Pincus Capital Management LP Invests $3.94 Million in Blackstone Inc. $BX

Key Points

• Pincus Capital Management LP opened a new position in Blackstone during the fourth quarter, buying 25,550 shares valued at about $3.94 million. The stake represents roughly 2.6% of Pincus Capital’s portfolio and its 10th-largest holding.
• Blackstone also saw notable insider buying, including director Ruth Porat and major shareholder Treasury Holdings I. Blackstone, with insiders purchasing more than 12.3 million shares worth about $264.8 million over the last three months.
• The company reported Q1 earnings that beat expectations, posting $1.36 EPS versus $1.34 expected, while revenue rose 10% year over year to $3.43 billion. Analysts currently rate the stock a consensus Hold with an average target price of $151.05.

Pincus Capital Management LP acquired a new position in shares of Blackstone Inc. (NYSE:BX - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 25,550 shares of the asset manager's stock, valued at approximately $3,938,000. Blackstone comprises about 2.6% of Pincus Capital Management LP's holdings, making the stock its 10th biggest holding.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Redwood Financial Network Corp raised its position in Blackstone by 1.8% in the 2nd quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager's stock valued at $537,000 after purchasing an additional 65 shares during the last quarter. Benchmark Financial Wealth Advisors LLC grew its stake in shares of Blackstone by 0.9% during the 4th quarter. Benchmark Financial Wealth Advisors LLC now owns 7,748 shares of the asset manager's stock worth $1,194,000 after purchasing an additional 69 shares during the period. MidWestOne Financial Group Inc. grew its stake in shares of Blackstone by 0.8% during the 3rd quarter. MidWestOne Financial Group Inc. now owns 8,335 shares of the asset manager's stock worth $1,424,000 after purchasing an additional 70 shares during the period. Parcion Private Wealth LLC grew its stake in shares of Blackstone by 0.6% during the 4th quarter. Parcion Private Wealth LLC now owns 10,935 shares of the asset manager's stock worth $1,686,000 after purchasing an additional 70 shares during the period. Finally, Trivium Point Advisory LLC grew its stake in shares of Blackstone by 2.6% during the 4th quarter. Trivium Point Advisory LLC now owns 2,713 shares of the asset manager's stock worth $418,000 after purchasing an additional 70 shares during the period. Hedge funds and other institutional investors own 70.00% of the company's stock.

Insider Buying and Selling

In other news, Director Ruth Porat acquired 355 shares of the stock in a transaction on Monday, May 11th. The stock was bought at an average price of $123.04 per share, with a total value of $43,679.20. Following the completion of the transaction, the director directly owned 41,818 shares of the company's stock, valued at $5,145,286.72. The trade was a 0.86% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Treasury Holdings I. Blackstone acquired 9,486,795 shares of the stock in a transaction on Friday, May 15th. The stock was purchased at an average cost of $20.00 per share, with a total value of $189,735,900.00. Following the transaction, the insider directly owned 9,111,800 shares of the company's stock, valued at $182,236,000. This represents a -2,529.85% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired 12,355,303 shares of company stock valued at $264,789,896 over the last three months. Company insiders own 1.00% of the company's stock.

Blackstone Trading Up 0.0%

NYSE BX opened at $117.00 on Tuesday. Blackstone Inc. has a one year low of $101.73 and a one year high of $190.09. The company's 50 day moving average price is $118.75 and its 200 day moving average price is $132.41. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a market capitalization of $86.92 billion, a price-to-earnings ratio of 29.92, a PEG ratio of 1.27 and a beta of 1.63.

Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The asset manager reported $1.36 EPS for the quarter, beating the consensus estimate of $1.34 by $0.02. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The firm had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.45 billion. During the same quarter last year, the firm posted $1.11 earnings per share. Blackstone's revenue for the quarter was up 10.0% compared to the same quarter last year. On average, sell-side analysts predict that Blackstone Inc. will post 5.9 EPS for the current year.

Blackstone Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were issued a $1.16 dividend. The ex-dividend date was Monday, May 4th. This represents a $4.64 annualized dividend and a yield of 4.0%. Blackstone's dividend payout ratio (DPR) is presently 118.67%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Oppenheimer upped their price target on shares of Blackstone from $154.00 to $156.00 and gave the stock an "outperform" rating in a research note on Friday, April 24th. Morgan Stanley lowered their price target on shares of Blackstone from $215.00 to $184.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 21st. UBS Group reduced their target price on shares of Blackstone from $171.00 to $137.00 and set a "neutral" rating on the stock in a report on Friday, February 20th. Argus reduced their target price on shares of Blackstone from $163.00 to $146.00 and set a "buy" rating on the stock in a report on Tuesday, April 28th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Blackstone from $156.00 to $146.00 and set a "buy" rating on the stock in a report on Friday, April 24th. Twelve research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $151.05.

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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