8,050 Shares in Blackstone Inc. $BX Acquired by RW Investment Management LLC

Key Points

• RW Investment Management acquired 8,050 Blackstone shares worth approximately $947,000 during the second quarter. Institutional investors and hedge funds collectively own 70% of BX.
• Blackstone reported quarterly earnings of $1.52 per share, exceeding 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 annually, representing a 3.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $147.95.

RW Investment Management LLC purchased a new position in shares of Blackstone Inc. (NYSE:BX - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 8,050 shares of the asset manager's stock, valued at approximately $947,000.

A number of other hedge funds have also made changes to their positions in BX. Brighton Jones LLC raised its stake in shares of Blackstone by 34.6% in the 4th quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager's stock worth $1,365,000 after buying an additional 2,035 shares in the last quarter. Sivia Capital Partners LLC lifted its holdings in Blackstone by 9.3% in the 2nd quarter. Sivia Capital Partners LLC now owns 2,076 shares of the asset manager's stock valued at $310,000 after acquiring an additional 177 shares during the last quarter. United Bank raised its holdings in shares of Blackstone by 14.7% in the 2nd quarter. United Bank now owns 13,528 shares of the asset manager's stock worth $2,024,000 after purchasing an additional 1,729 shares in the last quarter. Nebula Research & Development LLC acquired a new position in Blackstone in the second quarter worth approximately $1,124,000. Finally, Sei Investments Co. boosted its stake in shares of Blackstone by 1.9% during the 2nd quarter. Sei Investments Co. now owns 452,619 shares of the asset manager's stock worth $67,703,000 after acquiring an additional 8,655 shares in the last quarter. Institutional investors and hedge funds own 70.00% of the company's stock.

Blackstone Stock Performance

BX opened at $143.94 on Monday. The stock has a 50-day moving average of $126.51 and a 200-day moving average of $122.51. Blackstone Inc. has a 52-week low of $101.73 and a 52-week high of $190.09. 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 company has a market cap of $108.04 billion, a PE ratio of 32.20, a price-to-earnings-growth ratio of 1.60 and a beta of 1.55.

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 for the quarter, topping analysts' consensus estimates of $1.34 by $0.18. The business had revenue of $5.04 billion during the quarter, compared to analysts' expectations of $3.42 billion. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. Blackstone's revenue for the quarter was up 35.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.98 earnings per share. As a group, equities research analysts forecast that Blackstone Inc. will post 6 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Monday, August 3rd were given a $1.29 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $5.16 annualized dividend and a yield of 3.6%. This is an increase from Blackstone's previous quarterly dividend of $1.16. Blackstone's dividend payout ratio (DPR) is presently 115.44%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Weiss Ratings raised shares of Blackstone from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, July 24th. Jefferies Financial Group upped their price target on Blackstone from $143.00 to $152.00 and gave the company a "buy" rating in a research report on Tuesday, May 12th. Argus increased their price target on shares of Blackstone from $146.00 to $150.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. HSBC reiterated a "hold" rating and issued a $135.00 price objective on shares of Blackstone in a research note on Monday, July 20th. Finally, Barclays lifted their target price on shares of Blackstone from $119.00 to $128.00 and gave the company an "equal weight" rating in a research note on Friday, July 24th. Thirteen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $147.95.

Insider Buying and Selling at Blackstone

In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the stock in a transaction 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 sale, 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John G. Finley sold 45,000 shares of the company's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $147.11, for a total value of $6,619,950.00. Following the completion of the transaction, the insider owned 516,017 shares of the company's stock, valued at $75,911,260.87. The trade was a 8.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have purchased 1,339,180 shares of company stock valued at $35,062,433 and have sold 7,562,000 shares valued at $40,331,085. 1.00% of the stock is owned by insiders.

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.

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