42 billion expected, signaling better-than-expected operating performance. Blackstone Inc. (BX) Surpasses Q2 Earnings and Revenue Estimates
• Positive Sentiment: Assets under management hit a record $1.35 trillion, helped by nearly $70 billion in quarterly inflows, which suggests Blackstone continues to attract capital even in a tougher fundraising environment. Blackstone's quarterly profit gets boost from asset pile, AI investment gains
• Positive Sentiment: Management highlighted that AI-related investments are starting to pay off, with gains across data centers, infrastructure, credit, and private markets boosting profit and growth prospects. BX Q2 Earnings Call Highlights AI Strategy & Fundraising Strength
• Positive Sentiment: Royal Bank of Canada raised its price target on Blackstone to $169 from $161 and kept an outperform rating, underscoring improved analyst confidence in the stock. Analyst price target update
• Neutral Sentiment: Blackstone is also in the final bidding for yacht retailer MarineMax, a potential acquisition that could expand its deal flow, though the impact on earnings is still uncertain. Blackstone, Donerail among final bidders for yacht retailer MarineMax, sources say
• Neutral Sentiment: The company also announced a higher quarterly dividend, which is supportive for income-focused investors, but this is a smaller near-term driver than the earnings beat and AI-related growth narrative. Dividend announcement

Blackstone Price Performance

Shares of NYSE:BX opened at $129.72 on Friday. The stock's 50 day moving average is $120.33 and its 200-day moving average is $124.84. Blackstone Inc. has a twelve month low of $101.73 and a twelve month high of $190.09. The company has a quick ratio of 0.76, a current ratio of 0.72 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $96.36 billion, a price-to-earnings ratio of 29.02, a PEG ratio of 1.35 and a beta of 1.58.

Blackstone (NYSE:BX - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 EPS for the quarter, beating analysts' consensus estimates of $1.34 by $0.18. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The business had revenue of $5.04 billion during the quarter, compared to analyst estimates of $3.42 billion. During the same quarter in the previous year, the business posted $0.98 EPS. Blackstone's quarterly revenue was up 35.9% on a year-over-year basis. Sell-side analysts forecast that Blackstone Inc. will post 5.85 EPS for the current fiscal year.

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Monday, August 3rd will be issued a $1.29 dividend. This is an increase from Blackstone's previous quarterly dividend of $1.16. This represents a $5.16 annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Monday, August 3rd. Blackstone's dividend payout ratio is currently 103.80%.

Insider Buying and Selling at Blackstone

In other news, major shareholder Treasury Holdings I. Blackstone acquired 9,486,795 shares of Blackstone stock in a transaction on Friday, May 15th. The stock was acquired at an average cost of $20.00 per share, with a total value of $189,735,900.00. Following the transaction, the insider owned 9,111,800 shares of the company's stock, valued at approximately $182,236,000. This trade represents a -2,529.85% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ruth Porat bought 355 shares of the business's stock in a transaction dated Monday, May 11th. The stock was acquired at an average price of $123.04 per share, for a total transaction of $43,679.20. Following the purchase, the director directly owned 41,818 shares in the company, valued at approximately $5,145,286.72. The trade was a 0.86% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders bought 10,252,345 shares of company stock valued at $209,789,893 in the last quarter. 1.00% of the stock is owned by company insiders.

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.

Want to see what other hedge funds are holding BX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blackstone Inc. (NYSE:BX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.