32,843 Shares in Blackstone Inc. $BX Purchased by Dupree Financial Group LLC

Key Points

• Dupree Financial Group LLC opened a new position in Blackstone during the first quarter, buying 32,843 shares worth about $3.78 million. The stake represents roughly 1.5% of its portfolio and is its 27th largest holding.
• Several other institutional investors also increased their Blackstone holdings, and institutions now own about 70% of the company. Analyst sentiment remains constructive, with a consensus rating of “Moderate Buy” and an average price target of $150.86.
• Blackstone reported first-quarter earnings of $1.36 per share, beating estimates, while revenue rose 10% year over year. The company also paid a quarterly dividend of $1.16 per share, implying an annualized yield of about 4.0%.

Dupree Financial Group LLC acquired a new position in Blackstone Inc. (NYSE:BX - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 32,843 shares of the asset manager's stock, valued at approximately $3,777,000. Blackstone accounts for about 1.5% of Dupree Financial Group LLC's portfolio, making the stock its 27th largest position.

A number of other hedge funds also recently modified their holdings of BX. Next Level Private LLC lifted its stake in Blackstone by 0.7% in the first quarter. Next Level Private LLC now owns 31,630 shares of the asset manager's stock valued at $3,637,000 after purchasing an additional 225 shares during the last quarter. North Star Investment Management Corp. lifted its position in shares of Blackstone by 6.2% during the 1st quarter. North Star Investment Management Corp. now owns 170,012 shares of the asset manager's stock valued at $19,550,000 after buying an additional 9,973 shares during the last quarter. Continuum Advisory LLC grew its stake in shares of Blackstone by 12.4% during the 1st quarter. Continuum Advisory LLC now owns 6,383 shares of the asset manager's stock worth $734,000 after acquiring an additional 704 shares during the period. Tred Avon Family Wealth LLC raised its stake in Blackstone by 40.2% in the 1st quarter. Tred Avon Family Wealth LLC now owns 13,522 shares of the asset manager's stock valued at $1,555,000 after acquiring an additional 3,875 shares during the period. Finally, Pinnacle Bancorp Inc. boosted its position in Blackstone by 18.0% during the first quarter. Pinnacle Bancorp Inc. now owns 1,435 shares of the asset manager's stock worth $165,000 after purchasing an additional 219 shares during the period. Institutional investors own 70.00% of the company's stock.

Analyst Upgrades and Downgrades

BX has been the topic of several research reports. Barclays lowered their price target on shares of Blackstone from $126.00 to $124.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 8th. Dbs Bank raised shares of Blackstone to a "moderate buy" rating in a report on Wednesday, May 27th. Sanford C. Bernstein began coverage on Blackstone in a research report on Monday, June 8th. They set an "outperform" rating on the stock. Evercore reiterated an "outperform" rating and issued a $150.00 price target on shares of Blackstone in a research report on Tuesday, April 21st. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Blackstone in a report on Monday, June 8th. They set a "buy" rating on the stock. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat, Blackstone currently has a consensus rating of "Moderate Buy" and an average target price of $150.86.

Insider Activity

In related news, major shareholder Treasury Holdings I. Blackstone acquired 9,486,795 shares of the company's stock in a transaction dated Friday, May 15th. The stock was bought at an average cost of $20.00 per share, with a total value of $189,735,900.00. Following the acquisition, the insider owned 9,111,800 shares of the company's stock, valued at approximately $182,236,000. The trade was a -2,529.85% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Vikrant Sawhney sold 30,014 shares of the firm's stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $125.79, for a total value of $3,775,461.06. Following the sale, the insider owned 899,669 shares in the company, valued at $113,169,363.51. The trade was a 3.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have bought 10,252,345 shares of company stock worth $209,789,893. Corporate insiders own 1.00% of the company's stock.

Blackstone Price Performance

Shares of NYSE BX opened at $115.66 on Monday. The firm has a market capitalization of $85.92 billion, a P/E ratio of 29.58, a P/E/G ratio of 1.25 and a beta of 1.59. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.66. The stock's 50-day simple moving average is $120.62 and its two-hundred day simple moving average is $129.07. 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, April 23rd. The asset manager reported $1.36 EPS for the quarter, topping the consensus estimate of $1.34 by $0.02. The company had revenue of $3.43 billion during the quarter, compared to analyst estimates of $3.45 billion. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.Blackstone's revenue was up 10.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.11 earnings per share. As a group, equities analysts anticipate that Blackstone Inc. will post 5.9 EPS for the current fiscal year.

Blackstone Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 11th. Stockholders of record on Monday, May 4th were issued a $1.16 dividend. The ex-dividend date of this dividend was Monday, May 4th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 4.0%. Blackstone's dividend payout ratio is presently 118.67%.

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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