Korea Investment CORP Takes Position in Blackstone Inc. $BX

Key Points

• Korea Investment CORP acquired 294,003 Blackstone shares during the second quarter, valued at approximately $34.6 million. Institutional investors collectively own 70% of Blackstone, with BlackRock also establishing a major new position worth $6.1 billion.
• Blackstone reported stronger-than-expected quarterly results, posting EPS of $1.52 versus the $1.34 consensus and revenue of $5.04 billion, up 35.9% year over year.
• The company increased its quarterly dividend to $1.29 per share, or $5.16 annualized, representing a 3.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $147.95.

Korea Investment CORP acquired a new position in Blackstone Inc. (NYSE:BX - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 294,003 shares of the asset manager's stock, valued at approximately $34,595,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Blackstone in the 2nd quarter worth $6,112,162,000. Norges Bank purchased a new stake in Blackstone in the fourth quarter worth about $1,275,747,000. Bank of New York Mellon Corp purchased a new position in shares of Blackstone during the 2nd quarter valued at about $514,736,000. Capital Research Global Investors grew 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 acquiring an additional 3,178,133 shares during the period. Finally, Deutsche Bank AG purchased a new stake in shares of Blackstone in the second quarter worth $270,380,000. 70.00% of the stock is owned by hedge funds and other institutional investors.

Blackstone Stock Performance

NYSE:BX opened at $143.56 on Friday. The company has a market cap of $107.76 billion, a price-to-earnings ratio of 32.12, a PEG ratio of 1.59 and a beta of 1.56. Blackstone Inc. has a 1 year low of $101.73 and a 1 year high of $190.09. The stock's 50 day simple moving average is $128.82 and its two-hundred day simple moving average is $122.57. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.72 and a quick ratio of 0.72.

Blackstone (NYSE:BX - Get Free Report) last posted its earnings results on Thursday, July 23rd. The asset manager reported $1.52 EPS for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $3.42 billion. During the same period in the prior year, the company earned $0.98 EPS. The company's quarterly revenue was up 35.9% compared to the same quarter last year. As a group, equities analysts anticipate that Blackstone Inc. will post 5.99 earnings per share for the current fiscal year.

Blackstone Increases Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on BX shares. HSBC reaffirmed a "hold" rating and issued a $135.00 price objective on shares of Blackstone in a research note on Monday, July 20th. Keefe, Bruyette & Woods upgraded Blackstone to a "hold" rating in a research note on Monday, July 20th. Rothschild & Co Redburn reduced their price objective on shares of Blackstone from $134.00 to $130.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 9th. Royal Bank Of Canada upped their target price on shares of Blackstone from $161.00 to $169.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Blackstone in a report on Monday, June 8th. They issued a "buy" rating on the stock. Thirteen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $147.95.

Insider Transactions at Blackstone

In other Blackstone news, insider Vikrant Sawhney sold 30,000 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $135.55, for a total transaction of $4,066,500.00. Following the sale, the insider directly owned 869,669 shares of the company's stock, valued at $117,883,632.95. The trade was a 3.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ruth Porat acquired 371 shares of the stock in a transaction dated Monday, August 10th. The stock was bought at an average cost of $137.17 per share, with a total value of $50,890.07. Following the completion of the purchase, the director directly owned 42,189 shares in the company, valued at approximately $5,787,065.13. The trade was a 0.89% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders purchased 1,339,180 shares of company stock worth $35,062,433 and sold 7,562,000 shares worth $40,331,085. Corporate insiders own 1.00% of the company's stock.

About Blackstone

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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