Perbak Capital Partners LLP Takes Position in Blackstone Inc. $BX

Key Points

• Perbak Capital Partners LLP has acquired a new stake in Blackstone Inc., purchasing 1,611 shares valued at approximately $225,000.
• Blackstone reported earnings per share of $1.21 for the last quarter, surpassing analysts' expectations, with a revenue increase of 32.7% year-over-year.
• The company has recently increased its quarterly dividend to $1.03 per share, marking a positive change from the previous dividend of $0.93.

Perbak Capital Partners LLP bought a new stake in Blackstone Inc. (NYSE:BX - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,611 shares of the asset manager's stock, valued at approximately $225,000.

A number of other institutional investors and hedge funds have also made changes to their positions in BX. GAMMA Investing LLC raised its holdings in shares of Blackstone by 14,608.6% in the first quarter. GAMMA Investing LLC now owns 1,322,598 shares of the asset manager's stock valued at $184,873,000 after buying an additional 1,313,606 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Blackstone by 1.6% during the first quarter. Vanguard Group Inc. now owns 67,997,581 shares of the asset manager's stock worth $9,504,702,000 after acquiring an additional 1,102,949 shares during the period. Nuveen LLC acquired a new position in shares of Blackstone during the first quarter worth about $151,524,000. Goldman Sachs Group Inc. increased its stake in shares of Blackstone by 16.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,292,320 shares of the asset manager's stock worth $739,761,000 after acquiring an additional 742,829 shares during the period. Finally, National Bank of Canada FI increased its stake in shares of Blackstone by 136.9% during the first quarter. National Bank of Canada FI now owns 1,270,233 shares of the asset manager's stock worth $177,544,000 after acquiring an additional 734,109 shares during the period. 70.00% of the stock is owned by hedge funds and other institutional investors.

Blackstone Stock Down 1.1%

Shares of NYSE BX opened at $169.54 on Wednesday. Blackstone Inc. has a 12-month low of $115.66 and a 12-month high of $200.96. The company has a market capitalization of $124.97 billion, a PE ratio of 45.58, a price-to-earnings-growth ratio of 1.39 and a beta of 1.77. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.74 and a quick ratio of 0.74. The firm's 50-day moving average is $166.29 and its two-hundred day moving average is $149.82.

Blackstone (NYSE:BX - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $3.07 billion for the quarter, compared to the consensus estimate of $2.77 billion. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. The company's quarterly revenue was up 32.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.98 earnings per share. Equities analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, August 4th were paid a dividend of $1.03 per share. 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. This represents a $4.12 annualized dividend and a dividend yield of 2.4%. Blackstone's payout ratio is currently 110.75%.

Analysts Set New Price Targets

BX has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their price target on shares of Blackstone from $153.00 to $167.00 and gave the stock an "equal weight" rating in a research note on Friday, July 11th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Blackstone from $170.00 to $192.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Dbs Bank upgraded shares of Blackstone to a "moderate buy" rating in a research note on Tuesday, August 12th. Piper Sandler upped their target price on shares of Blackstone from $157.00 to $181.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Finally, JMP Securities upped their target price on shares of Blackstone from $180.00 to $195.00 and gave the stock a "market outperform" rating in a research report on Friday, July 25th. Nine research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat.com, Blackstone currently has an average rating of "Moderate Buy" and an average target price of $172.38.

Insider Buying and Selling at Blackstone

In related news, insider Vikrant Sawhney sold 50,850 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $173.64, for a total transaction of $8,829,594.00. Following the transaction, the insider owned 737,248 shares of the company's stock, valued at approximately $128,015,742.72. This represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Holdings I. L.P. Blackstone purchased 1,189,532 shares of the business's stock in a transaction on Friday, July 18th. The shares were bought at an average cost of $25.22 per share, for a total transaction of $29,999,997.04. Following the purchase, the insider owned 4,178,771 shares of the company's stock, valued at $105,388,604.62. This trade represents a 39.79% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 1,189,806 shares of company stock valued at $30,046,627 and have sold 16,850,134 shares valued at $131,641,986. 1.00% of the stock is currently owned by corporate insiders.

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.

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