Amalgamated Bank Acquires 4,850 Shares of Blackstone Inc. (NYSE:BX)

Amalgamated Bank raised its position in shares of Blackstone Inc. (NYSE:BX - Free Report) by 3.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 154,930 shares of the asset manager's stock after purchasing an additional 4,850 shares during the period. Amalgamated Bank's holdings in Blackstone were worth $21,656,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of BX. Murphy & Mullick Capital Management Corp bought a new position in Blackstone during the fourth quarter valued at $33,000. Bernard Wealth Management Corp. bought a new position in Blackstone during the fourth quarter valued at $34,000. Putney Financial Group LLC bought a new position in shares of Blackstone in the fourth quarter worth $34,000. Garde Capital Inc. bought a new position in shares of Blackstone in the first quarter worth $36,000. Finally, WFA Asset Management Corp bought a new position in shares of Blackstone in the first quarter worth $38,000. 70.00% of the stock is owned by institutional investors.

Blackstone Stock Up 2.1%

Shares of NYSE:BX opened at $151.29 on Monday. Blackstone Inc. has a 1 year low of $115.66 and a 1 year high of $200.96. The company has a market cap of $110.39 billion, a PE ratio of 45.57, a P/E/G ratio of 1.39 and a beta of 1.65. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.75 and a quick ratio of 0.75. The stock's 50-day moving average is $138.66 and its 200 day moving average is $152.10.

Blackstone (NYSE:BX - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The asset manager reported $1.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.22 by ($0.13). The business had revenue of $2.76 billion for the quarter, compared to analysts' expectations of $2.95 billion. Blackstone had a net margin of 19.83% and a return on equity of 19.84%. During the same quarter in the prior year, the firm earned $0.98 EPS. Sell-side analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Monday, April 28th were given a dividend of $0.93 per share. The ex-dividend date was Monday, April 28th. This represents a $3.72 annualized dividend and a yield of 2.46%. Blackstone's payout ratio is 112.05%.

Insider Buying and Selling at Blackstone

In related news, insider Private Credit Stra Blackstone purchased 1,660,000 shares of the company's stock in a transaction dated Thursday, May 1st. The shares were purchased at an average cost of $15.00 per share, with a total value of $24,900,000.00. Following the transaction, the insider now directly owns 1,666,667 shares in the company, valued at $25,000,005. This trade represents a 24,898.76% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ruth Porat purchased 237 shares of the company's stock in a transaction dated Monday, May 5th. The stock was bought at an average cost of $136.33 per share, for a total transaction of $32,310.21. Following the completion of the transaction, the director now owns 37,067 shares in the company, valued at approximately $5,053,344.11. This represents a 0.64% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

BX has been the subject of a number of analyst reports. JMP Securities reaffirmed a "market outperform" rating and issued a $165.00 price target on shares of Blackstone in a report on Thursday, April 24th. Morgan Stanley dropped their price objective on Blackstone from $222.00 to $150.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. Piper Sandler dropped their price objective on Blackstone from $182.00 to $140.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Keefe, Bruyette & Woods dropped their price objective on Blackstone from $141.00 to $139.00 and set a "market perform" rating for the company in a research note on Tuesday, April 22nd. Finally, Bank of America dropped their price objective on Blackstone from $219.00 to $207.00 and set a "buy" rating for the company in a research note on Friday, April 4th. Ten equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $155.65.

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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.