Y Intercept Hong Kong Ltd Makes New $4.30 Million Investment in Blackstone Inc. $BX

Key Points

• Y Intercept Hong Kong Ltd initiated a new position in Blackstone, buying 37,380 shares worth about $4.3 million in the first quarter.
• Blackstone reported Q1 earnings of $1.36 per share, slightly above estimates, while revenue came in at $3.43 billion and rose 10% year over year.
• The company declared a quarterly dividend of $1.16 per share, equal to an annualized yield of about 3.8%, even as the payout ratio remains elevated at 118.67%.

Y Intercept Hong Kong Ltd bought a new stake in shares of Blackstone Inc. (NYSE:BX - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 37,380 shares of the asset manager's stock, valued at approximately $4,298,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Norges Bank bought a new stake in Blackstone in the fourth quarter valued at $1,275,747,000. Capital Research Global Investors increased its holdings in shares of Blackstone by 99.2% in the 4th quarter. Capital Research Global Investors now owns 6,381,767 shares of the asset manager's stock worth $983,690,000 after acquiring an additional 3,178,133 shares during the period. Amundi lifted its position in Blackstone by 85.6% in the 4th quarter. Amundi now owns 2,709,345 shares of the asset manager's stock valued at $417,620,000 after purchasing an additional 1,249,269 shares during the last quarter. Focus Partners Wealth grew its position in Blackstone by 476.1% in the 4th quarter. Focus Partners Wealth now owns 1,324,168 shares of the asset manager's stock worth $204,193,000 after purchasing an additional 1,094,307 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings 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 last quarter. Institutional investors and hedge funds own 70.00% of the company's stock.

Blackstone Stock Performance

NYSE:BX opened at $122.73 on Monday. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.66. The company has a 50-day moving average of $119.67 and a 200-day moving average of $127.87. Blackstone Inc. has a twelve month low of $101.73 and a twelve month high of $190.09. The firm has a market cap of $91.17 billion, a price-to-earnings ratio of 31.39, a price-to-earnings-growth ratio of 1.33 and a beta of 1.58.

Blackstone (NYSE:BX - Get Free Report) last released its earnings results on Thursday, April 23rd. The asset manager reported $1.36 EPS for the quarter, beating the consensus estimate of $1.34 by $0.02. The business had revenue of $3.43 billion during the quarter, compared to analyst estimates of $3.45 billion. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The business's quarterly revenue was up 10.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.11 earnings per share. Analysts forecast that Blackstone Inc. will post 5.9 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were issued a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Monday, May 4th. Blackstone's payout ratio is presently 118.67%.

Insider Activity at Blackstone

In related news, major shareholder Treasury Holdings I. Blackstone acquired 9,486,795 shares of the business's stock in a transaction on Friday, May 15th. The shares were purchased at an average price of $20.00 per share, for a total transaction of $189,735,900.00. Following the acquisition, the insider owned 9,111,800 shares in the company, valued at approximately $182,236,000. This represents a -2,529.85% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ruth Porat bought 355 shares of the firm's stock in a transaction on Monday, May 11th. The stock was purchased at an average price of $123.04 per share, with a total value of $43,679.20. Following the completion of the acquisition, the director owned 41,818 shares of the company's stock, valued at approximately $5,145,286.72. This trade represents a 0.86% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired 10,252,345 shares of company stock valued at $209,789,893 over the last ninety days. Company insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

BX has been the subject of a number of recent analyst reports. Zacks Research raised Blackstone from a "strong sell" rating to a "hold" rating in a report on Monday, June 8th. Argus reduced their price target on Blackstone from $163.00 to $146.00 and set a "buy" rating for the company in a research report on Tuesday, April 28th. Royal Bank Of Canada started coverage on Blackstone in a report on Monday, June 8th. They set an "outperform" rating on the stock. TD Cowen reduced their price objective on shares of Blackstone from $140.00 to $133.00 and set a "buy" rating for the company in a report on Monday, May 18th. Finally, Barclays lowered their target price on shares of Blackstone from $126.00 to $124.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 8th. Thirteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $149.36.

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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