66,647 Shares in Blackstone Inc. $BX Bought by Beacon Pointe Advisors LLC

Key Points

• Beacon Pointe Advisors bought 66,647 Blackstone shares worth approximately $7.84 million in the second quarter. Institutional investors and hedge funds own about 70% of Blackstone’s stock.
• Blackstone reported quarterly EPS of $1.52, exceeding the $1.34 consensus estimate, while revenue rose 35.9% year over year to $5.04 billion.
• The company increased its quarterly dividend to $1.29 per share, representing an annualized payout of $5.16 and a 3.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $149.43.

Beacon Pointe Advisors LLC purchased a new stake in Blackstone Inc. (NYSE:BX - Free Report) in the second quarter, according to its most recent filing with the SEC. The fund purchased 66,647 shares of the asset manager's stock, valued at approximately $7,842,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. BlackRock Inc. acquired a new position in Blackstone during the 2nd quarter worth $6,112,162,000. Bank of America Corp DE acquired a new position in shares of Blackstone during the second quarter valued at approximately $1,364,373,000. Norges Bank acquired a new stake in Blackstone in the fourth quarter worth approximately $1,275,747,000. Legal & General Group Plc acquired a new position in Blackstone during the second quarter worth about $605,267,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Blackstone in the 2nd quarter worth $514,736,000. 70.00% of the stock is owned by institutional investors and hedge funds.

Blackstone Price Performance

NYSE:BX opened at $142.63 on Friday. The firm has a market capitalization of $107.06 billion, a price-to-earnings ratio of 31.91, a P/E/G ratio of 1.57 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. Blackstone Inc. has a 12-month low of $101.73 and a 12-month high of $190.09. The stock's 50 day moving average price is $130.65 and its two-hundred day moving average price is $122.92.

Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $3.42 billion. During the same period in the previous year, the company posted $0.98 EPS. The firm's quarterly revenue was up 35.9% on a year-over-year basis. On average, analysts anticipate that Blackstone Inc. will post 5.99 earnings per share for the current year.

Blackstone Increases Dividend

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

Insider Buying and Selling at Blackstone

In related news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of Blackstone stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $3.78, for a total value of $28,264,950.00. Following the completion of the transaction, the insider directly owned 19,374 shares in the company, valued at approximately $73,233.72. The trade was a 99.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Vikrant Sawhney sold 30,000 shares of Blackstone stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $135.55, for a total value of $4,066,500.00. Following the sale, the insider owned 869,669 shares of the company's stock, valued at approximately $117,883,632.95. This trade represents a 3.33% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have purchased 1,611,822 shares of company stock valued at $42,189,294 and have sold 7,562,000 shares valued at $40,331,085. Corporate insiders own 1.00% of the company's stock.

Analyst Ratings Changes

BX has been the subject of several research analyst reports. Sanford C. Bernstein assumed coverage on shares of Blackstone in a research report on Monday, June 8th. They issued an "outperform" rating for the company. Deutsche Bank Aktiengesellschaft started coverage on Blackstone in a research note on Monday, June 8th. They issued a "buy" rating on the stock. TD Cowen upped their price objective on shares of Blackstone from $133.00 to $145.00 and gave the company a "buy" rating in a research report on Friday, July 24th. BNP Paribas Exane cut their target price on shares of Blackstone from $126.00 to $125.00 and set a "neutral" rating for the company in a research note on Tuesday, June 30th. Finally, The Goldman Sachs Group upped their target price on shares of Blackstone from $114.00 to $127.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Thirteen investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, Blackstone has an average rating of "Moderate Buy" and an average price target of $149.43.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source