Allstate Corp Has $8.50 Million Stock Holdings in Blackstone Inc. $BX

Key Points

• Allstate Corp more than doubled its stake in Blackstone during the fourth quarter, increasing holdings by 107% to 55,115 shares worth about $8.5 million.
• Blackstone reported better-than-expected quarterly earnings of $1.36 per share, while revenue rose 10% year over year to $3.43 billion, though it slightly missed analysts’ revenue estimate.
• The company paid a quarterly dividend of $1.16 per share, equal to an annualized yield of 3.9%, but its payout ratio is high at 118.67%.

Allstate Corp lifted its position in Blackstone Inc. (NYSE:BX - Free Report) by 107.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 55,115 shares of the asset manager's stock after acquiring an additional 28,494 shares during the period. Allstate Corp's holdings in Blackstone were worth $8,495,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. MSH Capital Advisors LLC grew its stake in shares of Blackstone by 76.1% in the fourth quarter. MSH Capital Advisors LLC now owns 7,748 shares of the asset manager's stock valued at $1,194,000 after buying an additional 3,348 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its stake in shares of Blackstone by 333.1% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 2,053 shares of the asset manager's stock valued at $316,000 after buying an additional 1,579 shares in the last quarter. Fisher Asset Management LLC grew its stake in shares of Blackstone by 15.7% in the fourth quarter. Fisher Asset Management LLC now owns 8,973 shares of the asset manager's stock valued at $1,383,000 after buying an additional 1,218 shares in the last quarter. FFT Wealth Management LLC grew its stake in shares of Blackstone by 6.6% in the fourth quarter. FFT Wealth Management LLC now owns 1,618 shares of the asset manager's stock valued at $249,000 after buying an additional 100 shares in the last quarter. Finally, CYBER HORNET ETFs LLC grew its stake in shares of Blackstone by 6.2% in the fourth quarter. CYBER HORNET ETFs LLC now owns 2,085 shares of the asset manager's stock valued at $321,000 after buying an additional 122 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Blackstone Stock Performance

NYSE:BX opened at $118.18 on Wednesday. The stock has a market cap of $87.79 billion, a P/E ratio of 30.23, a price-to-earnings-growth ratio of 1.29 and a beta of 1.63. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.66. The stock's 50-day moving average is $118.31 and its 200-day moving average is $133.19. Blackstone Inc. has a 1-year low of $101.73 and a 1-year high of $190.09.

Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.02. The company had revenue of $3.43 billion for the quarter, compared to analysts' expectations of $3.45 billion. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.The business's quarterly revenue was up 10.0% compared to the same quarter last year. During the same period in the previous year, the business posted $1.11 earnings per share. Equities research analysts anticipate that Blackstone Inc. will post 5.9 earnings per share for the current year.

Blackstone Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were issued a $1.16 dividend. The ex-dividend date was Monday, May 4th. This represents a $4.64 annualized dividend and a yield of 3.9%. Blackstone's dividend payout ratio is presently 118.67%.

Insiders Place Their Bets

In related news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,504 shares of the company's stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $3.51, for a total value of $26,246,039.04. Following the sale, the insider directly owned 25,832 shares in the company, valued at $90,670.32. This represents a 99.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Vikrant Sawhney sold 30,014 shares of the company's stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $125.79, for a total value of $3,775,461.06. Following the completion of the sale, the insider owned 899,669 shares in the company, valued at $113,169,363.51. The trade was a 3.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders purchased 12,355,303 shares of company stock valued at $264,789,896 and sold 9,128,660 shares valued at $46,457,920. Insiders own 1.00% of the company's stock.

Analyst Upgrades and Downgrades

BX has been the subject of a number of research analyst reports. Citigroup reaffirmed a "market outperform" rating on shares of Blackstone in a research report on Friday, January 30th. Barclays reduced their target price on shares of Blackstone from $126.00 to $124.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 8th. HSBC dropped their price target on Blackstone from $164.00 to $131.00 and set a "hold" rating for the company in a research note on Friday, April 10th. TD Cowen lowered their target price on Blackstone from $140.00 to $133.00 and set a "buy" rating for the company in a research note on Monday, May 18th. Finally, Royal Bank Of Canada set a $173.00 target price on Blackstone in a research note on Friday, April 24th. Eleven equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $151.05.

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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