9,309 Shares in Blackstone Inc. $BX Purchased by Renasant Bank

Key Points

• Renasant Bank purchased 9,309 Blackstone shares worth approximately $1.095 million in the second quarter. Institutional investors own about 70% of Blackstone’s stock.
• Analysts maintain a generally positive outlook, with 13 Buy ratings and 11 Hold ratings, resulting in a “Moderate Buy” consensus and an average price target of $149.43.
• Blackstone reported strong quarterly results, including adjusted EPS of $1.52 and revenue of $5.04 billion, while increasing its quarterly dividend to $1.29 per share, or a 3.6% annualized yield.

Renasant Bank bought a new stake in shares of Blackstone Inc. (NYSE:BX - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,309 shares of the asset manager's stock, valued at approximately $1,095,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of BX. Strive Asset Management LLC bought a new stake in shares of Blackstone during the third quarter worth $30,000. Kelleher Financial Advisors bought a new position in shares of Blackstone in the third quarter worth about $34,000. Palladiem LLC purchased a new position in Blackstone in the 4th quarter worth about $31,000. Entrust Financial LLC purchased a new stake in Blackstone in the 4th quarter valued at about $32,000. Finally, IFC & Insurance Marketing Inc. bought a new position in shares of Blackstone during the 4th quarter worth $33,000. 70.00% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Rothschild & Co Redburn dropped their target price on Blackstone from $134.00 to $130.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 9th. Jefferies Financial Group raised their price target on shares of Blackstone from $143.00 to $152.00 and gave the stock a "buy" rating in a research report on Tuesday, May 12th. HSBC reaffirmed a "hold" rating and issued a $135.00 price objective on shares of Blackstone in a report on Monday, July 20th. TD Cowen raised their target price on shares of Blackstone from $133.00 to $145.00 and gave the stock a "buy" rating in a report on Friday, July 24th. Finally, Citizens Jmp lowered their price target on shares of Blackstone from $190.00 to $165.00 and set a "market outperform" rating on the stock in a report on Thursday, July 9th. Thirteen research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $149.43.

Insider Activity

In other Blackstone news, major shareholder Private Multi-Asset Blackstone purchased 765,111 shares of the firm's stock in a transaction dated Tuesday, June 23rd. The shares were acquired at an average price of $26.14 per share, with a total value of $20,000,001.54. Following the purchase, the insider directly owned 7,882,145 shares in the company, valued at approximately $206,039,270.30. This trade represents a 10.75% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Holdings Iv L.P. Blackstone purchased 272,642 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was acquired at an average cost of $26.14 per share, with a total value of $7,126,861.88. Following the completion of the acquisition, the insider directly owned 8,704,419 shares of the company's stock, valued at $227,533,512.66. This represents a 3.23% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have acquired 1,611,822 shares of company stock worth $42,189,294 and have sold 7,562,000 shares worth $40,331,085. 1.00% of the stock is owned by insiders.

Blackstone Trading Up 0.7%

Shares of Blackstone stock opened at $143.32 on Tuesday. The company has a market cap of $107.58 billion, a P/E ratio of 32.06, a price-to-earnings-growth ratio of 1.55 and a beta of 1.55. The firm has a 50-day simple moving average of $131.06 and a two-hundred day simple moving average of $122.93. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.72 and a current ratio of 0.72. Blackstone Inc. has a fifty-two week low of $101.73 and a fifty-two week high of $190.09.

Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings data 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 net margin of 21.84% and a return on equity of 23.77%. The business had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $3.42 billion. During the same period last year, the firm posted $0.98 earnings per share. The company's revenue was up 35.9% compared to the same quarter last year. As a group, equities analysts predict that Blackstone Inc. will post 5.99 earnings per share for the current fiscal year.

Blackstone Increases Dividend

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

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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