206,094 Shares in Blackstone Inc. $BX Acquired by Cibc World Market Inc.

Key Points

• CIBC World Markets acquired 206,094 Blackstone shares worth approximately $24.3 million in the second quarter, while institutional investors collectively own 70% of BX.
• Blackstone 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.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $147.95; Blackstone also increased its quarterly dividend to $1.29, a 3.6% indicated yield.

Cibc World Market Inc. purchased a new position in Blackstone Inc. (NYSE:BX - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 206,094 shares of the asset manager's stock, valued at approximately $24,251,000.

Several other hedge funds and other institutional investors have also bought and sold shares of BX. Osbon Capital Management LLC acquired a new stake in Blackstone in the second quarter worth $71,000. OMERS ADMINISTRATION Corp acquired a new stake in shares of Blackstone during the second quarter worth $4,928,000. Osmosis Investment Management UK Ltd bought a new stake in Blackstone in the 2nd quarter valued at $2,793,000. Sanctuary Advisors LLC acquired a new position in shares of Blackstone during the second quarter worth about $23,384,000. Finally, Capital Square LLC acquired a new position in Blackstone during the 2nd quarter worth approximately $278,000. Institutional investors own 70.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on BX shares. The Goldman Sachs Group boosted their price target on shares of Blackstone from $114.00 to $127.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Royal Bank Of Canada raised their price target on Blackstone from $161.00 to $169.00 and gave the company an "outperform" rating in a report on Friday, July 24th. JPMorgan Chase & Co. reduced their price objective on Blackstone from $136.00 to $132.00 and set a "neutral" rating for the company in a report on Thursday, July 16th. Zacks Research upgraded shares of Blackstone from a "strong sell" rating to a "hold" rating in a research note on Monday, June 8th. Finally, Rothschild & Co Redburn reduced their price target on Blackstone from $134.00 to $130.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 9th. Thirteen equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $147.95.

Blackstone Trading Up 0.1%

NYSE BX opened at $143.56 on Monday. The company has a market cap of $107.76 billion, a price-to-earnings ratio of 32.12, a price-to-earnings-growth ratio of 1.56 and a beta of 1.56. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.63. The business's fifty day moving average is $128.82 and its 200 day moving average is $122.44. Blackstone Inc. has a twelve month low of $101.73 and a twelve month high of $190.09.

Blackstone (NYSE:BX - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The asset manager reported $1.52 earnings per share (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 last year, the business earned $0.98 EPS. The firm's quarterly revenue was up 35.9% on a year-over-year basis. As a group, sell-side analysts expect that Blackstone Inc. will post 5.99 EPS for the current fiscal year.

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Monday, August 3rd were paid a $1.29 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This is a positive change from Blackstone's previous quarterly dividend of $1.16. This represents a $5.16 annualized dividend and a dividend yield of 3.6%. Blackstone's payout ratio is currently 115.44%.

Insider Activity

In other news, major shareholder Private Multi-Asset Blackstone purchased 765,111 shares of the stock in a transaction on Tuesday, June 23rd. The stock was purchased at an average price of $26.14 per share, for a total transaction of $20,000,001.54. Following the acquisition, the insider owned 7,882,145 shares in the company, valued at $206,039,270.30. This trade represents a 10.75% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of Blackstone 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 transaction, the insider directly owned 19,374 shares of the company's stock, valued at $73,233.72. This represents a 99.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have purchased 1,339,180 shares of company stock worth $35,062,433 and have sold 7,562,000 shares worth $40,331,085. 1.00% of the stock is owned by company insiders.

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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