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Savvy Advisors Inc. Raises Position in Blackstone Inc. (NYSE:BX)

Blackstone logo with Finance background

Key Points

  • Savvy Advisors Inc. increased its holdings in Blackstone Inc. by 39.2% in the first quarter, owning 8,369 shares worth approximately $1.17 million after purchasing an additional 2,357 shares.
  • Aided by multiple institutional investors, Blackstone's total institutional ownership stands at 70%, with several firms significantly expanding their shares recently.
  • Blackstone has declared a quarterly dividend increase from $0.93 to $1.03, representing a 2.4% yield, with a payout ratio currently at 110.75%.
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Savvy Advisors Inc. increased its holdings in Blackstone Inc. (NYSE:BX - Free Report) by 39.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,369 shares of the asset manager's stock after purchasing an additional 2,357 shares during the quarter. Savvy Advisors Inc.'s holdings in Blackstone were worth $1,170,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. National Bank of Canada FI lifted its holdings in Blackstone by 136.9% in the first quarter. National Bank of Canada FI now owns 1,270,233 shares of the asset manager's stock valued at $177,544,000 after buying an additional 734,109 shares during the period. Citigroup Inc. raised its holdings in shares of Blackstone by 15.6% during the first quarter. Citigroup Inc. now owns 1,073,742 shares of the asset manager's stock valued at $150,088,000 after purchasing an additional 144,699 shares during the period. Wambolt & Associates LLC raised its holdings in shares of Blackstone by 1.8% during the first quarter. Wambolt & Associates LLC now owns 24,861 shares of the asset manager's stock valued at $3,550,000 after purchasing an additional 449 shares during the period. Fayez Sarofim & Co raised its holdings in shares of Blackstone by 0.3% during the first quarter. Fayez Sarofim & Co now owns 1,202,450 shares of the asset manager's stock valued at $168,078,000 after purchasing an additional 3,031 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Blackstone by 12.5% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,291,063 shares of the asset manager's stock worth $180,465,000 after acquiring an additional 143,266 shares during the last quarter. Institutional investors own 70.00% of the company's stock.

Blackstone Price Performance

Shares of Blackstone stock traded up $1.23 on Monday, hitting $170.14. 2,609,144 shares of the company traded hands, compared to its average volume of 3,825,000. The firm's 50-day simple moving average is $155.60 and its 200 day simple moving average is $150.04. The company has a current ratio of 0.74, a quick ratio of 0.75 and a debt-to-equity ratio of 0.61. The company has a market cap of $124.14 billion, a P/E ratio of 45.74, a P/E/G ratio of 1.38 and a beta of 1.71. Blackstone Inc. has a 12-month low of $115.66 and a 12-month high of $200.96.

Blackstone (NYSE:BX - Get Free Report) last released its earnings results on Thursday, July 24th. The asset manager reported $1.21 EPS for the quarter, beating the consensus estimate of $1.10 by $0.11. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. The company had revenue of $3.07 billion for the quarter, compared to analyst estimates of $2.77 billion. During the same quarter last year, the firm earned $0.98 EPS. The firm's quarterly revenue was up 32.7% compared to the same quarter last year. Analysts expect that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 11th. Shareholders of record on Monday, August 4th will be issued a $1.03 dividend. This is a boost from Blackstone's previous quarterly dividend of $0.93. The ex-dividend date of this dividend is Monday, August 4th. This represents a $4.12 dividend on an annualized basis and a yield of 2.4%. Blackstone's payout ratio is 110.75%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on BX. Morgan Stanley reduced their price objective on shares of Blackstone from $222.00 to $150.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. The Goldman Sachs Group reaffirmed a "neutral" rating on shares of Blackstone in a research report on Friday, July 25th. JMP Securities upped their price objective on shares of Blackstone from $180.00 to $195.00 and gave the stock a "market outperform" rating in a research report on Friday, July 25th. Citigroup reaffirmed a "market perform" rating on shares of Blackstone in a research report on Saturday, July 19th. Finally, UBS Group reduced their target price on shares of Blackstone from $180.00 to $175.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Ten analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $170.12.

Read Our Latest Report on BX

Insiders Place Their Bets

In related news, Director Joseph Baratta sold 100,000 shares of Blackstone stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $167.36, for a total transaction of $16,736,000.00. Following the completion of the transaction, the director directly owned 808,757 shares of the company's stock, valued at $135,353,571.52. This trade represents a 11.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO David Payne sold 9,400 shares of Blackstone stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $169.97, for a total transaction of $1,597,718.00. Following the transaction, the chief accounting officer directly owned 54,488 shares of the company's stock, valued at approximately $9,261,325.36. This trade represents a 14.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company's stock.

Blackstone Company Profile

(Free Report)

Blackstone Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.

See Also

Institutional Ownership by Quarter for Blackstone (NYSE:BX)

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