Platform Technology Partners Raises Stake in Blackstone Inc. (NYSE:BX)

Platform Technology Partners lifted its position in shares of Blackstone Inc. (NYSE:BX - Free Report) by 18.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,432 shares of the asset manager's stock after purchasing an additional 3,465 shares during the quarter. Blackstone accounts for approximately 0.9% of Platform Technology Partners' portfolio, making the stock its 25th largest holding. Platform Technology Partners' holdings in Blackstone were worth $3,136,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. von Borstel & Associates Inc. purchased a new stake in shares of Blackstone in the first quarter valued at approximately $28,000. Murphy & Mullick Capital Management Corp acquired a new stake in Blackstone in the 4th quarter valued at $33,000. Bernard Wealth Management Corp. acquired a new position in Blackstone during the fourth quarter worth $34,000. Putney Financial Group LLC purchased a new position in Blackstone during the fourth quarter valued at $34,000. Finally, Garde Capital Inc. purchased a new stake in shares of Blackstone during the first quarter worth about $36,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Blackstone Trading Down 1.1%

BX traded down $1.85 during trading hours on Friday, reaching $162.21. The company's stock had a trading volume of 3,976,798 shares, compared to its average volume of 3,887,856. The business's 50-day moving average is $143.68 and its 200-day moving average is $150.98. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.75 and a quick ratio of 0.75. The stock has a market cap of $118.36 billion, a PE ratio of 48.86, a P/E/G ratio of 1.50 and a beta of 1.65. Blackstone Inc. has a fifty-two week low of $115.66 and a fifty-two week high of $200.96.

Blackstone (NYSE:BX - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The asset manager reported $1.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.22 by ($0.13). Blackstone had a return on equity of 19.84% and a net margin of 19.83%. The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.95 billion. During the same period in the previous year, the business posted $0.98 earnings per share. As a group, equities research analysts predict that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 5th. Shareholders 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 2.29%. The ex-dividend date of this dividend was Monday, April 28th. Blackstone's dividend payout ratio (DPR) is 112.05%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on BX shares. JMP Securities reiterated a "market outperform" rating and issued a $165.00 price objective on shares of Blackstone in a report on Thursday, April 24th. Piper Sandler reaffirmed a "neutral" rating on shares of Blackstone in a research note on Thursday. Wells Fargo & Company raised their price objective on Blackstone from $153.00 to $167.00 and gave the company an "equal weight" rating in a report on Friday. Barclays reaffirmed an "equal weight" rating on shares of Blackstone in a report on Thursday. Finally, Cowen restated a "buy" rating on shares of Blackstone in a research report on Monday, April 21st. Ten research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $161.29.

Insider Activity

In other Blackstone news, Director Ruth Porat purchased 237 shares of the company's stock in a transaction on Monday, May 5th. The stock was acquired at an average price of $136.33 per share, for a total transaction of $32,310.21. Following the completion of the purchase, the director directly owned 37,067 shares in the company, valued at approximately $5,053,344.11. The trade was a 0.64% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John G. Finley sold 25,000 shares of the stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $138.47, for a total value of $3,461,750.00. Following the completion of the sale, the insider owned 475,336 shares in the company, valued at approximately $65,819,775.92. The trade was a 5.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company's stock.

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.