Blackstone Inc. $BX Shares Bought by MassMutual Private Wealth & Trust FSB

Key Points

• MassMutual Private Wealth & Trust increased its Blackstone stake by 31.5% in the second quarter, adding 17,378 shares to own 72,616 shares valued at approximately $8.5 million. Institutional investors collectively hold about 70% of Blackstone’s stock.
• Blackstone reported strong quarterly results, with earnings of $1.52 per share versus the $1.34 consensus estimate and revenue of $5.04 billion, up 35.9% year over year.
• The company raised its quarterly dividend to $1.29 per share, implying a 3.8% yield, while analysts maintain a “Moderate Buy” consensus rating and an average price target of $147.95.

MassMutual Private Wealth & Trust FSB grew its holdings in shares of Blackstone Inc. (NYSE:BX - Free Report) by 31.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 72,616 shares of the asset manager's stock after purchasing an additional 17,378 shares during the period. MassMutual Private Wealth & Trust FSB's holdings in Blackstone were worth $8,545,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BX. Norges Bank acquired a new stake in shares of Blackstone in the 4th quarter worth approximately $1,275,747,000. Capital Research Global Investors raised its holdings in Blackstone by 99.2% during the fourth quarter. Capital Research Global Investors now owns 6,381,767 shares of the asset manager's stock worth $983,690,000 after purchasing an additional 3,178,133 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Blackstone in the first quarter worth approximately $164,597,000. Amundi increased its position in shares of Blackstone by 85.6% during the 4th quarter. Amundi now owns 2,709,345 shares of the asset manager's stock valued at $417,620,000 after purchasing an additional 1,249,269 shares during the period. Finally, Focus Partners Wealth lifted its holdings in shares of Blackstone by 476.1% in the fourth quarter. Focus Partners Wealth now owns 1,324,168 shares of the asset manager's stock valued at $204,193,000 after buying an additional 1,094,307 shares during the period. Institutional investors own 70.00% of the company's stock.

Blackstone Trading Up 5.4%

NYSE BX opened at $134.67 on Tuesday. The firm's 50 day moving average price is $121.99 and its two-hundred day moving average price is $123.49. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.76 and a current ratio of 0.72. Blackstone Inc. has a twelve month low of $101.73 and a twelve month high of $190.09. The stock has a market cap of $100.04 billion, a price-to-earnings ratio of 30.13, a PEG ratio of 1.42 and a beta of 1.55.

Blackstone (NYSE:BX - Get Free Report) last issued its earnings results on Thursday, July 23rd. The asset manager reported $1.52 EPS for the quarter, topping the consensus estimate of $1.34 by $0.18. Blackstone had a return on equity of 23.77% and a net margin of 21.84%.The business had revenue of $5.04 billion during the quarter, compared to analysts' expectations of $3.42 billion. During the same quarter last year, the firm posted $0.98 earnings per share. Blackstone's revenue was up 35.9% compared to the same quarter last year. Equities analysts anticipate that Blackstone Inc. will post 6 EPS for the current year.

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 10th. Investors of record on Monday, August 3rd will be issued a dividend of $1.29 per share. This is an increase from Blackstone's previous quarterly dividend of $1.16. This represents a $5.16 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Monday, August 3rd. Blackstone's dividend payout ratio is 103.80%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Sanford C. Bernstein began coverage on shares of Blackstone in a report on Monday, June 8th. They issued an "outperform" rating for the company. Piper Sandler increased their target price on shares of Blackstone from $122.00 to $130.00 and gave the company a "neutral" rating in a research note on Monday, April 27th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Blackstone in a research report on Monday, June 8th. They issued a "buy" rating on the stock. Zacks Research raised Blackstone from a "strong sell" rating to a "hold" rating in a research note on Monday, June 8th. Finally, Argus boosted their target price on Blackstone from $146.00 to $150.00 and gave the stock a "buy" rating in a research report on Thursday. Thirteen equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat.com, Blackstone presently has a consensus rating of "Moderate Buy" and a consensus price target of $147.95.

Insider Activity at Blackstone

In other news, major shareholder Private Multi-Asset Blackstone purchased 573,614 shares of the business's stock in a transaction dated Thursday, July 23rd. The stock was bought at an average cost of $26.15 per share, with a total value of $15,000,006.10. Following the purchase, the insider directly owned 8,455,758 shares of the company's stock, valued at approximately $221,118,071.70. This trade represents a 7.28% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Treasury Holdings I. Blackstone acquired 9,486,795 shares of the business's stock in a transaction that occurred on Friday, May 15th. The shares were acquired at an average cost of $20.00 per share, for a total transaction of $189,735,900.00. Following the transaction, the insider owned 9,111,800 shares of the company's stock, valued at approximately $182,236,000. This represents a -2,529.85% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders purchased 10,825,959 shares of company stock worth $224,789,900. Corporate insiders own 1.00% of the company's stock.

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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