Global Retirement Partners LLC Purchases New Holdings in Blackstone Inc. $BX

Key Points

• Global Retirement Partners acquired 44,901 Blackstone shares during the second quarter, valued at approximately $5.3 million. Institutional investors collectively own about 70% of Blackstone’s stock.
• Blackstone reported stronger-than-expected quarterly results, with EPS of $1.52 versus the $1.34 consensus estimate and revenue of $5.04 billion, up 35.9% year over year.
• The company raised its quarterly dividend to $1.29 per share, implying a 3.6% annualized yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $147.95.

Global Retirement Partners LLC acquired a new position in Blackstone Inc. (NYSE:BX - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 44,901 shares of the asset manager's stock, valued at approximately $5,283,000.

A number of other hedge funds have also recently modified their holdings of BX. 1ST Source Bank purchased a new position in Blackstone during the 2nd quarter valued at $3,704,000. Alberta Investment Management Corp bought a new stake in shares of Blackstone during the second quarter worth $6,366,000. SCS Capital Management LLC purchased a new stake in shares of Blackstone during the second quarter valued at $6,053,000. Silverlake Wealth Management LLC purchased a new position in Blackstone in the 2nd quarter worth about $317,000. Finally, Bank of New York Mellon Corp bought a new stake in Blackstone during the 2nd quarter valued at about $514,736,000. Institutional investors own 70.00% of the company's stock.

Blackstone Stock Up 0.0%

Blackstone stock opened at $143.94 on Monday. Blackstone Inc. has a twelve month low of $101.73 and a twelve month high of $190.09. The business has a fifty day moving average of $126.51 and a two-hundred day moving average of $122.51. The firm has a market cap of $108.04 billion, a P/E ratio of 32.20, a P/E/G ratio of 1.60 and a beta of 1.55. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.63.

Blackstone (NYSE:BX - Get Free Report) last released 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. Blackstone had a return on equity of 23.77% and a net margin of 21.84%.The firm had revenue of $5.04 billion during the quarter, compared to analyst estimates of $3.42 billion. During the same period in the previous year, the company posted $0.98 EPS. The business's revenue for the quarter was up 35.9% compared to the same quarter last year. On average, analysts forecast that Blackstone Inc. will post 6 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Monday, August 3rd were given 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 3.6%. Blackstone's payout ratio is currently 115.44%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BX. The Goldman Sachs Group raised their target price on shares of Blackstone from $114.00 to $127.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Piper Sandler increased their price objective on Blackstone from $122.00 to $130.00 and gave the stock a "neutral" rating in a research note on Monday, April 27th. Sanford C. Bernstein initiated coverage on Blackstone in a report on Monday, June 8th. They set an "outperform" rating on the stock. Barclays upped their target price on Blackstone from $119.00 to $128.00 and gave the stock an "equal weight" rating in a report on Friday, July 24th. Finally, TD Cowen raised their price target on Blackstone from $133.00 to $145.00 and gave the company a "buy" rating in a research note on Friday, July 24th. Thirteen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $147.95.

Insider Transactions at Blackstone

In related news, insider John G. Finley sold 45,000 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $147.11, for a total transaction of $6,619,950.00. Following the completion of the transaction, the insider owned 516,017 shares in the company, valued at $75,911,260.87. The trade was a 8.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Private Multi-Asset Blackstone bought 765,111 shares of the stock in a transaction on Tuesday, June 23rd. The stock was purchased at an average price of $26.14 per share, with a total value of $20,000,001.54. Following the completion of the purchase, the insider owned 7,882,145 shares of the company's stock, valued at $206,039,270.30. This represents a 10.75% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have bought 1,339,180 shares of company stock worth $35,062,433 and have sold 7,562,000 shares worth $40,331,085. 1.00% of the stock is currently owned by corporate insiders.

Blackstone Profile

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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