Arrow Capital Management LLC Makes New Investment in Blackstone Inc. $BX

Arrow Capital Management LLC purchased a new stake in Blackstone Inc. (NYSE:BX - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 79,971 shares of the asset manager's stock, valued at approximately $12,327,000. Blackstone accounts for approximately 7.2% of Arrow Capital Management LLC's holdings, making the stock its 4th biggest holding.

Several other institutional investors have also added to or reduced their stakes in BX. Family CFO Inc acquired a new position in Blackstone during the 4th quarter worth approximately $28,000. Ares Financial Consulting LLC acquired a new stake in shares of Blackstone in the fourth quarter valued at approximately $28,000. Richardson Financial Services Inc. acquired a new position in Blackstone during the fourth quarter worth $29,000. Redmont Wealth Advisors LLC bought a new position in Blackstone in the third quarter valued at $30,000. Finally, Strive Asset Management LLC bought a new stake in Blackstone during the 3rd quarter worth about $30,000. 70.00% of the stock is owned by institutional investors.

Insider Activity at Blackstone

In related news, Director Ruth Porat acquired 355 shares of the business's stock in a transaction on Monday, May 11th. The stock was purchased at an average cost of $123.04 per share, for a total transaction of $43,679.20. Following the completion of the transaction, the director directly owned 41,818 shares of the company's stock, valued at approximately $5,145,286.72. The trade was a 0.86% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the company's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $3.78, for a total value of $28,264,950.00. Following the completion of the transaction, the insider directly owned 19,374 shares in the company, valued at $73,233.72. The trade was a 99.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders bought 9,487,234 shares of company stock valued at $189,789,892 in the last 90 days. Insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on BX shares. Zacks Research upgraded Blackstone from a "strong sell" rating to a "hold" rating in a report on Monday, June 8th. TD Cowen reduced their price target on Blackstone from $140.00 to $133.00 and set a "buy" rating for the company in a research report on Monday, May 18th. Piper Sandler boosted their price target on Blackstone from $122.00 to $130.00 and gave the stock a "neutral" rating in a research report on Monday, April 27th. UBS Group cut their price objective on Blackstone from $171.00 to $137.00 and set a "neutral" rating for the company in a report on Friday, February 20th. Finally, Morgan Stanley lowered their target price on shares of Blackstone from $215.00 to $184.00 and set an "overweight" rating on the stock in a report on Tuesday, April 21st. Thirteen analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat.com, Blackstone has a consensus rating of "Moderate Buy" and an average target price of $150.86.

Blackstone Stock Down 1.0%

BX stock opened at $123.78 on Friday. The business's 50 day simple moving average is $120.98 and its 200 day simple moving average is $130.40. Blackstone Inc. has a 1-year low of $101.73 and a 1-year high of $190.09. The firm has a market capitalization of $91.95 billion, a PE ratio of 31.66, a PEG ratio of 1.36 and a beta of 1.59. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.66.

Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The asset manager reported $1.36 EPS for the quarter, topping analysts' consensus estimates of $1.34 by $0.02. The firm had revenue of $3.43 billion during the quarter, compared to analysts' expectations of $3.45 billion. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The company's revenue for the quarter 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. As a group, research analysts anticipate that Blackstone Inc. will post 5.9 EPS for the current year.

Blackstone Cuts Dividend

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

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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