31,477 Shares in Blackstone Inc. $BX Acquired by 1ST Source Bank

Key Points

• 1ST Source Bank acquired 31,477 Blackstone shares in the second quarter, valued at approximately $3.7 million. Institutional investors collectively own 70% of BX.
• Blackstone reported quarterly EPS of $1.52, beating estimates of $1.34, while revenue rose 35.9% year over year to $5.04 billion.
• The company increased its quarterly dividend to $1.29 per share, or $5.16 annualized, yielding about 3.6%; analysts maintain a consensus “Moderate Buy” rating with an average price target of $147.95.

1ST Source Bank acquired a new stake in Blackstone Inc. (NYSE:BX - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 31,477 shares of the asset manager's stock, valued at approximately $3,704,000.

Other hedge funds also recently modified their holdings of the company. Ares Financial Consulting LLC bought a new stake in shares of Blackstone during the 4th quarter worth approximately $28,000. Strive Asset Management LLC bought a new stake in Blackstone during the third quarter worth $30,000. Palladiem LLC bought a new position in shares of Blackstone in the 4th quarter valued at $31,000. West Branch Capital LLC lifted its position in shares of Blackstone by 26,600.0% during the 2nd quarter. West Branch Capital LLC now owns 267 shares of the asset manager's stock worth $31,000 after buying an additional 266 shares during the last quarter. Finally, Entrust Financial LLC acquired a new stake in Blackstone in the fourth quarter valued at about $32,000. Institutional investors own 70.00% of the company's stock.

Insider Buying and Selling

In related news, Director Ruth Porat purchased 371 shares of Blackstone stock in a transaction on Monday, August 10th. The stock was acquired at an average cost of $137.17 per share, for a total transaction of $50,890.07. Following the completion of the acquisition, the director owned 42,189 shares of the company's stock, valued at $5,787,065.13. This trade represents a 0.89% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John G. Finley sold 45,000 shares of the company's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $147.11, for a total transaction of $6,619,950.00. Following the transaction, the insider owned 516,017 shares in the company, valued at $75,911,260.87. This represents a 8.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, 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 insiders.

Blackstone Price Performance

BX stock opened at $143.94 on Monday. 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 firm has a market cap of $108.04 billion, a price-to-earnings ratio of 32.20, a PEG ratio of 1.60 and a beta of 1.55. The company's fifty day simple moving average is $126.51 and its 200 day simple moving average is $122.51. Blackstone Inc. has a 12-month low of $101.73 and a 12-month high of $190.09.

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. Blackstone had a return on equity of 23.77% and a net margin of 21.84%.The firm had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $3.42 billion. During the same period last year, the business posted $0.98 EPS. The business's revenue was up 35.9% compared to the same quarter last year. On average, analysts expect that Blackstone Inc. will post 6 earnings per share for the current year.

Blackstone Increases Dividend

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

Analyst Ratings Changes

A number of research analysts have recently commented on BX shares. Jefferies Financial Group increased their target price on shares of Blackstone from $143.00 to $152.00 and gave the stock a "buy" rating in a report on Tuesday, May 12th. Weiss Ratings raised shares of Blackstone from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, July 24th. Royal Bank Of Canada raised their target price on shares of Blackstone from $161.00 to $169.00 and gave the company an "outperform" rating in a research report on Friday, July 24th. BNP Paribas Exane dropped their price target on Blackstone from $126.00 to $125.00 and set a "neutral" rating for the company in a research note on Tuesday, June 30th. Finally, Keefe, Bruyette & Woods raised Blackstone to a "hold" rating in a report on Monday, July 20th. Thirteen equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $147.95.

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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