Allen Capital Group LLC Grows Position in Blackstone Inc. $BX

Key Points

• Allen Capital Group increased its Blackstone stake by 24.9% in the first quarter, reaching 71,739 shares valued at approximately $8.25 million. Institutional investors collectively own about 70% of Blackstone’s stock.
• Blackstone reported quarterly earnings of $1.52 per share, beating estimates of $1.34, while revenue rose 35.9% year over year to $5.04 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $147.95.
• The company raised its quarterly dividend to $1.29 per share, equivalent to an annualized $5.16 payout and a 4.0% yield.

Allen Capital Group LLC increased its stake in Blackstone Inc. (NYSE:BX - Free Report) by 24.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 71,739 shares of the asset manager's stock after purchasing an additional 14,310 shares during the period. Allen Capital Group LLC's holdings in Blackstone were worth $8,249,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Glenmede Trust Co. NA boosted its position in Blackstone by 2.5% during the first quarter. Glenmede Trust Co. NA now owns 47,380 shares of the asset manager's stock valued at $5,448,000 after buying an additional 1,134 shares during the period. Axiom Investment Management LLC purchased a new position in shares of Blackstone during the first quarter valued at about $897,000. Groupama Asset Managment bought a new stake in shares of Blackstone during the first quarter valued at approximately $456,000. WNY Asset Management LLC bought a new position in shares of Blackstone in the 1st quarter worth about $424,000. Finally, Segall Bryant & Hamill LLC bought a new stake in shares of Blackstone in the 1st quarter worth approximately $252,000. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BX has been the subject of a number of research analyst reports. Royal Bank Of Canada lifted their target price on Blackstone from $161.00 to $169.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Piper Sandler boosted their price objective on Blackstone from $122.00 to $130.00 and gave the company a "neutral" rating in a research note on Monday, April 27th. Rothschild & Co Redburn cut their target price on shares of Blackstone from $134.00 to $130.00 and set a "neutral" rating for the company in a research note on Tuesday, June 9th. HSBC reiterated a "hold" rating and set a $135.00 target price on shares of Blackstone in a research report on Monday, July 20th. Finally, Oppenheimer boosted their price objective on Blackstone from $139.00 to $140.00 and gave the stock an "outperform" rating in a research note on Friday, July 24th. Thirteen analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $147.95.

Blackstone Trading Up 0.1%

NYSE:BX opened at $128.18 on Friday. Blackstone Inc. has a one year low of $101.73 and a one year high of $190.09. The firm has a 50-day simple moving average of $121.67 and a 200-day simple moving average of $123.87. The firm has a market cap of $95.22 billion, a P/E ratio of 28.68, a P/E/G ratio of 1.42 and a beta of 1.58. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.76 and a current ratio of 0.72.

Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 EPS for the quarter, topping the consensus estimate of $1.34 by $0.18. The firm had revenue of $5.04 billion during the quarter, compared to analyst estimates of $3.42 billion. Blackstone had a return on equity of 23.77% and a net margin of 21.84%.The business's revenue for the quarter was up 35.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.98 EPS. Equities analysts anticipate that Blackstone Inc. will post 6 EPS for the current fiscal year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 10th. Investors of record on Monday, August 3rd will be given a dividend of $1.29 per share. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $5.16 annualized dividend and a yield of 4.0%. This is an increase from Blackstone's previous quarterly dividend of $1.16. Blackstone's dividend payout ratio is currently 103.80%.

Insider Activity at Blackstone

In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the business's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $3.78, for a total transaction of $28,264,950.00. Following the sale, the insider 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Treasury Holdings I. Blackstone acquired 9,486,795 shares of the company's stock in a transaction dated Friday, May 15th. The stock was acquired at an average cost of $20.00 per share, for a total transaction of $189,735,900.00. Following the completion of the acquisition, the insider directly owned 9,111,800 shares in the company, valued at approximately $182,236,000. The trade was a -2,529.85% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders have bought 10,825,959 shares of company stock worth $224,789,900. 1.00% of the stock is owned by insiders.

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.