Caisse de depot et placement du Quebec purchased a new position in Blackstone Inc. (NYSE:BX - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 57,200 shares of the asset manager's stock, valued at approximately $6,731,000.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. BlackRock Inc. purchased a new position in Blackstone in the second quarter worth about $6,112,162,000. Morgan Stanley lifted its stake in shares of Blackstone by 2.0% in the 4th quarter. Morgan Stanley now owns 32,862,165 shares of the asset manager's stock valued at $5,065,374,000 after purchasing an additional 636,613 shares during the last quarter. State Street Corp boosted its holdings in shares of Blackstone by 0.6% in the 4th quarter. State Street Corp now owns 31,542,009 shares of the asset manager's stock worth $4,861,885,000 after purchasing an additional 179,213 shares during the period. Bank of America Corp DE raised its holdings in Blackstone by 3.4% during the 1st quarter. Bank of America Corp DE now owns 11,538,067 shares of the asset manager's stock valued at $1,326,762,000 after buying an additional 384,264 shares during the period. Finally, Norges Bank bought a new stake in Blackstone in the fourth quarter worth $1,275,747,000. 70.00% of the stock is owned by hedge funds and other institutional investors.
Blackstone Trading Down 0.7%
BX stock opened at $142.63 on Friday. Blackstone Inc. has a 12 month low of $101.73 and a 12 month high of $190.09. The firm's 50-day moving average is $130.65 and its 200 day moving average is $122.92. The company has a market capitalization of $107.06 billion, a PE ratio of 31.91, a P/E/G ratio of 1.55 and a beta of 1.56. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.72 and a quick ratio of 0.72.
Blackstone (NYSE:BX - Get Free Report) last issued its earnings results on Thursday, July 23rd. The asset manager reported $1.52 EPS for the quarter, topping analysts' consensus estimates of $1.34 by $0.18. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The business had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $3.42 billion. During the same period in the prior year, the firm earned $0.98 EPS. The company's revenue for the quarter was up 35.9% compared to the same quarter last year. On average, research analysts anticipate that Blackstone Inc. will post 5.99 EPS for the current year.
Blackstone Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Monday, August 3rd were issued a dividend of $1.29 per share. This represents a $5.16 annualized dividend and a yield of 3.6%. The ex-dividend date was Monday, August 3rd. This is an increase from Blackstone's previous quarterly dividend of $1.16. Blackstone's dividend payout ratio (DPR) is 115.44%.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on the stock. Barclays boosted their price objective on shares of Blackstone from $119.00 to $128.00 and gave the company an "equal weight" rating in a research report on Friday, July 24th. Zacks Research upgraded shares of Blackstone from a "strong sell" rating to a "hold" rating in a report on Monday, June 8th. Dbs Bank raised shares of Blackstone to a "moderate buy" rating in a research report on Wednesday, May 27th. Rothschild & Co Redburn dropped their target price on Blackstone from $134.00 to $130.00 and set a "neutral" rating for the company in a research report on Tuesday, June 9th. Finally, BNP Paribas Exane reduced their price target on Blackstone from $126.00 to $125.00 and set a "neutral" rating on the stock in a report on Tuesday, June 30th. Thirteen analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $149.43.
Get Our Latest Stock Report on Blackstone
Insiders Place Their Bets
In other news, major shareholder Holdings Iv L.P. Blackstone purchased 272,642 shares of the company's stock in a transaction dated Friday, August 21st. The shares were acquired at an average price of $26.14 per share, with a total value of $7,126,861.88. Following the transaction, the insider owned 8,704,419 shares of the company's stock, valued at $227,533,512.66. This represents a 3.23% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Vikrant Sawhney sold 30,000 shares of Blackstone stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $135.55, for a total value of $4,066,500.00. Following the completion of the sale, the insider owned 869,669 shares of the company's stock, valued at $117,883,632.95. The trade was a 3.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders bought 1,611,822 shares of company stock worth $42,189,294 and sold 7,562,000 shares worth $40,331,085. 1.00% of the stock is owned by corporate insiders.
About Blackstone
(
Free Report)
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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Want to see what other hedge funds are holding BX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blackstone Inc. (NYSE:BX - Free Report).
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