Twin Tree Management LP Invests $1.47 Million in Blackstone Inc. $BX

Key Points

• Twin Tree Management initiated a $1.47 million position in Blackstone during the second quarter by purchasing 12,460 shares. Institutional investors collectively own approximately 70% of the company.
• Blackstone reported strong quarterly results, with earnings of $1.52 per share and revenue of $5.04 billion, exceeding analyst estimates; revenue increased 35.9% year over year.
• The company raised its quarterly dividend to $1.29 per share, equivalent to a 3.6% annual yield, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $147.95.

Twin Tree Management LP bought a new stake in Blackstone Inc. (NYSE:BX - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 12,460 shares of the asset manager's stock, valued at approximately $1,466,000.

Other hedge funds also recently bought and sold shares of the company. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Blackstone by 9.0% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 100,951 shares of the asset manager's stock worth $15,561,000 after purchasing an additional 8,321 shares during the last quarter. Matrix Private Capital Group LLC acquired a new position in shares of Blackstone in the first quarter valued at approximately $1,340,000. Vanguard Group Inc. lifted its stake in shares of Blackstone by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 71,667,695 shares of the asset manager's stock valued at $11,046,859,000 after buying an additional 840,258 shares during the period. Marble Wealth LLC purchased a new stake in Blackstone in the 4th quarter worth approximately $7,303,000. Finally, Bank of Nova Scotia raised its holdings in Blackstone by 92.2% in the 1st quarter. Bank of Nova Scotia now owns 807,184 shares of the asset manager's stock valued at $92,817,000 after acquiring an additional 387,109 shares during the last quarter. Hedge funds and other institutional investors own 70.00% of the company's stock.

Insider Activity at Blackstone

In other news, insider John G. Finley sold 45,000 shares of the company's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $147.11, for a total value of $6,619,950.00. Following the completion of the sale, the insider owned 516,017 shares of the company's stock, valued at $75,911,260.87. This represents a 8.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO David Payne sold 9,500 shares of the firm's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $145.23, for a total value of $1,379,685.00. Following the sale, the chief accounting officer owned 64,448 shares in the company, valued at approximately $9,359,783.04. The trade was a 12.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have acquired 1,339,180 shares of company stock valued at $35,062,433 and have sold 7,562,000 shares valued at $40,331,085. Company insiders own 1.00% of the company's stock.

Blackstone Trading Up 1.6%

Shares of BX stock opened at $143.56 on Friday. 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 Inc. has a fifty-two week low of $101.73 and a fifty-two week high of $190.09. The firm's 50 day moving average price is $128.82 and its two-hundred day moving average price is $122.57. The stock has a market cap of $107.76 billion, a price-to-earnings ratio of 32.12, a price-to-earnings-growth ratio of 1.59 and a beta of 1.56.

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

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Monday, August 3rd were given a $1.29 dividend. This represents a $5.16 annualized dividend and a yield of 3.6%. This is a boost from Blackstone's previous quarterly dividend of $1.16. The ex-dividend date of this dividend was Monday, August 3rd. Blackstone's dividend payout ratio is 115.44%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Piper Sandler raised their price objective on Blackstone from $122.00 to $130.00 and gave the stock a "neutral" rating in a report on Monday, April 27th. Rothschild & Co Redburn reduced their target price on Blackstone from $134.00 to $130.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 9th. The Goldman Sachs Group lifted their price target on Blackstone from $114.00 to $127.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Weiss Ratings upgraded shares of Blackstone from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, July 24th. Finally, HSBC reaffirmed a "hold" rating and set a $135.00 price target on shares of Blackstone in a research report on Monday, July 20th. Thirteen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, Blackstone presently has an average rating of "Moderate Buy" and an average price target of $147.95.

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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