Hoertkorn Richard Charles raised its holdings in shares of Blackstone Inc. (NYSE:BX – Free Report) by 40.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,400 shares of the asset manager’s stock after purchasing an additional 400 shares during the quarter. Hoertkorn Richard Charles’ holdings in Blackstone were worth $130,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Ruedi Wealth Management Inc. bought a new stake in Blackstone during the 4th quarter valued at $28,000. AXS Investments LLC bought a new stake in Blackstone during the 4th quarter valued at $29,000. Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of Blackstone during the 3rd quarter valued at $42,000. Ridgewood Investments LLC acquired a new position in shares of Blackstone in the 1st quarter worth $47,000. Finally, Tanglewood Legacy Advisors LLC acquired a new stake in Blackstone during the fourth quarter valued at $48,000. Institutional investors and hedge funds own 63.35% of the company’s stock.
In related news, CAO David Payne sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $103.22, for a total transaction of $1,032,200.00. Following the transaction, the chief accounting officer now directly owns 53,281 shares of the company’s stock, valued at approximately $5,499,664.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director William G. Parrett sold 3,874 shares of the company’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $112.47, for a total value of $435,708.78. Following the completion of the transaction, the director now directly owns 30,941 shares of the company’s stock, valued at $3,479,934.27. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO David Payne sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $103.22, for a total value of $1,032,200.00. Following the completion of the transaction, the chief accounting officer now owns 53,281 shares in the company, valued at approximately $5,499,664.82. The disclosure for this sale can be found here. Insiders have sold 17,402,086 shares of company stock valued at $198,963,771 in the last ninety days. 1.00% of the stock is owned by company insiders.
Blackstone Price Performance
Blackstone (NYSE:BX – Get Free Report) last issued its quarterly earnings results on Thursday, July 20th. The asset manager reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.01. Blackstone had a return on equity of 16.99% and a net margin of 17.92%. The company had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter last year, the company posted $1.49 EPS. The company’s revenue for the quarter was up 347.3% compared to the same quarter last year. As a group, equities research analysts expect that Blackstone Inc. will post 4.16 earnings per share for the current fiscal year.
Blackstone Cuts Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, August 7th. Shareholders of record on Monday, July 31st were issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.76%. The ex-dividend date of this dividend was Friday, July 28th. Blackstone’s payout ratio is presently 191.52%.
Wall Street Analysts Forecast Growth
A number of analysts recently issued reports on BX shares. The Goldman Sachs Group lifted their price objective on Blackstone from $98.00 to $112.00 and gave the company a “buy” rating in a research report on Monday, July 24th. Barclays boosted their price objective on Blackstone from $101.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Friday, July 21st. Oppenheimer boosted their price target on Blackstone from $115.00 to $117.00 and gave the company an “outperform” rating in a research note on Friday, July 21st. Piper Sandler upped their price objective on Blackstone from $107.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, July 21st. Finally, BMO Capital Markets upped their price objective on Blackstone from $93.00 to $97.00 and gave the stock a “market perform” rating in a report on Friday, July 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Blackstone has a consensus rating of “Moderate Buy” and a consensus price target of $110.97.
Blackstone Company Profile
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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