Jupiter Topco LLC Acquires Shares of 1,882,354 Blackstone Inc. $BX

Key Points

• Jupiter Topco LLC acquired 1.88 million Blackstone shares worth approximately $221.5 million, representing about 0.25% of the company. Institutional investors collectively own 70% of Blackstone.
• Blackstone reported stronger-than-expected quarterly results, with EPS of $1.52 versus the $1.34 consensus and revenue of $5.04 billion, up 35.9% year over year.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $147.95, while Blackstone increased its quarterly dividend to $1.29 per share, implying a 3.6% annualized yield.

Jupiter Topco LLC purchased a new stake in shares of Blackstone Inc. (NYSE:BX - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,882,354 shares of the asset manager's stock, valued at approximately $221,478,000. Jupiter Topco LLC owned approximately 0.25% of Blackstone at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Blackstone in the 2nd quarter valued at $6,112,162,000. Norges Bank bought a new position in shares of Blackstone during the 4th quarter worth $1,275,747,000. Legal & General Group Plc bought a new stake in shares of Blackstone in the second quarter valued at approximately $605,267,000. Bank of New York Mellon Corp bought a new stake in Blackstone during the 2nd quarter valued at $514,736,000. Finally, Capital Research Global Investors raised its stake in shares of Blackstone by 99.2% during the 4th quarter. Capital Research Global Investors now owns 6,381,767 shares of the asset manager's stock valued at $983,690,000 after purchasing an additional 3,178,133 shares during the period. Hedge funds and other institutional investors own 70.00% of the company's stock.

Insider Buying and Selling at Blackstone

In related news, major shareholder Holdings Iv L.P. Blackstone purchased 272,642 shares of the business's stock in a transaction that occurred on Friday, August 21st. The shares were bought at an average price of $26.14 per share, for a total transaction of $7,126,861.88. Following the purchase, the insider directly owned 8,704,419 shares of the company's stock, valued at approximately $227,533,512.66. This represents a 3.23% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Vikrant Sawhney sold 30,000 shares of Blackstone stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $135.55, for a total value of $4,066,500.00. Following the transaction, the insider owned 869,669 shares of the company's stock, valued at $117,883,632.95. The trade was a 3.33% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have purchased 1,611,822 shares of company stock valued at $42,189,294 and have sold 7,562,000 shares valued at $40,331,085. Insiders own 1.00% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Zacks Research raised Blackstone from a "strong sell" rating to a "hold" rating in a research note on Monday, June 8th. HSBC restated a "hold" rating and issued a $135.00 target price on shares of Blackstone in a report on Monday, July 20th. Jefferies Financial Group increased their price target on shares of Blackstone from $143.00 to $152.00 and gave the company a "buy" rating in a research report on Tuesday, May 12th. Rothschild & Co Redburn dropped their target price on shares of Blackstone from $134.00 to $130.00 and set a "neutral" rating for the company in a report on Tuesday, June 9th. Finally, Royal Bank Of Canada lifted their price objective on Blackstone from $161.00 to $169.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. 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 stock presently has an average rating of "Moderate Buy" and an average price target of $147.95.

Blackstone Stock Down 0.1%

Shares of NYSE:BX opened at $143.25 on Thursday. 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 Inc. has a 52-week low of $101.73 and a 52-week high of $190.09. The firm has a market capitalization of $107.53 billion, a P/E ratio of 32.05, a P/E/G ratio of 1.57 and a beta of 1.56. The stock has a 50 day moving average price of $129.88 and a 200-day moving average price of $122.68.

Blackstone (NYSE:BX - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.18. The company had revenue of $5.04 billion for the quarter, compared to analysts' expectations of $3.42 billion. Blackstone had a return on equity of 23.77% and a net margin of 21.84%.The firm's revenue for the quarter was up 35.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.98 earnings per share. As a group, equities research analysts anticipate that Blackstone Inc. will post 5.99 EPS for the current fiscal year.

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Monday, August 3rd were given a dividend of $1.29 per share. This is an increase from Blackstone's previous quarterly dividend of $1.16. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $5.16 dividend on an annualized basis and a yield of 3.6%. Blackstone's dividend payout ratio is 115.44%.

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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