Pictet Asset Management Holding SA Purchases 92,123 Shares of Blackstone Inc. $BX

Key Points

• Pictet Asset Management Holding SA increased its Blackstone stake by 29.7%, buying 92,123 shares to own 402,402 shares (≈0.05% of the company) valued at about $62.03 million per its SEC filing.
• Blackstone reported a quarterly EPS beat ($1.36 vs. $1.34) and revenue of $3.62B (up 10% y/y), and analysts hold a consensus rating of "Moderate Buy" with a $150.95 target price.
• Blackstone announced a quarterly dividend of $1.16 (annualized $4.64, yield 3.8%), but the payout ratio is high at 118.67%, highlighting potential sustainability concerns after a recent cut.

Pictet Asset Management Holding SA raised its position in shares of Blackstone Inc. (NYSE:BX - Free Report) by 29.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 402,402 shares of the asset manager's stock after acquiring an additional 92,123 shares during the quarter. Pictet Asset Management Holding SA owned about 0.05% of Blackstone worth $62,029,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BX. REAP Financial Group LLC bought a new stake in Blackstone in the third quarter worth approximately $26,000. Family CFO Inc acquired a new stake in shares of Blackstone during the 4th quarter worth approximately $28,000. Richardson Financial Services Inc. bought a new stake in shares of Blackstone in the 4th quarter valued at $29,000. Redmont Wealth Advisors LLC bought a new position in Blackstone during the third quarter worth $30,000. Finally, Strive Asset Management LLC acquired a new stake in Blackstone in the third quarter worth $30,000. 70.00% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on BX shares. Royal Bank Of Canada set a $173.00 price objective on shares of Blackstone in a research report on Friday. Piper Sandler upped their price target on Blackstone from $122.00 to $130.00 and gave the stock a "neutral" rating in a research note on Monday. HSBC reduced their price objective on Blackstone from $164.00 to $131.00 and set a "hold" rating for the company in a research note on Friday, April 10th. Citizens Jmp cut their target price on Blackstone from $195.00 to $190.00 and set a "market outperform" rating on the stock in a report on Wednesday, April 22nd. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Blackstone in a research note on Monday, April 20th. Eleven research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $150.95.

Blackstone Price Performance

Blackstone stock opened at $121.48 on Wednesday. The stock has a market cap of $90.16 billion, a P/E ratio of 31.07, a P/E/G ratio of 1.31 and a beta of 1.74. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.66. The company's 50 day moving average price is $116.22 and its two-hundred day moving average price is $137.48. Blackstone Inc. has a 52 week low of $101.73 and a 52 week high of $190.09.

Blackstone (NYSE:BX - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The asset manager reported $1.36 EPS for the quarter, beating analysts' consensus estimates of $1.34 by $0.02. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.The company had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.45 billion. During the same period last year, the business posted $1.11 earnings per share. Blackstone's revenue was up 10.0% on a year-over-year basis. On average, equities analysts predict that Blackstone Inc. will post 5.92 earnings per share for the current year.

Blackstone Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 11th. Stockholders of record on Monday, May 4th will be paid a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Monday, May 4th. Blackstone's payout ratio is presently 118.67%.

Insider Activity at Blackstone

In related news, major shareholder Tactical Opportunit Blackstone sold 1,596,142 shares of the stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $10.00, for a total transaction of $15,961,420.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Holdings Iv Gp Mana Blackstone acquired 2,868,069 shares of the stock in a transaction on Friday, March 20th. The stock was bought at an average cost of $26.15 per share, for a total transaction of $75,000,004.35. Following the transaction, the insider owned 18,628,295 shares of the company's stock, valued at approximately $487,129,914.25. This trade represents a 18.20% increase in their position. The SEC filing for this purchase provides additional information. 1.00% of the stock is owned by company insiders.

Blackstone Company 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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