Philadelphia Investment Partners LLC Takes Position in Blackstone Inc. $BX

Key Points

• Philadelphia Investment Partners acquired 21,664 Blackstone shares worth approximately $2.55 million, making BX its 18th-largest portfolio holding; institutional investors collectively own 70% of the stock.
• Blackstone reported strong quarterly results, with EPS of $1.52 beating estimates of $1.34 and revenue rising 35.9% year over year to $5.04 billion.
• The company raised its quarterly dividend to $1.29, or $5.16 annualized, representing a 3.6% yield; analysts maintain a “Moderate Buy” consensus with a $147.95 price target.

Philadelphia Investment Partners LLC bought a new stake in shares of Blackstone Inc. (NYSE:BX - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 21,664 shares of the asset manager's stock, valued at approximately $2,549,000. Blackstone makes up approximately 1.6% of Philadelphia Investment Partners LLC's portfolio, making the stock its 18th largest position.

Several other hedge funds and other institutional investors have also made changes to their positions in BX. Redwood Financial Network Corp increased its holdings in shares of Blackstone by 1.8% in the second quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager's stock worth $537,000 after purchasing an additional 65 shares during the last quarter. Zacks Investment Management boosted its stake in Blackstone by 2.1% during the third quarter. Zacks Investment Management now owns 3,453 shares of the asset manager's stock valued at $590,000 after buying an additional 71 shares during the last quarter. Brogan Financial Inc. increased its stake in Blackstone by 2.5% in the 3rd quarter. Brogan Financial Inc. now owns 2,904 shares of the asset manager's stock worth $496,000 after acquiring an additional 72 shares during the last quarter. SlateStone Wealth LLC boosted its position in shares of Blackstone by 1.9% during the 4th quarter. SlateStone Wealth LLC now owns 3,997 shares of the asset manager's stock valued at $616,000 after acquiring an additional 75 shares during the last quarter. Finally, Founders Financial Securities LLC increased its position in Blackstone by 4.1% in the fourth quarter. Founders Financial Securities LLC now owns 1,928 shares of the asset manager's stock worth $297,000 after purchasing an additional 76 shares during the last quarter. Institutional investors own 70.00% of the company's stock.

Blackstone Stock Performance

Blackstone stock opened at $143.25 on Thursday. Blackstone Inc. has a 1-year low of $101.73 and a 1-year high of $190.09. The company's 50-day moving average is $129.88 and its 200 day moving average is $122.68. The firm has a market capitalization of $107.53 billion, a P/E ratio of 32.05, a price-to-earnings-growth ratio of 1.57 and a beta of 1.56. 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 released 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 for the quarter, compared to analysts' expectations of $3.42 billion. During the same quarter in the prior year, the firm posted $0.98 earnings per share. The company's quarterly revenue was up 35.9% on a year-over-year basis. Research analysts forecast that Blackstone Inc. will post 5.99 EPS for the current year.

Blackstone Increases Dividend

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

Analyst Ratings Changes

A number of equities analysts have commented on BX shares. Zacks Research raised shares of Blackstone from a "strong sell" rating to a "hold" rating in a research note on Monday, June 8th. Weiss Ratings raised shares of Blackstone from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, July 24th. Jefferies Financial Group boosted their price objective on Blackstone from $143.00 to $152.00 and gave the stock a "buy" rating in a research note on Tuesday, May 12th. The Goldman Sachs Group lifted their target price on Blackstone from $114.00 to $127.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. Finally, Citizens Jmp decreased their price target on Blackstone from $190.00 to $165.00 and set a "market outperform" rating on the stock in a report on Thursday, July 9th. Thirteen investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $147.95.

Insider Buying and Selling at Blackstone

In other news, insider Vikrant Sawhney sold 30,000 shares of the business's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $135.55, for a total transaction of $4,066,500.00. Following the completion of the sale, the insider directly owned 869,669 shares of the company's stock, valued at approximately $117,883,632.95. The trade was a 3.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ruth Porat purchased 371 shares of Blackstone stock in a transaction that occurred on Monday, August 10th. The stock was bought at an average cost of $137.17 per share, for a total transaction of $50,890.07. Following the purchase, the director directly owned 42,189 shares in the company, valued at $5,787,065.13. This trade represents a 0.89% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders purchased 1,611,822 shares of company stock valued at $42,189,294 and sold 7,562,000 shares valued at $40,331,085. 1.00% of the stock is owned by company insiders.

Blackstone Profile

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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