Bank of New York Mellon Corp purchased a new position in Blackstone Inc. (NYSE:BX - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,374,400 shares of the asset manager's stock, valued at approximately $514,736,000. Bank of New York Mellon Corp owned 0.59% of Blackstone at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of BX. Ares Financial Consulting LLC bought a new stake in Blackstone in the 4th quarter valued at $28,000. Strive Asset Management LLC bought a new stake in shares of Blackstone in the third quarter worth about $30,000. Palladiem LLC purchased a new stake in shares of Blackstone in the fourth quarter worth about $31,000. West Branch Capital LLC grew its holdings in Blackstone by 26,600.0% during the 2nd quarter. West Branch Capital LLC now owns 267 shares of the asset manager's stock valued at $31,000 after buying an additional 266 shares in the last quarter. Finally, Entrust Financial LLC bought a new stake in Blackstone in the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 70.00% of the company's stock.
Insider Activity at Blackstone
In other news, insider John G. Finley sold 45,000 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $147.11, for a total value of $6,619,950.00. Following the completion of the sale, the insider directly owned 516,017 shares in the company, valued at $75,911,260.87. The trade was a 8.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Private Multi-Asset Blackstone acquired 573,614 shares of Blackstone stock in a transaction on Thursday, July 23rd. The shares were bought at an average price of $26.15 per share, with a total value of $15,000,006.10. Following the completion of the transaction, the insider directly owned 8,455,758 shares of the company's stock, valued at $221,118,071.70. This trade represents a 7.28% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have acquired 1,339,180 shares of company stock valued at $35,062,433 and have sold 7,562,000 shares valued at $40,331,085. Corporate insiders own 1.00% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research firms recently weighed in on BX. BNP Paribas Exane cut their target price on shares of Blackstone from $126.00 to $125.00 and set a "neutral" rating for the company in a report on Tuesday, June 30th. Zacks Research upgraded shares of Blackstone from a "strong sell" rating to a "hold" rating in a research report on Monday, June 8th. Rothschild & Co Redburn reduced their target price on shares of Blackstone from $134.00 to $130.00 and set a "neutral" rating on the stock in a report on Tuesday, June 9th. TD Cowen upped their target price on shares of Blackstone from $133.00 to $145.00 and gave the company a "buy" rating in a research report on Friday, July 24th. Finally, Piper Sandler lifted 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. Thirteen research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $147.95.
Check Out Our Latest Stock Report on Blackstone
Blackstone Stock Performance
BX opened at $143.56 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.63. Blackstone Inc. has a 12-month low of $101.73 and a 12-month high of $190.09. The firm has a 50 day moving average of $128.82 and a two-hundred day moving average of $122.57. The firm has a market capitalization of $107.76 billion, a PE ratio of 32.12, a P/E/G ratio of 1.57 and a beta of 1.56.
Blackstone (NYSE:BX - Get Free Report) last posted its earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.34 by $0.18. The company had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $3.42 billion. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The firm's quarterly revenue was up 35.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.98 earnings per share. On average, analysts anticipate that Blackstone Inc. will post 5.99 EPS for the current year.
Blackstone Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Monday, August 3rd were issued a dividend of $1.29 per share. This represents a $5.16 dividend on an annualized basis and a yield of 3.6%. This is a boost from Blackstone's previous quarterly dividend of $1.16. The ex-dividend date of this dividend was Monday, August 3rd. Blackstone's payout ratio is currently 115.44%.
Blackstone Company Profile
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Free Report)
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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