Insider Buying: Blackstone (NYSE:BX) Major Shareholder Acquires $15,000,006.10 in Stock

Key Points

• Private Multi-Asset Blackstone purchased 573,614 Blackstone shares for approximately $15 million, increasing its direct holdings by 7.28% to 8.46 million shares. The buyer also acquired about $20 million in shares in June.
• Blackstone reported stronger-than-expected quarterly results, with EPS of $1.52 versus the $1.34 consensus and revenue of $5.04 billion, up 35.9% year over year.
• The company raised its quarterly dividend to $1.29 per share, implying a 3.9% yield. Analysts’ average price target is $147.76, supporting a “Moderate Buy” consensus rating.

Blackstone Inc. (NYSE:BX - Get Free Report) major shareholder Private Multi-Asset Blackstone bought 573,614 shares of the business's stock in a transaction that occurred on Thursday, July 23rd. The shares were bought at an average cost of $26.15 per share, with a total value of $15,000,006.10. Following the completion of the purchase, the insider directly owned 8,455,758 shares of the company's stock, valued at $221,118,071.70. This represents a 7.28% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Large shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.

Private Multi-Asset Blackstone also recently made the following trade(s):

• On Tuesday, June 23rd, Private Multi-Asset Blackstone acquired 765,111 shares of Blackstone stock. The shares were purchased at an average price of $26.14 per share, with a total value of $20,000,001.54.

Blackstone Price Performance

NYSE BX traded down $0.37 during trading on Tuesday, hitting $132.23. 1,836,935 shares of the stock traded hands, compared to its average volume of 6,708,561. The firm has a 50-day simple moving average of $120.64 and a 200-day simple moving average of $124.36. Blackstone Inc. has a 12-month low of $101.73 and a 12-month high of $190.09. The company has a quick ratio of 0.76, a current ratio of 0.72 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $98.23 billion, a P/E ratio of 29.62, a price-to-earnings-growth ratio of 1.41 and a beta of 1.58.

Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The asset manager reported $1.52 EPS for the quarter, beating the consensus estimate of $1.34 by $0.18. The business 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%. Blackstone's quarterly revenue was up 35.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.98 earnings per share. As a group, analysts predict that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Monday, August 3rd will be paid a $1.29 dividend. This represents a $5.16 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend is Monday, August 3rd. This is a positive change from Blackstone's previous quarterly dividend of $1.16. Blackstone's dividend payout ratio is 103.80%.

Analysts Set New Price Targets

BX has been the subject of a number of analyst reports. Weiss Ratings upgraded Blackstone from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday. Barclays lifted their price target on shares of Blackstone from $119.00 to $128.00 and gave the stock an "equal weight" rating in a research note on Friday. TD Cowen raised their price objective on shares of Blackstone from $133.00 to $145.00 and gave the stock a "buy" rating in a research note on Friday. The Goldman Sachs Group increased their price target on Blackstone from $114.00 to $127.00 and gave the stock a "neutral" rating in a report on Friday. Finally, HSBC reiterated a "hold" rating and issued a $135.00 target price on shares of Blackstone in a research note on Monday, July 20th. Thirteen analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $147.76.

Hedge Funds Weigh In On Blackstone

Hedge funds and other institutional investors have recently made changes to their positions in the company. Trust Asset Management LLC lifted its position in shares of Blackstone by 3.4% in the 2nd quarter. Trust Asset Management LLC now owns 8,297 shares of the asset manager's stock worth $976,000 after purchasing an additional 273 shares during the period. Tema ETFs LLC boosted its position in Blackstone by 6.9% during the 2nd quarter. Tema ETFs LLC now owns 14,855 shares of the asset manager's stock valued at $1,748,000 after acquiring an additional 957 shares in the last quarter. West Branch Capital LLC raised its position in shares of Blackstone by 26,600.0% in the 2nd quarter. West Branch Capital LLC now owns 267 shares of the asset manager's stock worth $31,000 after acquiring an additional 266 shares in the last quarter. KMG Fiduciary Partners LLC grew its stake in Blackstone by 275.0% in the second quarter. KMG Fiduciary Partners LLC now owns 19,079 shares of the asset manager's stock valued at $2,245,000 after purchasing an additional 13,991 shares during the last quarter. Finally, Redhawk Wealth Advisors Inc. boosted its holdings in shares of Blackstone by 6.9% in the 2nd quarter. Redhawk Wealth Advisors Inc. now owns 2,758 shares of the asset manager's stock valued at $325,000 after buying an additional 179 shares in the last quarter. Institutional investors own 70.00% of the company's stock.

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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