Bruni J V & Co. Co. Makes New $24.11 Billion Investment in Blackstone Inc. $BX

Key Points

• Bruni J V & Co. disclosed a new 204,937-share Blackstone stake, representing about 2.2% of its portfolio and its 20th-largest holding. The filing reported an approximately $24.11 billion valuation, which appears inconsistent with Blackstone’s share price and may reflect a data error.
• Analysts maintain a generally positive view, with 13 Buy ratings and 11 Holds producing a “Moderate Buy” consensus and an average price target of $147.95.
• Blackstone recently exceeded quarterly earnings and revenue expectations, while year-over-year revenue rose 35.9%; it also increased its quarterly dividend to $1.29, or a $5.16 annualized payout and 3.7% yield.

Bruni J V & Co. Co. bought a new stake in shares of Blackstone Inc. (NYSE:BX - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 204,937 shares of the asset manager's stock, valued at approximately $24,114,937,000. Blackstone comprises about 2.2% of Bruni J V & Co. Co.'s investment portfolio, making the stock its 20th largest holding.

Other institutional investors have also added to or reduced their stakes in the company. Redwood Financial Network Corp increased its holdings in shares of Blackstone by 1.8% in the second quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager's stock worth $537,000 after buying an additional 65 shares during the period. Zacks Investment Management grew its position in Blackstone by 2.1% during the 3rd quarter. Zacks Investment Management now owns 3,453 shares of the asset manager's stock worth $590,000 after acquiring an additional 71 shares during the last quarter. Brogan Financial Inc. lifted its position in Blackstone by 2.5% in the third quarter. Brogan Financial Inc. now owns 2,904 shares of the asset manager's stock valued at $496,000 after purchasing an additional 72 shares during the last quarter. SlateStone Wealth LLC grew its holdings in shares of Blackstone by 1.9% in the fourth quarter. SlateStone Wealth LLC now owns 3,997 shares of the asset manager's stock worth $616,000 after purchasing an additional 75 shares during the last quarter. Finally, Founders Financial Securities LLC increased its stake in shares of Blackstone by 4.1% in the fourth quarter. Founders Financial Securities LLC now owns 1,928 shares of the asset manager's stock worth $297,000 after buying an additional 76 shares during the period. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BX has been the topic of a number of recent analyst reports. Dbs Bank raised shares of Blackstone to a "moderate buy" rating in a report on Wednesday, May 27th. Deutsche Bank Aktiengesellschaft assumed coverage on Blackstone in a research note on Monday, June 8th. They issued a "buy" rating on the stock. Weiss Ratings upgraded Blackstone from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, July 24th. HSBC reissued a "hold" rating and set a $135.00 target price on shares of Blackstone in a research note on Monday, July 20th. Finally, Sanford C. Bernstein initiated coverage on Blackstone in a research note on Monday, June 8th. They issued an "outperform" rating for the company. Thirteen investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $147.95.

Blackstone Stock Up 0.0%

Shares of NYSE:BX opened at $140.62 on Wednesday. The firm has a market capitalization of $105.56 billion, a P/E ratio of 31.46, a P/E/G ratio of 1.60 and a beta of 1.55. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.72 and a current ratio of 0.72. The stock has a 50 day moving average price of $127.46 and a 200-day moving average price of $122.41. Blackstone Inc. has a 52-week low of $101.73 and a 52-week high of $190.09.

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

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Monday, August 3rd were paid a $1.29 dividend. This represents a $5.16 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Monday, August 3rd. This is a positive change from Blackstone's previous quarterly dividend of $1.16. Blackstone's dividend payout ratio (DPR) is 115.44%.

Insider Buying and Selling at Blackstone

In other Blackstone news, major shareholder Private Multi-Asset Blackstone acquired 573,614 shares of the business's stock in a transaction on Thursday, July 23rd. The shares were acquired at an average price of $26.15 per share, for a total transaction of $15,000,006.10. Following the completion of the acquisition, the insider owned 8,455,758 shares in the company, valued at $221,118,071.70. This trade represents a 7.28% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO David Payne sold 9,500 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $145.23, for a total transaction of $1,379,685.00. Following the transaction, the chief accounting officer directly owned 64,448 shares of the company's stock, valued at $9,359,783.04. This represents a 12.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have purchased 1,339,180 shares of company stock valued at $35,062,433 and have sold 7,562,000 shares valued at $40,331,085. Insiders own 1.00% of the company's stock.

Blackstone Company 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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