Chicago Capital LLC Grows Stake in Blackstone Inc. $BX

Key Points

• Chicago Capital LLC increased its stake in Blackstone Inc. by 5.6% during the second quarter, bringing its total holdings to 33,457 shares valued at approximately $5 million.
• Wall Street analysts are optimistic, with nine analysts rating Blackstone as a Buy and lifting target prices, including Deutsche Bank raising it to $192 and Evercore ISI to $197.
• Blackstone recently increased its quarterly dividend to $1.03 per share, representing an annualized yield of 2.3% and a significant jump from the previous $0.93.

Chicago Capital LLC boosted its position in Blackstone Inc. (NYSE:BX - Free Report) by 5.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,457 shares of the asset manager's stock after purchasing an additional 1,788 shares during the period. Chicago Capital LLC's holdings in Blackstone were worth $5,005,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. Mattern Wealth Management LLC grew its holdings in Blackstone by 2.8% during the 2nd quarter. Mattern Wealth Management LLC now owns 2,213 shares of the asset manager's stock valued at $331,000 after buying an additional 60 shares during the last quarter. Sage Rhino Capital LLC grew its holdings in Blackstone by 0.8% during the 2nd quarter. Sage Rhino Capital LLC now owns 8,036 shares of the asset manager's stock valued at $1,202,000 after buying an additional 63 shares during the last quarter. Jeppson Wealth Management LLC grew its holdings in Blackstone by 1.0% during the 2nd quarter. Jeppson Wealth Management LLC now owns 6,549 shares of the asset manager's stock valued at $980,000 after buying an additional 66 shares during the last quarter. McAdam LLC boosted its holdings in shares of Blackstone by 4.4% during the first quarter. McAdam LLC now owns 1,762 shares of the asset manager's stock worth $246,000 after purchasing an additional 75 shares during the last quarter. Finally, Angeles Wealth Management LLC boosted its holdings in shares of Blackstone by 0.6% during the first quarter. Angeles Wealth Management LLC now owns 11,819 shares of the asset manager's stock worth $1,652,000 after purchasing an additional 76 shares during the last quarter. Institutional investors and hedge funds own 70.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on BX shares. Piper Sandler raised their price objective on Blackstone from $157.00 to $181.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. The Goldman Sachs Group restated a "neutral" rating on shares of Blackstone in a report on Friday, July 25th. Deutsche Bank Aktiengesellschaft raised their price objective on Blackstone from $170.00 to $192.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Evercore ISI lifted their target price on Blackstone from $165.00 to $197.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Finally, Dbs Bank upgraded Blackstone to a "moderate buy" rating in a report on Tuesday, August 12th. Nine analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $172.71.

Insider Buying and Selling at Blackstone

In other Blackstone news, major shareholder Private Multi-Asset Blackstone bought 2,538,071 shares of the company's stock in a transaction dated Monday, September 22nd. The shares were acquired at an average cost of $25.61 per share, with a total value of $64,999,998.31. Following the completion of the transaction, the insider owned 7,506,209 shares in the company, valued at $192,234,012.49. The trade was a 51.09% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph Baratta sold 113,000 shares of Blackstone stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $175.69, for a total value of $19,852,970.00. Following the completion of the transaction, the director owned 695,757 shares of the company's stock, valued at $122,237,547.33. This trade represents a 13.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders bought 3,727,877 shares of company stock valued at $95,046,625 and sold 16,984,634 shares valued at $155,181,346. 1.00% of the stock is owned by insiders.

Blackstone Trading Up 0.4%

NYSE:BX opened at $175.99 on Tuesday. The business's 50-day moving average is $174.28 and its two-hundred day moving average is $153.26. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.74 and a quick ratio of 0.74. Blackstone Inc. has a 12 month low of $115.66 and a 12 month high of $200.96. The firm has a market capitalization of $129.72 billion, a PE ratio of 47.31, a price-to-earnings-growth ratio of 1.42 and a beta of 1.77.

Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The asset manager reported $1.21 EPS for the quarter, beating the consensus estimate of $1.10 by $0.11. Blackstone had a return on equity of 20.47% and a net margin of 20.83%.The company had revenue of $3.07 billion for the quarter, compared to analyst estimates of $2.77 billion. During the same period last year, the company posted $0.98 earnings per share. The firm's revenue was up 32.7% compared to the same quarter last year. Research analysts predict that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 11th. Stockholders of record on Monday, August 4th were given a dividend of $1.03 per share. The ex-dividend date of this dividend was Monday, August 4th. This is a positive change from Blackstone's previous quarterly dividend of $0.93. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.3%. Blackstone's dividend payout ratio is presently 110.75%.

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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