Swedbank AB purchased a new stake in Blackstone Inc. (NYSE:BX – Free Report) in the 1st quarter, HoldingsChannel reports. The fund purchased 126,723 shares of the asset manager’s stock, valued at approximately $17,713,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of BX. GAMMA Investing LLC lifted its position in shares of Blackstone by 14,608.6% in the 1st quarter. GAMMA Investing LLC now owns 1,322,598 shares of the asset manager’s stock worth $184,873,000 after purchasing an additional 1,313,606 shares during the period. Vanguard Group Inc. lifted its position in shares of Blackstone by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 67,997,581 shares of the asset manager’s stock worth $9,504,702,000 after purchasing an additional 1,102,949 shares during the period. Nuveen LLC acquired a new position in shares of Blackstone in the 1st quarter worth approximately $151,524,000. Amundi increased its stake in shares of Blackstone by 69.3% in the 1st quarter. Amundi now owns 2,421,502 shares of the asset manager’s stock valued at $323,000,000 after acquiring an additional 990,947 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Blackstone by 16.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,292,320 shares of the asset manager’s stock valued at $739,761,000 after acquiring an additional 742,829 shares in the last quarter. Institutional investors and hedge funds own 70.00% of the company’s stock.
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Insider Buying and Selling at Blackstone
In other Blackstone news, insider John G. Finley sold 21,500 shares of Blackstone stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $171.46, for a total transaction of $3,686,390.00. Following the completion of the sale, the insider directly owned 453,836 shares in the company, valued at $77,814,720.56. The trade was a 4.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ruth Porat bought 222 shares of the company’s stock in a transaction on Monday, August 11th. The shares were bought at an average price of $170.29 per share, with a total value of $37,804.38. Following the completion of the transaction, the director owned 38,753 shares of the company’s stock, valued at $6,599,248.37. The trade was a 0.58% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 1,189,806 shares of company stock valued at $30,046,627 and sold 16,871,634 shares valued at $135,328,376. Company insiders own 1.00% of the company’s stock.
Blackstone Trading Down 1.3%
Shares of Blackstone stock opened at $181.44 on Monday. Blackstone Inc. has a 12-month low of $115.66 and a 12-month high of $200.96. The company has a market cap of $133.74 billion, a price-to-earnings ratio of 48.77, a PEG ratio of 1.47 and a beta of 1.77. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.61. The company’s 50-day moving average price is $170.04 and its 200-day moving average price is $150.49.
Blackstone (NYSE:BX – Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The asset manager reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.11. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. The firm had revenue of $3.07 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same period in the prior year, the firm posted $0.98 earnings per share. The company’s revenue for the quarter was up 32.7% on a year-over-year basis. On average, equities analysts expect that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.
Blackstone Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, August 4th were given a dividend of $1.03 per share. The ex-dividend date was Monday, August 4th. This is a boost from Blackstone’s previous quarterly dividend of $0.93. This represents a $4.12 annualized dividend and a yield of 2.3%. Blackstone’s dividend payout ratio (DPR) is presently 110.75%.
Wall Street Analyst Weigh In
Several analysts have recently weighed in on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of Blackstone from $168.00 to $180.00 and gave the company a “market perform” rating in a research note on Friday, July 25th. JMP Securities boosted their price target on shares of Blackstone from $180.00 to $195.00 and gave the company a “market outperform” rating in a research note on Friday, July 25th. Dbs Bank upgraded shares of Blackstone to a “moderate buy” rating in a research note on Tuesday, August 12th. Piper Sandler lifted their target price on shares of Blackstone from $157.00 to $181.00 and gave the stock a “neutral” rating in a research report on Monday, July 28th. Finally, Wells Fargo & Company increased their price target on shares of Blackstone from $153.00 to $167.00 and gave the company an “equal weight” rating in a research report on Friday, July 11th. Nine research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $172.38.
View Our Latest Report on BX
About Blackstone
(Free Report)
Blackstone Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.
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