Coordinated Financial Services Inc. Makes New $857,000 Investment in Blackstone Inc. $BX

Key Points

• Coordinated Financial Services Inc. has made a new investment of approximately $857,000 in Blackstone Inc., acquiring 5,726 shares during the second quarter.
• Blackstone reported a 32.7% increase in revenue year-over-year, with $3.07 billion for the quarter, surpassing analyst expectations.
• The company has recently increased its quarterly dividend to $1.03 per share, reflecting a yield of 2.6% and an annualized payout of $4.12.

Coordinated Financial Services Inc. bought a new position in Blackstone Inc. (NYSE:BX - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 5,726 shares of the asset manager's stock, valued at approximately $857,000.

Several other hedge funds also recently made changes to their positions in BX. 1248 Management LLC bought a new position in Blackstone during the 1st quarter worth $25,000. von Borstel & Associates Inc. acquired a new position in Blackstone during the 1st quarter worth $28,000. Wealth Preservation Advisors LLC bought a new stake in shares of Blackstone in the 1st quarter worth $28,000. Anderson Financial Strategies LLC acquired a new stake in shares of Blackstone in the first quarter valued at $28,000. Finally, Family CFO Inc acquired a new stake in shares of Blackstone in the second quarter valued at $28,000. Institutional investors and hedge funds own 70.00% of the company's stock.

Blackstone Trading Down 1.2%

BX stock opened at $160.52 on Friday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61. Blackstone Inc. has a twelve month low of $115.66 and a twelve month high of $200.96. The business has a fifty day moving average of $172.86 and a 200-day moving average of $154.15. The company has a market cap of $118.32 billion, a P/E ratio of 43.15, a PEG ratio of 1.32 and a beta of 1.77.

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

Blackstone Increases Dividend

The firm 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. 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 yield of 2.6%. Blackstone's payout ratio is presently 110.75%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BX. Citigroup reaffirmed a "market perform" rating on shares of Blackstone in a report on Saturday, July 19th. BNP Paribas Exane increased their price objective on Blackstone from $166.00 to $178.00 and gave the company a "neutral" rating in a report on Monday, September 29th. Bank of America lowered their target price on Blackstone from $200.00 to $199.00 in a report on Friday, October 3rd. TD Cowen lowered their target price on Blackstone from $215.00 to $208.00 and set a "buy" rating on the stock in a report on Wednesday. Finally, Piper Sandler reduced their price objective on Blackstone from $181.00 to $173.00 and set a "neutral" rating for the company in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $179.00.

Insider Transactions at Blackstone

In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $6.26, for a total value of $104,478,673.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Private Multi-Asset Blackstone acquired 2,538,071 shares of Blackstone stock in a transaction dated Monday, September 22nd. The shares were purchased 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 directly owned 7,506,209 shares of the company's stock, valued at $192,234,012.49. This trade represents a 51.09% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 3,727,877 shares of company stock valued at $95,046,625 and sold 16,984,634 shares valued at $155,181,346. Insiders own 1.00% of the company's stock.

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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.