Blackstone Inc. $BX Shares Bought by Pittenger & Anderson Inc.

Key Points

• Pittenger & Anderson Inc. boosted its Blackstone stake by 177.2% in the first quarter, ending with 32,745 shares valued at about $3.77 million.
• Blackstone continues to attract heavy institutional interest, with firms like Norges Bank, Capital Research Global Investors, Amundi, and Vanguard all reporting sizable holdings; 70% of the stock is owned by institutions and hedge funds.
• Analysts remain broadly constructive on BX, with a “Moderate Buy” consensus and an average price target of $147.10, even as some firms trimmed targets. Blackstone also reported Q1 EPS of $1.36, topping estimates, and paid a quarterly dividend of $1.16 per share.

Pittenger & Anderson Inc. grew its position in Blackstone Inc. (NYSE:BX - Free Report) by 177.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 32,745 shares of the asset manager's stock after acquiring an additional 20,931 shares during the period. Pittenger & Anderson Inc.'s holdings in Blackstone were worth $3,765,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Norges Bank acquired a new position in Blackstone in the 4th quarter worth about $1,275,747,000. Capital Research Global Investors increased its position in shares of Blackstone by 99.2% in the fourth quarter. Capital Research Global Investors now owns 6,381,767 shares of the asset manager's stock valued at $983,690,000 after buying an additional 3,178,133 shares in the last quarter. Amundi raised its stake in shares of Blackstone by 85.6% during the 4th quarter. Amundi now owns 2,709,345 shares of the asset manager's stock worth $417,620,000 after buying an additional 1,249,269 shares during the period. Focus Partners Wealth lifted its position in shares of Blackstone by 476.1% during the 4th 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 in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Blackstone by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 71,667,695 shares of the asset manager's stock worth $11,046,859,000 after acquiring an additional 840,258 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have issued reports on BX. Argus decreased their price objective on shares of Blackstone from $163.00 to $146.00 and set a "buy" rating on the stock in a report on Tuesday, April 28th. JPMorgan Chase & Co. dropped their price target on Blackstone from $142.00 to $136.00 and set a "neutral" rating for the company in a research report on Friday, April 24th. Jefferies Financial Group raised their price objective on Blackstone from $143.00 to $152.00 and gave the company a "buy" rating in a report on Tuesday, May 12th. Royal Bank Of Canada assumed coverage on shares of Blackstone in a report on Monday, June 8th. They set an "outperform" rating for the company. Finally, Sanford C. Bernstein started coverage on shares of Blackstone in a research note on Monday, June 8th. They issued an "outperform" rating on the stock. Thirteen equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $147.10.

Insiders Place Their Bets

In related news, major shareholder Treasury Holdings I. Blackstone bought 9,486,795 shares of the firm's stock in a transaction on Friday, May 15th. The shares were bought at an average price of $20.00 per share, with a total value of $189,735,900.00. Following the completion of the transaction, the insider directly owned 9,111,800 shares of the company's stock, valued at $182,236,000. This represents a -2,529.85% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Vikrant Sawhney sold 30,014 shares of the company's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $125.79, for a total transaction of $3,775,461.06. Following the completion of the transaction, the insider owned 899,669 shares in the company, valued at approximately $113,169,363.51. This represents a 3.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have acquired 10,252,345 shares of company stock worth $209,789,893. Corporate insiders own 1.00% of the company's stock.

Blackstone Trading Up 0.7%

BX stock traded up $0.82 during trading on Friday, reaching $122.97. 2,568,812 shares of the stock were exchanged, compared to its average volume of 4,830,672. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.66. The firm has a market capitalization of $91.35 billion, a price-to-earnings ratio of 31.45, a P/E/G ratio of 1.34 and a beta of 1.58. The business has a 50 day moving average price of $119.72 and a 200-day moving average price of $126.95. Blackstone Inc. has a 1 year low of $101.73 and a 1 year high of $190.09.

Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.02. The business 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 business's revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.11 EPS. On average, research analysts predict that Blackstone Inc. will post 5.9 earnings per share for the current year.

Blackstone Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, May 4th were given 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 3.8%. Blackstone's payout ratio is currently 118.67%.

More Blackstone News

Here are the key news stories impacting Blackstone this week:

• Positive Sentiment: Citizens JMP lifted its price target on Blackstone to $165 from $190 and kept an “outperform” view, signaling confidence that the shares still have meaningful upside from current levels. Blackstone NYSE: BX Given New $165.00 Price Target at Citizens Jmp
• Positive Sentiment: Blackstone and TPG are reportedly seeking more than $4 billion for Hologic’s surgical unit, underscoring continued private-equity dealmaking activity and potential value creation from large asset sales or acquisitions. Blackstone, TPG seek over $4 billion for Hologic's surgical unit, FT says
• Positive Sentiment: Reports that Barclays is preparing roughly $875 million of debt financing tied to a Blackstone takeover highlight active transaction flow that can support fees and investment returns for the firm. Market Chatter: Barclays Readies $875 Million Debt Sale for Blackstone's Senior Takeover
• Neutral Sentiment: Barclays cut Blackstone’s price target to $119 from $124 and kept an “equal weight” rating, reflecting a more cautious near-term view even as the target remains close to the current share price. Blackstone NYSE: BX Price Target Lowered to $119.00 at Barclays
• Neutral Sentiment: A separate report said Apollo and Blackstone helped turn Broadcom’s and Anthropic’s AI chip financing into debt for other investors, which is notable but not directly a clear positive or negative catalyst for BX shares. Apollo and Blackstone just turned Broadcom, Anthropic's AI chip bet into somebody else's debt

Blackstone 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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