2,610 Shares in Blackstone Inc. $BX Purchased by Concentric Capital Strategies LP

Key Points

• Concentric Capital Strategies LP invested $365,000 in Blackstone Inc. during Q1, acquiring 2,610 shares of the asset manager's stock.
• Blackstone reported a 32.7% increase in revenue year-over-year, posting earnings of $1.21 per share, exceeding analyst expectations.
• The company recently declared a quarterly dividend of $1.03, up from $0.93, and has a payout ratio of 110.75%.

Concentric Capital Strategies LP bought a new position in shares of Blackstone Inc. (NYSE:BX - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 2,610 shares of the asset manager's stock, valued at approximately $365,000.

Other institutional investors also recently bought and sold shares of the company. 1248 Management LLC purchased a new stake in Blackstone in the first quarter valued at about $25,000. von Borstel & Associates Inc. acquired a new stake in Blackstone in the 1st quarter valued at about $28,000. Wealth Preservation Advisors LLC purchased a new position in shares of Blackstone in the 1st quarter valued at about $28,000. Putney Financial Group LLC acquired a new stake in shares of Blackstone in the 4th quarter valued at about $34,000. Finally, Bernard Wealth Management Corp. acquired a new stake in Blackstone during the 4th quarter worth approximately $34,000. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Blackstone

In other news, CAO David Payne sold 9,400 shares of the company's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $169.97, for a total value of $1,597,718.00. Following the completion of the sale, the chief accounting officer owned 54,488 shares of the company's stock, valued at approximately $9,261,325.36. This represents a 14.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of the stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $6.26, for a total transaction of $104,478,673.84. The disclosure for this sale can be found here. In the last three months, insiders purchased 1,189,806 shares of company stock valued at $30,046,627 and sold 16,850,134 shares valued at $131,641,986. 1.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

BX has been the subject of several research analyst reports. Citigroup reaffirmed a "market perform" rating on shares of Blackstone in a research note on Saturday, July 19th. Barclays raised their price target on Blackstone from $168.00 to $181.00 and gave the stock an "equal weight" rating in a research report on Friday, July 25th. Dbs Bank upgraded Blackstone to a "moderate buy" rating in a research note on Tuesday, August 12th. Evercore ISI upped 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, Piper Sandler upped their target price on Blackstone from $157.00 to $181.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Nine research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $172.38.

Blackstone Price Performance

NYSE:BX traded up $6.11 during mid-day trading on Wednesday, hitting $179.28. The company's stock had a trading volume of 1,714,019 shares, compared to its average volume of 4,143,809. The company has a market capitalization of $132.15 billion, a price-to-earnings ratio of 48.21, a P/E/G ratio of 1.41 and a beta of 1.77. The stock has a fifty day moving average of $168.44 and a 200-day moving average of $150.05. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.61. 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 announced its quarterly earnings data on Thursday, July 24th. The asset manager reported $1.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.10 by $0.11. The firm had revenue of $3.07 billion for the quarter, compared to analysts' expectations of $2.77 billion. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. The business's revenue for the quarter was up 32.7% on a year-over-year basis. During the same period last year, the firm earned $0.98 earnings per share. As a group, equities analysts forecast that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The company also recently disclosed 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. This represents a $4.12 annualized dividend and a dividend yield of 2.3%. This is a boost from Blackstone's previous quarterly dividend of $0.93. The ex-dividend date was Monday, August 4th. Blackstone's dividend payout ratio is currently 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.