Rose Capital Advisors LLC Acquires New Shares in Blackstone Inc. $BX

Key Points

• Rose Capital Advisors acquired 12,484 Blackstone shares in the second quarter, valued at approximately $1.47 million. Institutional investors collectively own about 70% of BX.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $149.43; TD Cowen recently raised its target to $145.
• Blackstone reported quarterly EPS of $1.52, beating estimates, while revenue rose 35.9% year over year to $5.04 billion. The company also increased its quarterly dividend to $1.29, equivalent to a 3.8% annualized yield.

Rose Capital Advisors LLC bought a new position in Blackstone Inc. (NYSE:BX - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 12,484 shares of the asset manager's stock, valued at approximately $1,469,000.

Several other institutional investors also recently modified their holdings of the business. Redwood Financial Network Corp lifted its stake in Blackstone by 1.8% during the 2nd quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager's stock valued at $537,000 after acquiring an additional 65 shares during the period. Zacks Investment Management grew its stake in shares of Blackstone by 2.1% in the third quarter. Zacks Investment Management now owns 3,453 shares of the asset manager's stock worth $590,000 after acquiring an additional 71 shares during the period. Brogan Financial Inc. lifted its position in Blackstone by 2.5% during the third quarter. Brogan Financial Inc. now owns 2,904 shares of the asset manager's stock valued at $496,000 after purchasing an additional 72 shares during the period. SlateStone Wealth LLC boosted its holdings in Blackstone by 1.9% in the fourth quarter. SlateStone Wealth LLC now owns 3,997 shares of the asset manager's stock worth $616,000 after purchasing an additional 75 shares during the last quarter. Finally, Founders Financial Securities LLC raised its stake in Blackstone by 4.1% during the 4th quarter. Founders Financial Securities LLC now owns 1,928 shares of the asset manager's stock valued at $297,000 after buying an additional 76 shares during the last quarter. 70.00% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Blackstone

In other news, insider Vikrant Sawhney sold 30,000 shares of the firm's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $135.55, for a total transaction of $4,066,500.00. Following the completion of the transaction, the insider owned 869,669 shares in the company, valued at $117,883,632.95. This trade represents a 3.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Holdings Iv L.P. Blackstone purchased 272,642 shares of the company's stock in a transaction that occurred on Friday, August 21st. The shares were purchased at an average cost of $26.14 per share, with a total value of $7,126,861.88. Following the completion of the purchase, the insider owned 8,704,419 shares of the company's stock, valued at $227,533,512.66. The trade was a 3.23% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have purchased 1,611,822 shares of company stock worth $42,189,294 and have sold 7,562,000 shares worth $40,331,085. Company insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on BX shares. Weiss Ratings raised shares of Blackstone from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, July 24th. TD Cowen boosted their price target on Blackstone from $133.00 to $145.00 and gave the company a "buy" rating in a report on Friday, July 24th. Barclays lifted their price objective on Blackstone from $119.00 to $128.00 and gave the company an "equal weight" rating in a research report on Friday, July 24th. BNP Paribas Exane reduced their target price on shares of Blackstone from $126.00 to $125.00 and set a "neutral" rating for the company in a report on Tuesday, June 30th. Finally, Dbs Bank raised shares of Blackstone to a "moderate buy" rating in a report on Wednesday, May 27th. Thirteen analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $149.43.

Blackstone Stock Performance

NYSE BX opened at $136.07 on Friday. The business has a 50-day moving average price of $132.74 and a 200-day moving average price of $123.14. The firm has a market cap of $102.14 billion, a price-to-earnings ratio of 30.44, a price-to-earnings-growth ratio of 1.53 and a beta of 1.56. Blackstone Inc. has a twelve month low of $101.73 and a twelve month high of $190.09. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.63.

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

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Monday, August 3rd were paid a $1.29 dividend. This represents a $5.16 annualized dividend and a yield of 3.8%. The ex-dividend date was Monday, August 3rd. This is an increase from Blackstone's previous quarterly dividend of $1.16. Blackstone's dividend payout ratio is presently 115.44%.

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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