Blackstone Inc. (NYSE:BX) Stock Position Raised by CGN Advisors LLC

CGN Advisors LLC raised its position in Blackstone Inc. (NYSE:BX - Free Report) by 25.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,409 shares of the asset manager's stock after purchasing an additional 3,303 shares during the period. CGN Advisors LLC's holdings in Blackstone were worth $2,294,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in shares of Blackstone in the 4th quarter valued at $974,448,000. Raymond James Financial Inc. purchased a new stake in Blackstone during the fourth quarter valued at about $316,257,000. Capital Research Global Investors purchased a new position in shares of Blackstone in the 4th quarter worth about $239,837,000. GAMMA Investing LLC grew its holdings in shares of Blackstone by 14,608.6% during the 1st quarter. GAMMA Investing LLC now owns 1,322,598 shares of the asset manager's stock worth $184,873,000 after purchasing an additional 1,313,606 shares during the period. Finally, Vanguard Group Inc. raised its holdings in Blackstone by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 66,894,632 shares of the asset manager's stock valued at $11,533,972,000 after buying an additional 889,286 shares during the period. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Blackstone Stock Performance

BX traded down $0.14 on Wednesday, hitting $138.87. 2,433,939 shares of the company's stock were exchanged, compared to its average volume of 3,785,726. The company has a current ratio of 0.67, a quick ratio of 0.71 and a debt-to-equity ratio of 0.61. The stock has a fifty day moving average of $135.55 and a two-hundred day moving average of $158.41. The firm has a market cap of $101.33 billion, a PE ratio of 38.26, a P/E/G ratio of 1.07 and a beta of 1.67. Blackstone Inc. has a twelve month low of $115.66 and a twelve month high of $200.96.

Blackstone (NYSE:BX - Get Free Report) last issued its earnings results on Thursday, April 17th. The asset manager reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.22 by ($0.13). The company had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.95 billion. Blackstone had a return on equity of 19.58% and a net margin of 20.99%. During the same period in the prior year, the business earned $0.98 earnings per share. On average, research analysts anticipate that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Monday, April 28th were paid a dividend of $0.93 per share. This represents a $3.72 annualized dividend and a yield of 2.68%. The ex-dividend date of this dividend was Monday, April 28th. Blackstone's payout ratio is currently 112.05%.

Insider Activity

In other Blackstone news, insider Private Credit Stra Blackstone acquired 1,660,000 shares of Blackstone stock in a transaction dated Thursday, May 1st. The stock was bought at an average price of $15.00 per share, for a total transaction of $24,900,000.00. Following the transaction, the insider now owns 1,666,667 shares in the company, valued at approximately $25,000,005. This trade represents a 24,898.76% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John G. Finley sold 25,000 shares of the stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $138.47, for a total transaction of $3,461,750.00. Following the sale, the insider now directly owns 475,336 shares of the company's stock, valued at approximately $65,819,775.92. This represents a 5.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on BX shares. JMP Securities reissued a "market outperform" rating and issued a $165.00 target price on shares of Blackstone in a research note on Thursday, April 24th. Wells Fargo & Company upped their target price on Blackstone from $139.00 to $153.00 and gave the stock an "equal weight" rating in a research report on Friday, May 23rd. UBS Group dropped their target price on Blackstone from $180.00 to $175.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Piper Sandler lowered their price objective on shares of Blackstone from $182.00 to $140.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Finally, Morgan Stanley decreased their target price on shares of Blackstone from $222.00 to $150.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. Ten investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $155.65.

Blackstone Company Profile

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.