TIAA Trust National Association grew its stake in shares of Blackstone Inc. (NYSE:BX - Free Report) by 37.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 144,956 shares of the asset manager's stock after purchasing an additional 39,587 shares during the period. TIAA Trust National Association's holdings in Blackstone were worth $20,262,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. von Borstel & Associates Inc. purchased a new stake in shares of Blackstone during the 1st quarter worth $28,000. Bernard Wealth Management Corp. purchased a new position in Blackstone in the 4th quarter valued at about $34,000. Putney Financial Group LLC purchased a new position in Blackstone in the 4th quarter valued at about $34,000. Garde Capital Inc. purchased a new position in shares of Blackstone during the 1st quarter worth about $36,000. Finally, Wayfinding Financial LLC purchased a new position in shares of Blackstone during the 1st quarter worth about $36,000. 70.00% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at Blackstone
In related news, insider John G. Finley sold 25,000 shares of the stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $138.47, for a total value of $3,461,750.00. Following the completion of the transaction, the insider owned 475,336 shares in the company, valued at $65,819,775.92. This trade represents a 5.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Holdings I. L.P. Blackstone purchased 1,189,532 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The stock was bought at an average price of $25.22 per share, with a total value of $29,999,997.04. Following the transaction, the insider directly owned 4,178,771 shares in the company, valued at $105,388,604.62. This trade represents a 39.79% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.00% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
Several research firms recently commented on BX. UBS Group cut their price target on shares of Blackstone from $180.00 to $175.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Citigroup reiterated a "market perform" rating on shares of Blackstone in a research note on Saturday, July 19th. Cowen restated a "buy" rating on shares of Blackstone in a research note on Monday, April 21st. Keefe, Bruyette & Woods raised their price objective on Blackstone from $168.00 to $180.00 and gave the stock a "market perform" rating in a research note on Friday, July 25th. Finally, JMP Securities increased their target price on Blackstone from $180.00 to $195.00 and gave the stock a "market outperform" rating in a research report on Friday, July 25th. Ten analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Blackstone has a consensus rating of "Hold" and an average target price of $170.12.
Get Our Latest Analysis on BX
Blackstone Price Performance
Shares of BX opened at $170.42 on Friday. The firm has a market capitalization of $124.35 billion, a price-to-earnings ratio of 45.81, a price-to-earnings-growth ratio of 1.39 and a beta of 1.70. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.75 and a current ratio of 0.74. Blackstone Inc. has a one year low of $115.66 and a one year high of $200.96. The stock's fifty day moving average is $152.55 and its 200-day moving average is $150.68.
Blackstone (NYSE:BX - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The asset manager reported $1.21 EPS for the quarter, beating analysts' consensus estimates of $1.10 by $0.11. The company had revenue of $3.07 billion for the quarter, compared to analyst estimates of $2.77 billion. Blackstone had a return on equity of 20.47% and a net margin of 20.83%. The company's quarterly revenue was up 32.7% compared to the same quarter last year. During the same period last year, the company earned $0.98 earnings per share. Equities analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current year.
Blackstone Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, August 11th. Investors of record on Monday, August 4th will be given a $1.03 dividend. This is a positive change from Blackstone's previous quarterly dividend of $0.93. The ex-dividend date is Monday, August 4th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.4%. Blackstone's dividend payout ratio is 100.00%.
Blackstone Profile
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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.
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