Jain Global LLC Makes New $9.12 Million Investment in Blackstone Inc. $BX

Key Points

• Jain Global LLC opened a new position in Blackstone, buying 53,357 shares worth about $9.12 million in Q3, part of broader institutional buying that leaves roughly 70% of the stock owned by hedge funds and other institutions.
• Blackstone beat quarterly expectations with EPS of $1.75 vs. $1.54 est. and revenue of $4.36B (up 41% YoY), and it raised its quarterly dividend to $1.49 (annualized $5.96, ~5.6% yield).
• Analyst sentiment is mixed — there are 11 Buy and 11 Hold ratings, giving a consensus target price of $165.86 and an average rating of "Moderate Buy."

Jain Global LLC bought a new position in shares of Blackstone Inc. (NYSE:BX - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 53,357 shares of the asset manager's stock, valued at approximately $9,116,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Junto Capital Management LP purchased a new stake in shares of Blackstone in the third quarter valued at about $46,776,000. Kids Capital Management L.P. raised its holdings in Blackstone by 4.5% during the third quarter. Kids Capital Management L.P. now owns 115,000 shares of the asset manager's stock worth $19,648,000 after purchasing an additional 5,000 shares during the last quarter. Hilltop Holdings Inc. grew its stake in Blackstone by 5.4% in the 3rd quarter. Hilltop Holdings Inc. now owns 13,963 shares of the asset manager's stock valued at $2,386,000 after acquiring an additional 713 shares during the last quarter. Gotham Asset Management LLC raised its position in shares of Blackstone by 4.8% during the 3rd quarter. Gotham Asset Management LLC now owns 22,849 shares of the asset manager's stock worth $3,904,000 after purchasing an additional 1,053 shares during the last quarter. Finally, Fayez Sarofim & Co increased its position in Blackstone by 1.9% during the 3rd quarter. Fayez Sarofim & Co now owns 1,270,608 shares of the asset manager's stock worth $217,083,000 after purchasing an additional 24,237 shares in the last quarter. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on BX shares. Citizens Jmp reiterated a "market outperform" rating and set a $195.00 price objective on shares of Blackstone in a report on Friday, January 30th. BMO Capital Markets reduced their price target on Blackstone from $180.00 to $165.00 and set an "outperform" rating on the stock in a research report on Monday, February 2nd. HSBC dropped their target price on Blackstone from $178.00 to $174.00 and set a "hold" rating on the stock in a research report on Wednesday, January 28th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Blackstone from $164.00 to $185.00 and gave the company a "buy" rating in a report on Wednesday, December 17th. Finally, The Goldman Sachs Group lowered their price target on Blackstone from $166.00 to $158.00 and set a "neutral" rating for the company in a report on Friday, January 30th. Eleven equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $165.86.

Insider Activity

In other Blackstone news, major shareholder Tactical Opportunit Blackstone sold 1,596,142 shares of the stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $10.00, for a total value of $15,961,420.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Holdings Iv Gp Mana Blackstone acquired 1,146,789 shares of the company's stock in a transaction that occurred on Monday, February 23rd. The shares were bought at an average price of $26.16 per share, for a total transaction of $30,000,000.24. Following the completion of the acquisition, the insider owned 16,716,249 shares of the company's stock, valued at $437,297,073.84. This trade represents a 7.37% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 1.00% of the stock is owned by corporate insiders.

Blackstone Price Performance

Shares of NYSE:BX opened at $107.09 on Tuesday. The firm has a market cap of $79.48 billion, a price-to-earnings ratio of 27.60, a P/E/G ratio of 0.85 and a beta of 1.80. Blackstone Inc. has a 1 year low of $101.73 and a 1 year high of $190.09. The business has a fifty day simple moving average of $133.75 and a 200 day simple moving average of $149.83. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.61.

Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings results on Thursday, January 29th. The asset manager reported $1.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.21. Blackstone had a net margin of 20.89% and a return on equity of 22.17%. The company had revenue of $4.36 billion during the quarter, compared to analysts' expectations of $3.69 billion. During the same period in the prior year, the company earned $1.69 earnings per share. The business's quarterly revenue was up 41.4% compared to the same quarter last year. As a group, sell-side analysts predict that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 17th. Shareholders of record on Monday, February 9th were given a $1.49 dividend. This represents a $5.96 annualized dividend and a yield of 5.6%. The ex-dividend date was Monday, February 9th. This is a positive change from Blackstone's previous quarterly dividend of $1.29. Blackstone's dividend payout ratio is presently 153.61%.

Blackstone Company 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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