6,061 Shares in Blackstone Inc. $BX Bought by Cinctive Capital Management LP

Key Points

• Cinctive Capital Management LP invested approximately $847,000 in Blackstone Inc., acquiring 6,061 shares during the first quarter.
• Multiple institutional investors, including Goldman Sachs and Vanguard Group, have also increased their holdings in Blackstone, which is now largely owned (70%) by hedge funds and other institutional investors.
• Blackstone announced a quarterly dividend increase from $0.93 to $1.03 per share, representing an annualized yield of 2.4% and a payout ratio of 110.75%.

Cinctive Capital Management LP bought a new position in shares of Blackstone Inc. (NYSE:BX - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,061 shares of the asset manager's stock, valued at approximately $847,000.

Several other hedge funds have also made changes to their positions in BX. Vanguard Group Inc. grew its position in Blackstone by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 67,997,581 shares of the asset manager's stock valued at $9,504,702,000 after buying an additional 1,102,949 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Blackstone by 16.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,292,320 shares of the asset manager's stock valued at $739,761,000 after acquiring an additional 742,829 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Blackstone by 2.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,162,867 shares of the asset manager's stock worth $581,886,000 after purchasing an additional 117,724 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Blackstone by 19.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,109,020 shares of the asset manager's stock worth $708,477,000 after purchasing an additional 678,111 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its position in Blackstone by 1.4% during the 4th quarter. Lazard Asset Management LLC now owns 2,558,241 shares of the asset manager's stock worth $441,091,000 after acquiring an additional 34,526 shares in the last quarter. Institutional investors and hedge funds own 70.00% of the company's stock.

Insider Activity

In related news, CAO David Payne sold 9,400 shares of Blackstone stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $169.97, for a total value of $1,597,718.00. Following the sale, the chief accounting officer owned 54,488 shares of the company's stock, valued at approximately $9,261,325.36. The trade was a 14.71% decrease 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, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $6.26, for a total value of $104,478,673.84. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 1,189,806 shares of company stock worth $30,046,627 and have sold 16,871,634 shares worth $135,328,376. 1.00% of the stock is currently owned by insiders.

Blackstone Price Performance

BX stock traded up $7.99 during trading on Thursday, hitting $186.22. The company had a trading volume of 2,952,545 shares, compared to its average volume of 4,151,470. The business has a 50 day moving average of $168.94 and a 200 day moving average of $150.24. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $137.26 billion, a price-to-earnings ratio of 50.03, a P/E/G ratio of 1.41 and a beta of 1.77. Blackstone Inc. has a fifty-two week low of $115.66 and a fifty-two week high of $200.96.

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

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, August 4th were paid a $1.03 dividend. This is a boost from Blackstone's previous quarterly dividend of $0.93. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Monday, August 4th. Blackstone's payout ratio is presently 110.75%.

Analyst Upgrades and Downgrades

BX has been the subject of a number of recent analyst reports. Citigroup reaffirmed a "market perform" rating on shares of Blackstone in a report on Saturday, July 19th. Deutsche Bank Aktiengesellschaft lifted 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. Barclays increased their target price on Blackstone from $168.00 to $181.00 and gave the company an "equal weight" rating in a research note on Friday, July 25th. Evercore ISI upped their price target on shares of Blackstone from $165.00 to $197.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Finally, Wells Fargo & Company boosted their target price on shares of Blackstone from $153.00 to $167.00 and gave the stock an "equal weight" rating in a research report on Friday, July 11th. Nine analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $172.38.

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.