Rheos Capital Works Inc. Has $11.89 Million Stake in Blackstone Inc. $BX

Key Points

• Rheos Capital Works Inc. has reduced its stake in Blackstone Inc. by 20.1%, holding 79,500 shares valued at approximately $11.89 million.
• Blackstone recently announced a quarterly dividend increase to $1.03, reflecting a 2.5% yield and a dividend payout ratio of 110.75%.
• Analysts have adjusted their price targets for Blackstone, with a consensus price target of $180.33 and ratings ranging from "Strong Buy" to "Hold".

Rheos Capital Works Inc. reduced its holdings in Blackstone Inc. (NYSE:BX - Free Report) by 20.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 79,500 shares of the asset manager's stock after selling 20,000 shares during the period. Rheos Capital Works Inc.'s holdings in Blackstone were worth $11,892,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Illinois Municipal Retirement Fund boosted its holdings in Blackstone by 105.4% during the first quarter. Illinois Municipal Retirement Fund now owns 13,405 shares of the asset manager's stock worth $1,874,000 after buying an additional 6,878 shares during the last quarter. Kera Capital Partners Inc. bought a new position in Blackstone during the 2nd quarter worth approximately $273,000. Sandy Cove Advisors LLC increased its stake in Blackstone by 22.1% in the second quarter. Sandy Cove Advisors LLC now owns 12,042 shares of the asset manager's stock valued at $1,801,000 after purchasing an additional 2,182 shares in the last quarter. Bourgeon Capital Management LLC bought a new position in shares of Blackstone during the second quarter worth $423,000. Finally, Edmond DE Rothschild Holding S.A. grew its holdings in shares of Blackstone by 14.5% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 14,708 shares of the asset manager's stock valued at $2,056,000 after buying an additional 1,863 shares during the period. Institutional investors own 70.00% of the company's stock.

Blackstone Stock Performance

Shares of NYSE BX opened at $164.04 on Wednesday. The stock has a market capitalization of $120.91 billion, a PE ratio of 44.10, a price-to-earnings-growth ratio of 1.29 and a beta of 1.77. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $200.96. The stock has a 50 day moving average price of $172.22 and a 200 day moving average price of $154.49. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.74 and a current ratio of 0.74.

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

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, August 4th were paid a $1.03 dividend. This is an increase from Blackstone's previous quarterly dividend of $0.93. The ex-dividend date was Monday, August 4th. This represents a $4.12 annualized dividend and a yield of 2.5%. Blackstone's dividend payout ratio (DPR) is 110.75%.

Analysts Set New Price Targets

BX has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft decreased their target price on Blackstone from $194.00 to $188.00 and set a "buy" rating for the company in a research note on Thursday, October 9th. TD Cowen decreased their price objective on Blackstone from $215.00 to $208.00 and set a "buy" rating for the company in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods cut their price target on shares of Blackstone from $180.00 to $171.00 and set a "market perform" rating on the stock in a research note on Monday. Citigroup lowered their price objective on shares of Blackstone from $185.00 to $170.00 and set a "neutral" rating for the company in a research report on Monday. Finally, JPMorgan Chase & Co. upped their target price on shares of Blackstone from $160.00 to $177.00 and gave the stock a "neutral" rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $180.33.

Insider Activity

In other Blackstone news, Director Joseph Baratta sold 113,000 shares of Blackstone stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $175.69, for a total transaction of $19,852,970.00. Following the completion of the transaction, the director directly owned 695,757 shares of the company's stock, valued at $122,237,547.33. The trade was a 13.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Holdings I. L.P. Blackstone acquired 1,189,532 shares of the company's stock in a transaction dated Friday, July 18th. The stock was bought at an average cost of $25.22 per share, for a total transaction of $29,999,997.04. Following the completion of the transaction, the insider directly owned 4,178,771 shares of the company's stock, valued at approximately $105,388,604.62. This trade represents a 39.79% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 3,727,877 shares of company stock valued at $95,046,625 and have sold 16,984,634 shares valued at $155,181,346. 1.00% of the stock is owned by corporate insiders.

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.

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