AG Campbell Advisory LLC Makes New Investment in Blackstone Inc. $BX

Key Points

• AG Campbell Advisory LLC opened a new position in Blackstone during the fourth quarter, buying 41,248 shares valued at about $6.36 million. The stake represents roughly 2.0% of the firm’s portfolio and its sixth-largest holding.
• Blackstone continues to attract major institutional interest, with several large investors significantly increasing their holdings. About 70% of the stock is now owned by institutional investors and hedge funds.
• The company reported better-than-expected quarterly earnings of $1.36 per share, while revenue rose 10% year over year to $3.43 billion. Blackstone also paid a quarterly dividend of $1.16 per share, implying a 3.7% yield.

AG Campbell Advisory LLC bought a new stake in Blackstone Inc. (NYSE:BX - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 41,248 shares of the asset manager's stock, valued at approximately $6,358,000. Blackstone makes up approximately 2.0% of AG Campbell Advisory LLC's investment portfolio, making the stock its 6th largest holding.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Norges Bank bought a new position in Blackstone in the 4th quarter worth approximately $1,275,747,000. Capital Research Global Investors raised its stake in shares of Blackstone by 99.2% during the fourth quarter. Capital Research Global Investors now owns 6,381,767 shares of the asset manager's stock worth $983,690,000 after buying an additional 3,178,133 shares during the last quarter. Amundi lifted its stake in shares of Blackstone by 85.6% in the 4th quarter. Amundi now owns 2,709,345 shares of the asset manager's stock valued at $417,620,000 after purchasing an additional 1,249,269 shares during the period. Close Asset Management Ltd boosted its position in shares of Blackstone by 16,035.1% in the 3rd quarter. Close Asset Management Ltd now owns 1,140,264 shares of the asset manager's stock worth $194,746,000 after purchasing an additional 1,133,197 shares during the last quarter. Finally, Focus Partners Wealth grew its position in shares of Blackstone by 476.1% during the 4th quarter. Focus Partners Wealth now owns 1,324,168 shares of the asset manager's stock worth $204,193,000 after buying an additional 1,094,307 shares during the period. 70.00% of the stock is owned by institutional investors and hedge funds.

Blackstone Stock Down 0.0%

Shares of NYSE:BX opened at $123.78 on Friday. Blackstone Inc. has a 12-month low of $101.73 and a 12-month high of $190.09. The business's 50 day moving average is $121.11 and its 200 day moving average is $130.35. The stock has a market cap of $91.95 billion, a price-to-earnings ratio of 31.66, a PEG ratio of 1.34 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.

Blackstone (NYSE:BX - Get Free Report) last issued its earnings results 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 business had revenue of $3.43 billion during the quarter, compared to the consensus estimate of $3.45 billion. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.The firm's revenue was up 10.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.11 EPS. On average, sell-side analysts forecast that Blackstone Inc. will post 5.9 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, May 4th were paid a $1.16 dividend. This represents a $4.64 annualized dividend and a yield of 3.7%. The ex-dividend date was Monday, May 4th. Blackstone's dividend payout ratio is presently 118.67%.

Insider Buying and Selling at Blackstone

In related news, Director Ruth Porat bought 355 shares of the company's stock in a transaction dated Monday, May 11th. The stock was purchased at an average price of $123.04 per share, for a total transaction of $43,679.20. Following the acquisition, the director owned 41,818 shares in the company, valued at $5,145,286.72. This trade represents a 0.86% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Treasury Holdings I. Blackstone acquired 9,486,795 shares of the stock in a transaction on 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 completion of the transaction, the insider owned 9,111,800 shares in the company, valued at $182,236,000. This trade represents a -2,529.85% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased 9,487,234 shares of company stock worth $189,789,892 in the last ninety days. Company insiders own 1.00% of the company's stock.

Analyst Ratings Changes

BX has been the subject of a number of analyst reports. Argus decreased their price objective on shares of Blackstone from $163.00 to $146.00 and set a "buy" rating for the company in a report on Tuesday, April 28th. UBS Group reduced their price target on shares of Blackstone from $171.00 to $137.00 and set a "neutral" rating on the stock in a research report on Friday, February 20th. Rothschild & Co Redburn lowered their price target on Blackstone from $134.00 to $130.00 and set a "neutral" rating for the company in a report on Tuesday, June 9th. Royal Bank Of Canada initiated coverage on Blackstone in a research report on Monday, June 8th. They set an "outperform" rating on the stock. Finally, Piper Sandler upped their price target on shares of Blackstone from $122.00 to $130.00 and gave the company a "neutral" rating in a report on Monday, April 27th. Thirteen research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $150.86.

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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