Stock Yards Bank & Trust Co. Increases Stock Holdings in Blackstone Inc. $BX

Key Points

• Stock Yards Bank & Trust Co. increased its Blackstone stake by 49.4% in the first quarter, ending with 37,001 shares valued at about $4.26 million.
• Blackstone saw notable insider activity, including a large purchase by Treasury Holdings I. Blackstone and a major share sale by Bx Buzz Ml-1 Gp LLC over the past 90 days.
• Analysts currently rate Blackstone as a Moderate Buy overall, with a consensus price target of $149.36, while the company recently reported quarterly EPS and revenue that were mixed versus expectations but up year over year.

Stock Yards Bank & Trust Co. raised its position in Blackstone Inc. (NYSE:BX - Free Report) by 49.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,001 shares of the asset manager's stock after acquiring an additional 12,232 shares during the quarter. Stock Yards Bank & Trust Co.'s holdings in Blackstone were worth $4,255,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in BX. Family CFO Inc purchased a new position in Blackstone in the 4th quarter valued at about $28,000. Ares Financial Consulting LLC purchased a new position in Blackstone in the fourth quarter valued at about $28,000. Richardson Financial Services Inc. acquired a new stake in Blackstone during the 4th quarter valued at approximately $29,000. Strive Asset Management LLC acquired a new position in shares of Blackstone in the 3rd quarter valued at approximately $30,000. Finally, Palladiem LLC purchased a new position in shares of Blackstone during the 4th quarter valued at approximately $31,000. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Blackstone

In related news, major shareholder Treasury Holdings I. Blackstone bought 9,486,795 shares of the firm's stock in a transaction that occurred on Friday, May 15th. The stock was purchased at an average price of $20.00 per share, for a total transaction of $189,735,900.00. Following the transaction, the insider directly owned 9,111,800 shares of the company's stock, valued at approximately $182,236,000. This represents a -2,529.85% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the business's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $3.78, for a total transaction of $28,264,950.00. Following the sale, the insider owned 19,374 shares in the company, valued at $73,233.72. This trade represents a 99.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have acquired a total of 10,252,345 shares of company stock worth $209,789,893 in the last ninety days. 1.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Sanford C. Bernstein assumed coverage on shares of Blackstone in a research note on Monday, June 8th. They set an "outperform" rating on the stock. The Goldman Sachs Group decreased their price target on Blackstone from $116.00 to $114.00 and set a "neutral" rating for the company in a research note on Tuesday. TD Cowen lowered their price target on Blackstone from $140.00 to $133.00 and set a "buy" rating for the company in a report on Monday, May 18th. Piper Sandler lifted their price objective on shares of Blackstone from $122.00 to $130.00 and gave the stock a "neutral" rating in a report on Monday, April 27th. Finally, Zacks Research raised shares of Blackstone from a "strong sell" rating to a "hold" rating in a report on Monday, June 8th. Thirteen investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $149.36.

Blackstone Stock Performance

BX stock opened at $119.55 on Thursday. The stock's fifty day moving average is $119.94 and its two-hundred day moving average is $128.26. The stock has a market capitalization of $88.81 billion, a price-to-earnings ratio of 30.58, a PEG ratio of 1.28 and a beta of 1.58. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.76 and a current ratio of 0.76. Blackstone Inc. has a 1 year low of $101.73 and a 1 year high of $190.09.

Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The asset manager reported $1.36 earnings per share for the quarter, topping analysts' consensus estimates of $1.34 by $0.02. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The business had revenue of $3.43 billion for the quarter, compared to analysts' expectations of $3.45 billion. During the same quarter last year, the company earned $1.11 EPS. The company's revenue for the quarter was up 10.0% compared to the same quarter last year. On average, research analysts predict that Blackstone Inc. will post 5.9 EPS for the current year.

Blackstone Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were given a $1.16 dividend. This represents a $4.64 annualized dividend and a yield of 3.9%. The ex-dividend date was Monday, May 4th. Blackstone's dividend payout ratio (DPR) is currently 118.67%.

Blackstone Profile

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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