Concurrent Investment Advisors LLC Raises Position in Blackstone Inc. $BX

Key Points

• Concurrent Investment Advisors increased its Blackstone position by 6.9% in the second quarter, owning 129,219 shares valued at approximately $15.2 million. Institutional investors collectively own 70% of Blackstone’s stock.
• Blackstone reported quarterly EPS of $1.52, beating estimates of $1.34, while revenue rose 35.9% year over year to $5.04 billion. The company also raised its quarterly dividend to $1.29 per share, representing a 3.8% annualized yield.
• Analyst sentiment remains favorable, with a “Moderate Buy” consensus and an average price target of $149.43, compared with the stock’s reported price of $136.07.

Concurrent Investment Advisors LLC boosted its position in shares of Blackstone Inc. (NYSE:BX - Free Report) by 6.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 129,219 shares of the asset manager's stock after buying an additional 8,293 shares during the period. Concurrent Investment Advisors LLC's holdings in Blackstone were worth $15,205,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Strive Asset Management LLC acquired a new position in shares of Blackstone during the 3rd quarter valued at about $30,000. Kelleher Financial Advisors acquired a new position in Blackstone in the 3rd quarter valued at about $34,000. Palladiem LLC acquired a new stake in shares of Blackstone during the 4th quarter worth approximately $31,000. Entrust Financial LLC purchased a new stake in shares of Blackstone during the 4th quarter valued at approximately $32,000. Finally, IFC & Insurance Marketing Inc. purchased a new position in Blackstone in the fourth quarter worth approximately $33,000. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Blackstone news, CAO David Payne sold 9,500 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $145.23, for a total value of $1,379,685.00. Following the completion of the sale, the chief accounting officer owned 64,448 shares in the company, valued at approximately $9,359,783.04. The trade was a 12.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Holdings Iv L.P. Blackstone bought 272,642 shares of the stock in a transaction dated Friday, August 21st. The shares were acquired at an average price of $26.14 per share, for a total transaction of $7,126,861.88. Following the completion of the transaction, the insider owned 8,704,419 shares of the company's stock, valued at approximately $227,533,512.66. The trade was a 3.23% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders bought 1,611,822 shares of company stock worth $42,189,294 and sold 7,562,000 shares worth $40,331,085. Company insiders own 1.00% of the company's stock.

Blackstone Price Performance

Shares of NYSE BX opened at $136.07 on Friday. The stock's 50-day simple moving average is $132.74 and its 200-day simple moving average is $123.14. The firm has a market capitalization of $102.14 billion, a PE ratio of 30.44, a price-to-earnings-growth ratio of 1.55 and a beta of 1.56. Blackstone Inc. has a fifty-two week low of $101.73 and a fifty-two week high of $190.09. 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 (NYSE:BX - Get Free Report) last issued its earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.18. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The business had revenue of $5.04 billion during the quarter, compared to analysts' expectations of $3.42 billion. During the same quarter in the prior year, the business posted $0.98 EPS. The company's revenue for the quarter was up 35.9% on a year-over-year basis. As a group, equities research analysts forecast that Blackstone Inc. will post 5.99 EPS for the current fiscal year.

Blackstone Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Monday, August 3rd were issued a dividend of $1.29 per share. The ex-dividend date of this dividend was Monday, August 3rd. This is a positive change from Blackstone's previous quarterly dividend of $1.16. This represents a $5.16 annualized dividend and a dividend yield of 3.8%. Blackstone's dividend payout ratio is 115.44%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BX. BNP Paribas Exane reduced their price objective on shares of Blackstone from $126.00 to $125.00 and set a "neutral" rating on the stock in a report on Tuesday, June 30th. Rothschild & Co Redburn dropped their price target on shares of Blackstone from $134.00 to $130.00 and set a "neutral" rating for the company in a research report on Tuesday, June 9th. TD Cowen upped their price objective on shares of Blackstone from $133.00 to $145.00 and gave the stock a "buy" rating in a report on Friday, July 24th. Argus lifted their target price on shares of Blackstone from $146.00 to $150.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Finally, JPMorgan Chase & Co. decreased their price target on Blackstone from $136.00 to $132.00 and set a "neutral" rating on the stock in a research note on Thursday, July 16th. Thirteen research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $149.43.

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.

Want to see what other hedge funds are holding BX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blackstone Inc. (NYSE:BX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source