Coastal Bridge Advisors LLC Invests $5.37 Million in Blackstone Inc. $BX

Key Points

• Coastal Bridge Advisors purchased 45,665 Blackstone shares worth approximately $5.37 million in the second quarter, joining other institutional investors increasing their positions. Institutions collectively own 70% of BX shares.
• Blackstone reported stronger-than-expected quarterly results, with EPS of $1.52 versus the $1.34 consensus and revenue of $5.04 billion, up 35.9% year over year.
• The company raised its quarterly dividend to $1.29, equivalent to an annualized $5.16 payout and a 3.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $149.43.

Coastal Bridge Advisors LLC bought a new stake in Blackstone Inc. (NYSE:BX - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 45,665 shares of the asset manager's stock, valued at approximately $5,373,000.

Several other institutional investors also recently made changes to their positions in BX. Manning & Napier Advisors LLC acquired a new stake in shares of Blackstone in the second quarter worth $8,667,000. Vanguard Personalized Indexing Management LLC boosted its position in Blackstone by 9.0% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 100,951 shares of the asset manager's stock worth $15,561,000 after purchasing an additional 8,321 shares during the period. Matrix Private Capital Group LLC acquired a new stake in Blackstone in the 1st quarter valued at $1,340,000. Marble Wealth LLC acquired a new position in shares of Blackstone during the fourth quarter worth about $7,303,000. Finally, Bank of Nova Scotia grew its stake in shares of Blackstone by 92.2% in the first quarter. Bank of Nova Scotia now owns 807,184 shares of the asset manager's stock valued at $92,817,000 after buying an additional 387,109 shares in the last quarter. 70.00% of the stock is owned by hedge funds and other institutional investors.

Blackstone Price Performance

BX opened at $143.62 on Friday. The company has a market capitalization of $107.80 billion, a P/E ratio of 32.13, a PEG ratio of 1.56 and a beta of 1.56. The company has a 50-day moving average of $130.28 and a 200-day moving average of $122.78. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.72 and a current ratio of 0.72. Blackstone Inc. has a 1-year low of $101.73 and a 1-year 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 EPS for the quarter, topping the consensus estimate of $1.34 by $0.18. The business had revenue of $5.04 billion for the quarter, compared to analysts' expectations of $3.42 billion. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The company's quarterly revenue was up 35.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.98 earnings per share. Equities analysts expect that Blackstone Inc. will post 5.99 EPS for the current fiscal year.

Blackstone Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Monday, August 3rd were issued a $1.29 dividend. This is a positive change from Blackstone's previous quarterly dividend of $1.16. The ex-dividend date was Monday, August 3rd. This represents a $5.16 dividend on an annualized basis and a dividend yield of 3.6%. Blackstone's dividend payout ratio (DPR) is presently 115.44%.

Analysts Set New Price Targets

Several analysts have issued reports on BX shares. Royal Bank Of Canada increased their price objective on shares of Blackstone from $161.00 to $169.00 and gave the company an "outperform" rating in a research report on Friday, July 24th. Keefe, Bruyette & Woods upgraded shares of Blackstone to a "hold" rating in a research note on Monday, July 20th. HSBC reaffirmed a "hold" rating and set a $135.00 price target on shares of Blackstone in a research note on Monday, July 20th. TD Cowen upped their price objective on shares of Blackstone from $133.00 to $145.00 and gave the company a "buy" rating in a research report on Friday, July 24th. Finally, The Goldman Sachs Group lifted their target price on Blackstone from $114.00 to $127.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Thirteen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, Blackstone has an average rating of "Moderate Buy" and an average price target of $149.43.

Insider Buying and Selling at Blackstone

In related news, CAO David Payne sold 9,500 shares of the firm's stock in a transaction on Tuesday, August 11th. The stock was 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 in the company, valued at $9,359,783.04. This trade represents a 12.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Vikrant Sawhney sold 30,000 shares of the business's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $135.55, for a total transaction of $4,066,500.00. Following the sale, the insider owned 869,669 shares of the company's stock, valued at approximately $117,883,632.95. The trade was a 3.33% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders acquired 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 currently owned by insiders.

About Blackstone

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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