Adage Capital Partners GP L.L.C. Increases Position in Blackstone Inc. $BX

Key Points

• Adage Capital Partners GP L.L.C. increased its stake in Blackstone Inc. by 0.3% during Q1, owning approximately $84.9 million worth of the company.
• In the latest quarter, Blackstone reported $1.21 EPS, surpassing estimates, with revenue reaching $3.07 billion, a year-over-year increase of 32.7%.
• Blackstone declared a quarterly dividend of $1.03 per share, up from $0.93, resulting in an annualized yield of 2.4% and a dividend payout ratio of 110.75%.

Adage Capital Partners GP L.L.C. lifted its holdings in Blackstone Inc. (NYSE:BX - Free Report) by 0.3% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 607,700 shares of the asset manager's stock after buying an additional 1,960 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.08% of Blackstone worth $84,944,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. 1248 Management LLC purchased a new position in shares of Blackstone in the 1st quarter worth approximately $25,000. Wealth Preservation Advisors LLC purchased a new position in shares of Blackstone in the 1st quarter worth approximately $28,000. Bernard Wealth Management Corp. bought a new stake in shares of Blackstone in the 4th quarter worth approximately $34,000. Putney Financial Group LLC bought a new stake in shares of Blackstone in the 4th quarter worth approximately $34,000. Finally, von Borstel & Associates Inc. bought a new stake in shares of Blackstone in the 1st quarter worth approximately $28,000. Hedge funds and other institutional investors own 70.00% of the company's stock.

Insider Activity

In related news, insider Vikrant Sawhney sold 50,850 shares of the company's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $173.64, for a total value of $8,829,594.00. Following the completion of the transaction, the insider directly owned 737,248 shares in the company, valued at approximately $128,015,742.72. The trade was a 6.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO David Payne sold 9,400 shares of the company's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $169.97, for a total transaction of $1,597,718.00. Following the completion of the transaction, the chief accounting officer owned 54,488 shares of the company's stock, valued at $9,261,325.36. This trade represents a 14.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders bought 1,189,806 shares of company stock worth $30,046,627 and sold 16,850,134 shares worth $131,641,986. Company insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BX. Citigroup reaffirmed a "market perform" rating on shares of Blackstone in a report on Saturday, July 19th. Dbs Bank raised shares of Blackstone to a "moderate buy" rating in a report on Tuesday, August 12th. Evercore ISI lifted their price target on shares of Blackstone from $165.00 to $197.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Piper Sandler lifted their price target on shares of Blackstone from $157.00 to $181.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Finally, Barclays boosted their target price on shares of Blackstone from $168.00 to $181.00 and gave the company an "equal weight" rating in a report on Friday, July 25th. Nine equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $172.38.

Blackstone Stock Down 1.1%

BX opened at $169.54 on Wednesday. The company has a fifty day moving average price of $166.29 and a 200-day moving average price of $149.82. The firm has a market capitalization of $124.97 billion, a P/E ratio of 45.58, a price-to-earnings-growth ratio of 1.39 and a beta of 1.77. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.74 and a quick ratio of 0.74. Blackstone Inc. has a one year low of $115.66 and a one year high of $200.96.

Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The asset manager reported $1.21 EPS for the quarter, beating analysts' consensus estimates of $1.10 by $0.11. The firm had revenue of $3.07 billion during the quarter, compared to analyst estimates of $2.77 billion. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. The business's revenue for the quarter was up 32.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.98 EPS. Equities research analysts expect that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 11th. Stockholders of record on Monday, August 4th were given a dividend of $1.03 per share. This is an increase from Blackstone's previous quarterly dividend of $0.93. The ex-dividend date was Monday, August 4th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.4%. Blackstone's dividend payout ratio (DPR) is presently 110.75%.

Blackstone Profile

Blackstone Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.

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