Insider Selling: Blackstone (NYSE:BX) Major Shareholder Sells $11,077,261.44 in Stock

Key Points

• Blackstone major shareholder Bx Buzz Ml-1 Gp LLC sold 3.77 million shares for approximately $11.08 million, reducing its position by 99.57% to 16,120 shares.
• Blackstone reported strong quarterly results, with adjusted EPS of $1.52 beating estimates and revenue rising 35.9% year over year to $5.04 billion.
• The company increased its quarterly dividend to $1.29, equivalent to a $5.16 annualized payout and a 4.6% yield; analysts maintain a “Moderate Buy” consensus with a $148.71 target price.

Blackstone Inc. (NYSE:BX - Get Free Report) major shareholder Bx Buzz Ml-1 Gp Llc sold 3,767,776 shares of the business's stock in a transaction dated Monday, September 28th. The shares were sold at an average price of $2.94, for a total value of $11,077,261.44. Following the completion of the transaction, the insider directly owned 16,120 shares of the company's stock, valued at approximately $47,392.80. This trade represents a 99.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own at least 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Blackstone Price Performance

BX stock traded down $1.67 during mid-day trading on Wednesday, hitting $112.33. The stock had a trading volume of 5,718,211 shares, compared to its average volume of 6,116,132. The firm has a fifty day simple moving average of $133.42 and a 200 day simple moving average of $124.03. The firm has a market capitalization of $84.31 billion, a P/E ratio of 25.13, a P/E/G ratio of 1.29 and a beta of 1.56. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.63. Blackstone Inc. has a 52 week low of $101.73 and a 52 week high of $170.45.

Blackstone (NYSE:BX - Get Free Report) last announced 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. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The business had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $3.42 billion. During the same period in the previous year, the business earned $0.98 earnings per share. The company's revenue was up 35.9% on a year-over-year basis. As a group, research analysts forecast that Blackstone Inc. will post 5.98 EPS for the current year.

Blackstone Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Monday, August 3rd were paid a $1.29 dividend. This represents a $5.16 annualized dividend and a yield of 4.6%. 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 payout ratio is 115.44%.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Sanford C. Bernstein initiated coverage on shares of Blackstone in a report on Monday, June 8th. They issued an "outperform" rating for the company. Weiss Ratings upgraded shares of Blackstone from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, July 24th. BNP Paribas Exane cut their target price on shares of Blackstone from $126.00 to $125.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 30th. Rothschild & Co Redburn lowered their price target on shares of Blackstone from $134.00 to $130.00 and set a "neutral" rating for the company in a report on Tuesday, June 9th. Finally, The Goldman Sachs Group raised their price objective on Blackstone from $114.00 to $127.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Thirteen research 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, the company has an average rating of "Moderate Buy" and a consensus target price of $148.71.

Institutional Investors Weigh In On Blackstone

A number of institutional investors have recently added to or reduced their stakes in the business. SlateStone Wealth LLC lifted its holdings in shares of Blackstone by 1.9% during the fourth quarter. SlateStone Wealth LLC now owns 3,997 shares of the asset manager's stock worth $616,000 after purchasing an additional 75 shares during the period. Founders Financial Securities LLC raised its position in Blackstone by 4.1% during the 4th quarter. Founders Financial Securities LLC now owns 1,928 shares of the asset manager's stock worth $297,000 after purchasing an additional 76 shares during the last quarter. Hudock Inc. lifted its holdings in Blackstone by 0.3% during the 2nd quarter. Hudock Inc. now owns 22,369 shares of the asset manager's stock worth $2,632,000 after buying an additional 77 shares during the period. GHP Investment Advisors Inc. grew its position in shares of Blackstone by 4.4% in the 1st quarter. GHP Investment Advisors Inc. now owns 1,888 shares of the asset manager's stock valued at $217,000 after buying an additional 79 shares during the last quarter. Finally, Prentice Wealth Management LLC increased its stake in shares of Blackstone by 1.3% in the first quarter. Prentice Wealth Management LLC now owns 6,256 shares of the asset manager's stock valued at $719,000 after buying an additional 80 shares during the period. 70.00% of the stock is owned by institutional investors.

Blackstone Company Profile

Blackstone Inc is a global alternative asset management firm that provides investment solutions to institutional investors, companies, financial advisers and individual investors. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson, the company has developed a broad platform spanning private markets and other alternative investments.

Blackstone's businesses include private equity, real estate, credit and insurance, infrastructure, secondaries and hedge fund solutions. Its investment activities may involve acquiring and managing companies, commercial and residential properties, infrastructure assets, private credit and other investments on behalf of its clients.

The firm serves clients and invests across North America, Europe, Asia-Pacific and other international markets.

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