Narwhal Capital Management Acquires 5,369 Shares of Blackstone Inc. $BX

Key Points

• Narwhal Capital Management increased its holdings in Blackstone Inc. by 8.3% during the second quarter, acquiring an additional 5,369 shares, bringing the total to 69,983 shares valued at approximately $10.47 million.
• Wall Street analysts show a mixed outlook, with target prices ranging from $167.00 to $215.00, and a consensus rating of "Moderate Buy" for Blackstone Inc.
• Blackstone recently increased its quarterly dividend to $1.03 per share, reflecting a positive change from the previous dividend and indicating a yield of 2.5%.

Narwhal Capital Management raised its holdings in shares of Blackstone Inc. (NYSE:BX - Free Report) by 8.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,983 shares of the asset manager's stock after purchasing an additional 5,369 shares during the period. Narwhal Capital Management's holdings in Blackstone were worth $10,468,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. 1248 Management LLC bought a new position in Blackstone during the 1st quarter valued at approximately $25,000. von Borstel & Associates Inc. bought a new position in shares of Blackstone in the 1st quarter worth approximately $28,000. Wealth Preservation Advisors LLC bought a new position in shares of Blackstone in the 1st quarter worth approximately $28,000. Anderson Financial Strategies LLC bought a new position in shares of Blackstone in the 1st quarter worth approximately $28,000. Finally, Family CFO Inc bought a new position in shares of Blackstone in the 2nd quarter worth approximately $28,000. Institutional investors own 70.00% of the company's stock.

Wall Street Analysts Forecast Growth

BX has been the subject of several research reports. TD Cowen decreased their target price on Blackstone from $215.00 to $208.00 and set a "buy" rating for the company in a research report on Wednesday. Wells Fargo & Company increased 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. Dbs Bank raised Blackstone to a "moderate buy" rating in a research report on Tuesday, August 12th. Barclays reduced their price objective on Blackstone from $181.00 to $171.00 and set an "equal weight" rating for the company in a research report on Wednesday. Finally, The Goldman Sachs Group raised their price objective on Blackstone from $172.00 to $173.00 and gave the company a "neutral" rating in a research report on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat.com, Blackstone has a consensus rating of "Moderate Buy" and an average price target of $179.67.

Insider Transactions at Blackstone

In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $6.26, for a total value of $104,478,673.84. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Private Multi-Asset Blackstone purchased 2,538,071 shares of the company's stock in a transaction dated Monday, September 22nd. The stock was purchased at an average price of $25.61 per share, for a total transaction of $64,999,998.31. Following the completion of the purchase, the insider owned 7,506,209 shares in the company, valued at approximately $192,234,012.49. The trade was a 51.09% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 3,727,877 shares of company stock worth $95,046,625 and sold 16,984,634 shares worth $155,181,346. Corporate insiders own 1.00% of the company's stock.

Blackstone Stock Down 1.5%

Blackstone stock opened at $162.48 on Thursday. The firm has a market cap of $119.76 billion, a price-to-earnings ratio of 43.68, a PEG ratio of 1.34 and a beta of 1.77. The stock has a fifty day simple moving average of $173.11 and a two-hundred day simple moving average of $154.09. Blackstone Inc. has a 12 month low of $115.66 and a 12 month high of $200.96. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.61.

Blackstone (NYSE:BX - Get Free Report) last posted its earnings results on Thursday, July 24th. The asset manager reported $1.21 EPS for the quarter, topping analysts' consensus estimates of $1.10 by $0.11. The business had revenue of $3.07 billion during the quarter, compared to analyst estimates of $2.77 billion. Blackstone had a return on equity of 20.47% and a net margin of 20.83%.The company's quarterly revenue was up 32.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.98 EPS. Equities analysts predict that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

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

Blackstone 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.

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