Park Avenue Securities LLC Buys 4,478 Shares of Blackstone Inc. $BX

Key Points

• Park Avenue Securities LLC acquired an additional 4,478 shares of Blackstone Inc. in Q2, increasing its stake by 14.3% and valuing its total holdings at $5.37 million.
• Insider transactions included a significant purchase by Private Multi-Asset Blackstone of 2.54 million shares, increasing their ownership by 51.09%, while another shareholder sold over 16.6 million shares.
• Blackstone recently declared a $1.03 quarterly dividend, up from the previous $0.93, marking a dividend yield of 2.2% and a payout ratio of 110.75%.

Park Avenue Securities LLC lifted its stake in shares of Blackstone Inc. (NYSE:BX - Free Report) by 14.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,877 shares of the asset manager's stock after acquiring an additional 4,478 shares during the quarter. Park Avenue Securities LLC's holdings in Blackstone were worth $5,367,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. 1248 Management LLC acquired a new stake in Blackstone during the first quarter worth approximately $25,000. von Borstel & Associates Inc. acquired a new stake in Blackstone during the first quarter worth approximately $28,000. Wealth Preservation Advisors LLC acquired a new stake in Blackstone in the first quarter valued at approximately $28,000. Anderson Financial Strategies LLC acquired a new stake in Blackstone in the first quarter valued at approximately $28,000. Finally, Livelsberger Financial Advisory acquired a new stake in Blackstone in the second quarter valued at approximately $30,000. Institutional investors and hedge funds own 70.00% of the company's stock.

Insider Buying and Selling

In related news, major shareholder Private Multi-Asset Blackstone purchased 2,538,071 shares of Blackstone stock in a transaction dated Monday, September 22nd. The stock was bought at an average cost of $25.61 per share, for a total transaction of $64,999,998.31. Following the completion of the transaction, the insider owned 7,506,209 shares in the company, valued at $192,234,012.49. This trade represents a 51.09% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $6.26, for a total value of $104,478,673.84. The disclosure for this sale can be found here. In the last 90 days, insiders bought 3,727,877 shares of company stock valued at $95,046,625 and sold 16,871,634 shares valued at $135,328,376. 1.00% of the stock is owned by company insiders.

Blackstone Stock Performance

Shares of BX opened at $185.77 on Tuesday. The firm has a market cap of $136.93 billion, a PE ratio of 49.94, a PEG ratio of 1.52 and a beta of 1.77. The stock's fifty day moving average price is $173.16 and its two-hundred day moving average price is $151.89. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.74 and a quick ratio of 0.74. Blackstone Inc. has a 1 year low of $115.66 and a 1 year high of $200.96.

Blackstone (NYSE:BX - Get Free Report) last issued its earnings results on Thursday, July 24th. The asset manager reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.11. The firm had revenue of $3.07 billion for 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 business's revenue was up 32.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.98 earnings per share. On average, equities research analysts forecast that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 11th. Stockholders of record on Monday, August 4th were given a $1.03 dividend. This represents a $4.12 annualized dividend and a dividend yield of 2.2%. This is a boost from Blackstone's previous quarterly dividend of $0.93. The ex-dividend date was Monday, August 4th. Blackstone's dividend payout ratio (DPR) is presently 110.75%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BX. Citigroup reissued a "market perform" rating on shares of Blackstone in a research note on Saturday, July 19th. Deutsche Bank Aktiengesellschaft raised their target price on Blackstone from $170.00 to $192.00 and gave the company a "buy" rating in a report on Friday, July 25th. Evercore ISI raised their target price on Blackstone from $165.00 to $197.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Piper Sandler raised their target price on Blackstone from $157.00 to $181.00 and gave the company a "neutral" rating in a report on Monday, July 28th. Finally, JMP Securities lifted their price target on Blackstone from $180.00 to $195.00 and gave the stock a "market outperform" rating in a report on Friday, July 25th. Nine investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, Blackstone has an average rating of "Moderate Buy" and an average target price of $172.38.

About Blackstone

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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