ARS Investment Partners LLC Increases Stock Position in Blackstone Inc. $BX

Key Points

• ARS Investment Partners increased its Blackstone stake by 21.7% in the fourth quarter, buying 43,568 additional shares and bringing its total holdings to 244,206 shares valued at about $37.6 million.
• Blackstone reported strong quarterly earnings of $1.36 per share, beating analyst expectations, while revenue rose 10% year over year to $3.43 billion.
• The company also paid a $1.16 quarterly dividend and has drawn mixed analyst sentiment, with a consensus rating of “Hold” and an average price target of $151.36.

ARS Investment Partners LLC raised its holdings in Blackstone Inc. (NYSE:BX - Free Report) by 21.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 244,206 shares of the asset manager's stock after purchasing an additional 43,568 shares during the quarter. Blackstone comprises approximately 2.2% of ARS Investment Partners LLC's portfolio, making the stock its 15th largest holding. ARS Investment Partners LLC's holdings in Blackstone were worth $37,642,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of BX. REAP Financial Group LLC acquired a new position in Blackstone in the third quarter valued at $26,000. Family CFO Inc acquired a new position in Blackstone in the fourth quarter valued at $28,000. Ares Financial Consulting LLC acquired a new position in Blackstone in the fourth quarter valued at $28,000. Richardson Financial Services Inc. acquired a new position in Blackstone in the fourth quarter valued at $29,000. Finally, Redmont Wealth Advisors LLC acquired a new position in shares of Blackstone during the third quarter worth about $30,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Blackstone Stock Down 3.7%

BX stock opened at $117.96 on Friday. The company has a market cap of $87.63 billion, a P/E ratio of 30.17, a P/E/G ratio of 1.29 and a beta of 1.63. Blackstone Inc. has a 52 week low of $101.73 and a 52 week high of $190.09. The company's 50-day moving average price is $117.10 and its 200 day moving average price is $134.76. 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 for the quarter, compared to the consensus estimate of $3.45 billion. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The firm's revenue was up 10.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.11 earnings per share. On average, research analysts expect that Blackstone Inc. will post 5.89 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. JPMorgan Chase & Co. dropped their price target on shares of Blackstone from $142.00 to $136.00 and set a "neutral" rating on the stock in a research note on Friday, April 24th. Jefferies Financial Group boosted their price target on shares of Blackstone from $143.00 to $152.00 and gave the stock a "buy" rating in a research note on Tuesday, May 12th. Oppenheimer boosted their price target on shares of Blackstone from $154.00 to $156.00 and gave the stock an "outperform" rating in a research note on Friday, April 24th. Royal Bank Of Canada set a $173.00 price target on shares of Blackstone in a research note on Friday, April 24th. Finally, Citizens Jmp dropped their price target on shares of Blackstone from $195.00 to $190.00 and set a "market outperform" rating on the stock in a research note on Wednesday, April 22nd. Eleven equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $151.36.

Insider Buying and Selling

In other Blackstone news, major shareholder Holdings I. L.P. Blackstone sold 25,000 shares of the company's stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $19.00, for a total value of $475,000.00. Following the sale, the insider owned 125,000 shares of the company's stock, valued at $2,375,000. This represents a 16.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ruth Porat purchased 355 shares of Blackstone stock in a transaction on Monday, May 11th. The stock was acquired at an average cost of $123.04 per share, for a total transaction of $43,679.20. Following the acquisition, the director directly owned 41,818 shares of the company's stock, valued at approximately $5,145,286.72. This represents a 0.86% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have bought 4,015,297 shares of company stock valued at $105,053,996 and have sold 9,128,660 shares valued at $46,457,920. 1.00% of the stock is currently owned by company 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.

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