Perennial Advisors LLC Acquires New Position in Blackstone Inc. (NYSE:BX)

Perennial Advisors LLC bought a new stake in Blackstone Inc. (NYSE:BX - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,917 shares of the asset manager's stock, valued at approximately $268,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BX. Centricity Wealth Management LLC bought a new position in shares of Blackstone in the fourth quarter valued at $30,000. Murphy & Mullick Capital Management Corp bought a new stake in shares of Blackstone in the fourth quarter valued at about $33,000. Comprehensive Financial Planning Inc. PA bought a new stake in shares of Blackstone in the fourth quarter valued at about $34,000. Roxbury Financial LLC bought a new position in Blackstone during the fourth quarter worth about $34,000. Finally, Bernard Wealth Management Corp. bought a new position in Blackstone during the fourth quarter worth about $34,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Blackstone

In other Blackstone news, insider John G. Finley sold 25,000 shares of the stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $138.47, for a total transaction of $3,461,750.00. Following the completion of the sale, the insider now directly owns 475,336 shares of the company's stock, valued at approximately $65,819,775.92. This represents a 5.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Private Credit Stra Blackstone acquired 1,660,000 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The stock was bought at an average cost of $15.00 per share, with a total value of $24,900,000.00. Following the completion of the transaction, the insider now directly owns 1,666,667 shares in the company, valued at $25,000,005. The trade was a 24,898.76% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.00% of the company's stock.

Blackstone Stock Performance

BX opened at $140.42 on Friday. The company has a current ratio of 0.67, a quick ratio of 0.71 and a debt-to-equity ratio of 0.61. The company has a market cap of $102.46 billion, a price-to-earnings ratio of 38.68, a PEG ratio of 1.07 and a beta of 1.65. The company's 50 day moving average is $135.47 and its 200 day moving average is $157.46. Blackstone Inc. has a 12-month low of $115.66 and a 12-month high of $200.96.

Blackstone (NYSE:BX - Get Free Report) last issued its quarterly earnings results on Thursday, April 17th. The asset manager reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.22 by ($0.13). Blackstone had a net margin of 20.99% and a return on equity of 19.58%. The firm had revenue of $2.76 billion for the quarter, compared to analysts' expectations of $2.95 billion. During the same period in the prior year, the firm earned $0.98 EPS. On average, equities research analysts predict that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, May 5th. Investors of record on Monday, April 28th were paid a dividend of $0.93 per share. This represents a $3.72 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date was Monday, April 28th. Blackstone's payout ratio is 112.05%.

Wall Street Analyst Weigh In

BX has been the subject of a number of research reports. Cowen reissued a "buy" rating on shares of Blackstone in a report on Monday, April 21st. UBS Group reduced their price target on shares of Blackstone from $180.00 to $175.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Piper Sandler cut their price objective on shares of Blackstone from $182.00 to $140.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Citizens Jmp raised shares of Blackstone from a "market perform" rating to an "outperform" rating and set a $165.00 price target on the stock in a research report on Tuesday, April 8th. Finally, Barclays boosted their price target on shares of Blackstone from $129.00 to $136.00 and gave the stock an "equal weight" rating in a research report on Monday, April 21st. Ten analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $155.65.

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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