Chevy Chase Trust Holdings LLC Raises Stock Position in Blackstone Inc. (NYSE:BX)

Chevy Chase Trust Holdings LLC grew its holdings in Blackstone Inc. (NYSE:BX - Free Report) by 1.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 386,565 shares of the asset manager's stock after purchasing an additional 5,638 shares during the quarter. Chevy Chase Trust Holdings LLC owned approximately 0.05% of Blackstone worth $54,034,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Blackstone in the 4th quarter valued at $974,448,000. Raymond James Financial Inc. bought a new stake in shares of Blackstone in the 4th quarter worth about $316,257,000. Capital Research Global Investors bought a new stake in shares of Blackstone during the 4th quarter valued at about $239,837,000. GAMMA Investing LLC grew its position 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 valued at $184,873,000 after buying an additional 1,313,606 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Blackstone by 1.3% during the 4th 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 last quarter. Institutional investors and hedge funds own 70.00% of the company's stock.

Blackstone Stock Performance

NYSE:BX opened at $138.30 on Tuesday. The business has a 50 day moving average of $137.39 and a 200 day moving average of $153.29. The company has a market capitalization of $100.91 billion, a price-to-earnings ratio of 41.66, a PEG ratio of 1.26 and a beta of 1.65. Blackstone Inc. has a 1-year low of $115.66 and a 1-year high of $200.96. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.75 and a quick ratio of 0.75.

Blackstone (NYSE:BX - Get Free Report) last posted its earnings results on Thursday, April 17th. The asset manager reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.22 by ($0.13). Blackstone had a net margin of 19.83% and a return on equity of 19.84%. The business had revenue of $2.76 billion for the quarter, compared to analysts' expectations of $2.95 billion. During the same period last year, the firm posted $0.98 earnings per share. On average, sell-side analysts predict that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Monday, April 28th were issued a $0.93 dividend. This represents a $3.72 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date of this dividend was Monday, April 28th. Blackstone's dividend payout ratio is 112.05%.

Wall Street Analysts Forecast Growth

BX has been the subject of a number of research analyst reports. Piper Sandler reduced their price target on shares of Blackstone from $182.00 to $140.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Morgan Stanley cut their price target on shares of Blackstone from $222.00 to $150.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. Keefe, Bruyette & Woods dropped their price objective on shares of Blackstone from $141.00 to $139.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 22nd. JMP Securities reiterated a "market outperform" rating and issued a $165.00 price objective on shares of Blackstone in a research note on Thursday, April 24th. Finally, Barclays boosted their target price on shares of Blackstone from $129.00 to $136.00 and gave the stock an "equal weight" rating in a research report on Monday, April 21st. Ten research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $155.65.

Insider Buying and Selling at Blackstone

In other Blackstone news, insider John G. Finley sold 25,000 shares of the firm's stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $138.47, for a total transaction of $3,461,750.00. Following the completion of the transaction, the insider now owns 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 filing with the SEC, which is available through this link. Also, insider Private Credit Stra Blackstone purchased 1,660,000 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The shares were acquired at an average cost of $15.00 per share, with a total value of $24,900,000.00. Following the completion of the purchase, the insider now directly owns 1,666,667 shares in the company, valued at $25,000,005. The trade was a 24,898.76% increase in their position. The disclosure for this purchase can be found here. 1.00% of the stock is owned by corporate insiders.

Blackstone 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.

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