Rehmann Capital Advisory Group Increases Position in Blackstone Inc. $BX

Key Points

• Rehmann Capital Advisory Group increased its stake in Blackstone Inc. by 11% during Q2, holding a total of 25,236 shares valued at approximately $3.77 million.
• The asset manager recently announced a quarterly dividend of $1.03 per share, up from the previous $0.93, reflecting a positive trend in returns for shareholders.
• Blackstone shares are trading at $161.63 with a market cap of $119.14 billion and have seen price target adjustments from major analysts, with a current average target of $183.68.

Rehmann Capital Advisory Group lifted its position in Blackstone Inc. (NYSE:BX - Free Report) by 11.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,236 shares of the asset manager's stock after purchasing an additional 2,503 shares during the period. Rehmann Capital Advisory Group's holdings in Blackstone were worth $3,775,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. 1248 Management LLC purchased a new position in Blackstone during the first quarter valued at $25,000. von Borstel & Associates Inc. purchased a new position in Blackstone during the first quarter valued at $28,000. Wealth Preservation Advisors LLC purchased a new position in Blackstone during the first quarter valued at $28,000. Anderson Financial Strategies LLC purchased a new position in Blackstone during the first quarter valued at $28,000. Finally, Family CFO Inc bought a new position in Blackstone during the second quarter valued at $28,000. 70.00% of the stock is owned by hedge funds and other institutional investors.

Blackstone Trading Up 0.7%

Shares of BX opened at $161.63 on Wednesday. Blackstone Inc. has a 1-year low of $115.66 and a 1-year high of $200.96. The company has a 50-day moving average of $171.23 and a 200 day moving average of $155.27. The firm has a market capitalization of $119.14 billion, a price-to-earnings ratio of 43.45, a PEG ratio of 1.30 and a beta of 1.77. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.74 and a quick ratio of 0.74.

Blackstone (NYSE:BX - Get Free Report) last announced its quarterly earnings data on Friday, November 22nd. The asset manager reported $0.97 earnings per share for the quarter. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. The company had revenue of $2.49 billion during the quarter. On average, research analysts expect that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, August 4th were given a dividend of $1.03 per share. This is a positive change from Blackstone's previous quarterly dividend of $0.93. The ex-dividend date of this dividend was Monday, August 4th. This represents a $4.12 dividend on an annualized basis and a yield of 2.5%. Blackstone's payout ratio is 110.75%.

Insider Buying and Selling at Blackstone

In other Blackstone news, insider Vikrant Sawhney sold 50,850 shares of the firm's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $173.64, for a total transaction of $8,829,594.00. Following the transaction, the insider owned 737,248 shares of the company's stock, valued at approximately $128,015,742.72. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Private Multi-Asset Blackstone bought 2,538,071 shares of the business's stock in a transaction on Monday, September 22nd. The shares were acquired at an average cost of $25.61 per share, for a total transaction of $64,999,998.31. Following the transaction, the insider directly owned 7,506,209 shares in the company, valued at approximately $192,234,012.49. This trade represents a 51.09% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 2,538,345 shares of company stock worth $65,046,628 and have sold 16,984,634 shares worth $155,181,346. Company insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on BX shares. The Goldman Sachs Group increased their price objective on shares of Blackstone from $172.00 to $173.00 and gave the company a "neutral" rating in a research report on Friday, October 3rd. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Blackstone from $194.00 to $188.00 and set a "buy" rating for the company in a research report on Thursday, October 9th. Barclays lowered their price objective on shares of Blackstone from $181.00 to $171.00 and set an "equal weight" rating for the company in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods lowered their target price on shares of Blackstone from $180.00 to $171.00 and set a "market perform" rating for the company in a report on Monday, October 13th. Finally, BMO Capital Markets started coverage on shares of Blackstone in a report on Friday, October 3rd. They issued an "outperform" rating and a $190.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $183.68.

About Blackstone

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.

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