Blackstone (NYSE:BX) Director Ruth Porat Buys 369 Shares of Stock

Key Points

• Blackstone Director Ruth Porat bought 453 shares in two transactions on November 9 for about $54,700, increasing her holdings to 42,558 shares.
• Blackstone beat quarterly EPS expectations, reporting $1.32 per share versus a $1.26 consensus, but revenue of $3.06 billion fell short of estimates and was down 0.8% year over year.
• The company cut its quarterly dividend from $1.29 to $1.12 per share. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $144.57.

Blackstone Inc. (NYSE:BX - Get Free Report) Director Ruth Porat bought 369 shares of the stock in a transaction dated Monday, November 9th. The shares were acquired at an average cost of $120.88 per share, for a total transaction of $44,604.72. Following the completion of the acquisition, the director directly owned 42,558 shares of the company's stock, valued at approximately $5,144,411.04. This trade represents a 0.87% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Ruth Porat also recently made the following trade(s):

• On Monday, November 9th, Ruth Porat purchased 84 shares of Blackstone stock. The stock was acquired at an average price of $119.92 per share, with a total value of $10,073.28.

Blackstone Price Performance

Shares of BX stock traded down $3.43 during trading on Thursday, hitting $118.58. The company had a trading volume of 2,883,807 shares, compared to its average volume of 6,045,565. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.72 and a current ratio of 0.71. The firm has a market capitalization of $89.07 billion, a P/E ratio of 26.35, a price-to-earnings-growth ratio of 1.56 and a beta of 1.52. The stock's 50-day moving average price is $118.93 and its 200 day moving average price is $122.90. Blackstone Inc. has a one year low of $101.73 and a one year high of $165.14.

Blackstone (NYSE:BX - Get Free Report) last issued its quarterly earnings results on Thursday, October 22nd. The asset manager reported $1.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.26 by $0.06. The business had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $3.27 billion. Blackstone had a return on equity of 23.16% and a net margin of 22.11%. The firm's quarterly revenue was down .8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.80 earnings per share. Equities analysts expect that Blackstone Inc. will post 5.89 EPS for the current fiscal year.

Blackstone Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 9th. Stockholders of record on Monday, November 2nd were issued a dividend of $1.12 per share. This is a decrease from Blackstone's previous quarterly dividend of $1.29. The ex-dividend date of this dividend was Monday, November 2nd. This represents a $4.48 annualized dividend and a dividend yield of 3.8%. Blackstone's payout ratio is currently 99.56%.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Blackstone in a research note on Thursday, October 22nd. Barclays reduced their price objective on shares of Blackstone from $128.00 to $124.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 8th. Credit Suisse Group set a $165.00 target price on shares of Blackstone in a report on Friday, October 23rd. Argus upped their price target on shares of Blackstone from $146.00 to $150.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Finally, Royal Bank Of Canada upped their price target on shares of Blackstone from $161.00 to $169.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Thirteen research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $144.57.

More Blackstone News

Investors following BX have been watching these news items:

• Positive Sentiment: Director Ruth Porat disclosed two purchases on November 9 totaling 453 shares for about $54,700. The buying may be viewed as a vote of confidence, though the purchases were modest relative to her reported holdings. SEC ownership filing
• Neutral Sentiment: A data-center campus developer backed by Blackstone secured more than $1.5 billion in financing, highlighting activity in the firm’s digital-infrastructure portfolio; the report does not specify a direct financial benefit to BX. Data center financing article
• Neutral Sentiment: Technical analysis said BX’s broader bullish setup remains intact but selling pressure is testing a breakout. Another report described performance as mixed, with recent monthly gains but weaker year-to-date returns. Technical analysis

Institutional Trading of Blackstone

Several institutional investors and hedge funds have recently modified their holdings of BX. Wellington Altus USA Inc. acquired a new position in Blackstone during the second quarter worth about $26,000. DiPaolo Financial Group Inc. acquired a new stake in shares of Blackstone in the 3rd quarter valued at approximately $28,000. Addison Advisors LLC bought a new stake in shares of Blackstone during the 2nd quarter valued at approximately $30,000. NBH Bank bought a new stake in shares of Blackstone during the 2nd quarter valued at approximately $30,000. Finally, Bell Investment Advisors Inc acquired a new position in Blackstone during the 2nd quarter worth approximately $30,000. 70.00% of the stock is currently owned by institutional investors.

Blackstone Company Profile

Blackstone Inc. is a global alternative asset manager that invests on behalf of institutional and individual investors. Its businesses span private equity, real estate, credit and insurance, infrastructure, and multi-asset investing, with strategies that include private funds and investment products for a range of clients. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson, the firm initially focused on mergers and acquisitions advisory work before expanding into investment management.

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