Jmac Enterprises LLC Buys 2,000 Shares of Blackstone Inc. $BX

Key Points

• Jmac Enterprises LLC increased its stake in Blackstone Inc. by 33.3% in Q2, owning a total of 8,000 shares valued at $1.2 million.
• Institutional investors control 70.00% of Blackstone's stock, with several hedge funds significantly boosting their holdings during the second quarter.
• Blackstone declared a quarterly dividend of $1.03 per share, marking an increase from the previous dividend of $0.93, representing an annualized yield of 2.5%.

Jmac Enterprises LLC boosted its stake in Blackstone Inc. (NYSE:BX - Free Report) by 33.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,000 shares of the asset manager's stock after acquiring an additional 2,000 shares during the period. Jmac Enterprises LLC's holdings in Blackstone were worth $1,197,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Kingstone Capital Partners Texas LLC boosted its holdings in shares of Blackstone by 519,669.1% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 70,132,441 shares of the asset manager's stock valued at $10,490,411,000 after buying an additional 70,118,948 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Blackstone by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 67,997,581 shares of the asset manager's stock valued at $9,504,702,000 after buying an additional 1,102,949 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Blackstone by 16.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,292,320 shares of the asset manager's stock valued at $739,761,000 after buying an additional 742,829 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Blackstone by 4.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,291,546 shares of the asset manager's stock valued at $599,872,000 after buying an additional 182,526 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Blackstone by 2.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,162,867 shares of the asset manager's stock valued at $581,886,000 after buying an additional 117,724 shares in the last quarter. Institutional investors own 70.00% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on BX shares. JMP Securities lifted their price target on Blackstone from $180.00 to $195.00 and gave the stock a "market outperform" rating in a research report on Friday, July 25th. Wells Fargo & Company boosted their target price on Blackstone from $153.00 to $167.00 and gave the stock an "equal weight" rating in a research report on Friday, July 11th. Citigroup reissued a "market perform" rating on shares of Blackstone in a research report on Saturday, July 19th. Dbs Bank raised Blackstone to a "moderate buy" rating in a research report on Tuesday, August 12th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Blackstone from $170.00 to $192.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, Blackstone presently has a consensus rating of "Moderate Buy" and an average target price of $172.71.

Insiders Place Their Bets

In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $6.26, for a total transaction of $104,478,673.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Vikrant Sawhney sold 50,850 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $173.64, for a total value of $8,829,594.00. Following the sale, the insider directly owned 737,248 shares in the company, valued at $128,015,742.72. This trade represents a 6.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 3,727,877 shares of company stock worth $95,046,625 and sold 16,984,634 shares worth $155,181,346. 1.00% of the stock is owned by company insiders.

Blackstone Price Performance

NYSE BX opened at $166.72 on Friday. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $200.96. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $122.89 billion, a P/E ratio of 44.82, a PEG ratio of 1.36 and a beta of 1.77. The company has a 50-day moving average price of $174.00 and a 200-day moving average price of $153.61.

Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The asset manager reported $1.21 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $2.77 billion. During the same period in the prior year, the company posted $0.98 EPS. The firm's revenue for the quarter was up 32.7% compared to the same quarter last year. Equities research analysts anticipate that Blackstone Inc. will post 5.87 earnings per share for the current year.

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, August 4th were paid a $1.03 dividend. This represents a $4.12 annualized dividend and a yield of 2.5%. The ex-dividend date was Monday, August 4th. This is a positive change from Blackstone's previous quarterly dividend of $0.93. Blackstone's dividend payout ratio is currently 110.75%.

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.