Rakuten Investment Management Inc. Takes $13.98 Million Position in Blackstone Inc. $BX

Key Points

• Rakuten Investment Management acquired 121,723 Blackstone shares during the second quarter, worth approximately $13.98 million. Institutional investors collectively own 70% of Blackstone’s outstanding stock.
• Blackstone reported stronger-than-expected quarterly results, with adjusted EPS of $1.52 versus the $1.34 consensus estimate and revenue of $5.04 billion, up 35.9% year over year.
• The company increased its quarterly dividend to $1.29 per share, equivalent to an annualized $5.16 dividend and a 3.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $149.43.

Rakuten Investment Management Inc. acquired a new position 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 fund acquired 121,723 shares of the asset manager's stock, valued at approximately $13,984,000.

Other institutional investors have also recently made changes to their positions in the company. RB Capital Management LLC purchased a new position in shares of Blackstone during the 2nd quarter worth about $288,000. Orion Capital Management LLC purchased a new position in shares of Blackstone during the second quarter valued at approximately $94,000. Glenview Trust Co bought a new position in shares of Blackstone during the second quarter valued at approximately $2,797,000. Comprehensive Money Management Services LLC bought a new stake in shares of Blackstone during the 2nd quarter worth approximately $1,071,000. Finally, Empowered Funds LLC bought a new position in Blackstone in the 2nd quarter valued at $31,209,000. Institutional investors own 70.00% of the company's stock.

Blackstone Trading Down 0.7%

Shares of Blackstone stock opened at $142.63 on Friday. Blackstone Inc. has a 12-month low of $101.73 and a 12-month high of $190.09. The firm's 50 day simple moving average is $130.65 and its two-hundred day simple moving average is $122.92. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $107.06 billion, a price-to-earnings ratio of 31.91, a PEG ratio of 1.57 and a beta of 1.56.

Blackstone (NYSE:BX - Get Free Report) last released its earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.18. The firm had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $3.42 billion. Blackstone had a return on equity of 23.77% and a net margin of 21.84%.The firm's revenue was up 35.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.98 EPS. Analysts predict that Blackstone Inc. will post 5.99 EPS for the current year.

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Monday, August 3rd were given a $1.29 dividend. This is an increase 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%. The ex-dividend date was Monday, August 3rd. Blackstone's payout ratio is currently 115.44%.

Insider Buying and Selling

In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $3.78, for a total transaction of $28,264,950.00. Following the completion of the transaction, the insider directly owned 19,374 shares of the company's stock, valued at approximately $73,233.72. This trade represents a 99.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Holdings Iv L.P. Blackstone acquired 272,642 shares of the business's stock in a transaction dated Friday, August 21st. The stock was acquired at an average price of $26.14 per share, for a total transaction of $7,126,861.88. Following the purchase, the insider directly owned 8,704,419 shares of the company's stock, valued at approximately $227,533,512.66. This trade represents a 3.23% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have acquired 1,611,822 shares of company stock worth $42,189,294 and have sold 7,562,000 shares worth $40,331,085. Corporate insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Jefferies Financial Group lifted their price objective on shares of Blackstone from $143.00 to $152.00 and gave the company a "buy" rating in a report on Tuesday, May 12th. TD Cowen upped their target price on Blackstone from $133.00 to $145.00 and gave the stock a "buy" rating in a report on Friday, July 24th. Dbs Bank raised shares of Blackstone to a "moderate buy" rating in a research note on Wednesday, May 27th. Keefe, Bruyette & Woods upgraded shares of Blackstone to a "hold" rating in a report on Monday, July 20th. Finally, Weiss Ratings raised shares of Blackstone from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, July 24th. Thirteen research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $149.43.

About Blackstone

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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