32,030 Shares in Blackstone Inc. $BX Bought by Abbot Financial Management Inc.

Key Points

• Abbot Financial Management bought 32,030 Blackstone shares worth approximately $3.77 million, while other institutions also initiated positions; institutional investors now own about 70% of the stock.
• Blackstone insiders have been net sellers over the past 90 days, selling 7.56 million shares worth $40.3 million versus $35.1 million in purchases.
• Blackstone beat quarterly earnings and revenue expectations, with EPS of $1.52 and revenue of $5.04 billion. The company raised its quarterly dividend to $1.29, while analysts maintain a “Moderate Buy” consensus and an average price target of $147.95.

Abbot Financial Management Inc. purchased a new stake in Blackstone Inc. (NYSE:BX - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 32,030 shares of the asset manager's stock, valued at approximately $3,769,000. Blackstone accounts for about 1.3% of Abbot Financial Management Inc.'s holdings, making the stock its 18th biggest position.

Several other institutional investors have also made changes to their positions in the business. Flputnam Investment Management Co. bought a new stake in Blackstone in the second quarter valued at about $356,000. Global Retirement Partners LLC acquired a new stake in Blackstone during the second quarter valued at approximately $5,283,000. 1ST Source Bank bought a new stake in shares of Blackstone in the 2nd quarter valued at approximately $3,704,000. Alberta Investment Management Corp acquired a new position in shares of Blackstone in the 2nd quarter worth approximately $6,366,000. Finally, SCS Capital Management LLC acquired a new stake in Blackstone in the 2nd quarter valued at $6,053,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Blackstone

In related news, insider John G. Finley sold 45,000 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the insider owned 516,017 shares in the company, valued at approximately $75,911,260.87. The trade was a 8.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Vikrant Sawhney sold 30,000 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $135.55, for a total transaction of $4,066,500.00. Following the completion of the sale, the insider owned 869,669 shares in the company, valued at approximately $117,883,632.95. This trade represents a 3.33% decrease in their ownership of the stock. 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 Stock Performance

Shares of Blackstone stock opened at $143.94 on Monday. The firm has a fifty day moving average of $126.51 and a two-hundred day moving average of $122.51. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.72 and a current ratio of 0.72. The stock has a market capitalization of $108.04 billion, a price-to-earnings ratio of 32.20, a PEG ratio of 1.60 and a beta of 1.55. Blackstone Inc. has a 52 week low of $101.73 and a 52 week high of $190.09.

Blackstone (NYSE:BX - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The asset manager reported $1.52 EPS 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 business had revenue of $5.04 billion during the quarter, compared to analysts' expectations of $3.42 billion. During the same period in the previous year, the firm earned $0.98 earnings per share. The firm's quarterly revenue was up 35.9% compared to the same quarter last year. As a group, equities research analysts predict that Blackstone Inc. will post 6 EPS for the current year.

Blackstone Increases Dividend

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

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Evercore reissued an "outperform" rating and set a $150.00 price objective on shares of Blackstone in a report on Tuesday, April 21st. The Goldman Sachs Group increased their target price 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 boosted their price target 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. JPMorgan Chase & Co. dropped their price objective on shares of Blackstone from $136.00 to $132.00 and set a "neutral" rating for the company in a report on Thursday, July 16th. Finally, Barclays raised their price target on shares of Blackstone from $119.00 to $128.00 and gave the company an "equal weight" rating in a report on Friday, July 24th. Thirteen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, Blackstone presently has an average rating of "Moderate Buy" and a consensus price target of $147.95.

Blackstone 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.

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