Ancora Advisors LLC Invests $15.71 Million in Blackstone Inc. $BX

Key Points

• Ancora Advisors acquired 133,505 Blackstone shares in the second quarter, valued at approximately $15.71 million. Institutional investors collectively own about 70% of Blackstone’s stock.
• Blackstone reported strong quarterly results, with EPS of $1.52 versus the $1.34 consensus estimate and revenue of $5.04 billion, up 35.9% year over year.
• The company increased its quarterly dividend to $1.29 per share, or $5.16 annualized, implying a 3.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $147.95.

Ancora Advisors LLC acquired a new stake in Blackstone Inc. (NYSE:BX - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 133,505 shares of the asset manager's stock, valued at approximately $15,709,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of Blackstone in the 2nd quarter valued at about $6,112,162,000. Morgan Stanley increased its stake in shares of Blackstone by 2.0% during the fourth quarter. Morgan Stanley now owns 32,862,165 shares of the asset manager's stock worth $5,065,374,000 after buying an additional 636,613 shares during the period. State Street Corp lifted its stake in Blackstone by 0.6% in the fourth quarter. State Street Corp now owns 31,542,009 shares of the asset manager's stock worth $4,861,885,000 after acquiring an additional 179,213 shares during the last quarter. Bank of America Corp DE grew its holdings in Blackstone by 3.4% during the 1st quarter. Bank of America Corp DE now owns 11,538,067 shares of the asset manager's stock worth $1,326,762,000 after acquiring an additional 384,264 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Blackstone in the 4th quarter valued at $1,275,747,000. Hedge funds and other institutional investors own 70.00% of the company's stock.

Blackstone Stock Down 0.2%

BX opened at $143.34 on Wednesday. The stock has a market capitalization of $107.60 billion, a P/E ratio of 32.07, a price-to-earnings-growth ratio of 1.57 and a beta of 1.56. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.72 and a current ratio of 0.72. Blackstone Inc. has a one year low of $101.73 and a one year high of $190.09. The business's 50-day simple moving average is $129.51 and its 200-day simple moving average is $122.57.

Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.34 by $0.18. Blackstone had a return on equity of 23.77% and a net margin of 21.84%.The firm had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $3.42 billion. During the same quarter last year, the business posted $0.98 EPS. The firm's quarterly revenue was up 35.9% compared to the same quarter last year. Analysts anticipate that Blackstone Inc. will post 5.99 EPS for the current year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Monday, August 3rd were issued a $1.29 dividend. This represents a $5.16 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Monday, August 3rd. This is a positive change from Blackstone's previous quarterly dividend of $1.16. Blackstone's dividend payout ratio is presently 115.44%.

Insider Activity

In other Blackstone news, insider John G. Finley sold 45,000 shares of the firm's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $147.11, for a total transaction of $6,619,950.00. Following the transaction, the insider directly owned 516,017 shares of the company's stock, valued at approximately $75,911,260.87. This trade represents a 8.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Vikrant Sawhney sold 30,000 shares of the company's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $135.55, for a total transaction of $4,066,500.00. Following the completion of the sale, the insider directly owned 869,669 shares of the company's stock, valued at $117,883,632.95. The trade was a 3.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have acquired 1,611,822 shares of company stock worth $42,189,294 and have sold 7,562,000 shares worth $40,331,085. 1.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on BX. Royal Bank Of Canada boosted their target price on shares of Blackstone from $161.00 to $169.00 and gave the stock an "outperform" rating in a research note on Friday, July 24th. HSBC reaffirmed a "hold" rating and set a $135.00 price target on shares of Blackstone in a report on Monday, July 20th. Argus raised their target price on Blackstone from $146.00 to $150.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. TD Cowen boosted their target price on Blackstone from $133.00 to $145.00 and gave the stock a "buy" rating in a research note on Friday, July 24th. Finally, Keefe, Bruyette & Woods upgraded shares of Blackstone to a "hold" rating in a research note on Monday, July 20th. Thirteen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat.com, Blackstone presently has a consensus rating of "Moderate Buy" and a consensus target price of $147.95.

Blackstone Company 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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