Independence Bank of Kentucky raised its stake in shares of Blackstone Inc. (NYSE:BX – Free Report) by 128.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 845 shares of the asset manager’s stock after acquiring an additional 475 shares during the quarter. Independence Bank of Kentucky’s holdings in Blackstone were worth $79,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in BX. Tower Bridge Advisors raised its position in shares of Blackstone by 12.0% in the 1st quarter. Tower Bridge Advisors now owns 17,324 shares of the asset manager’s stock valued at $1,522,000 after purchasing an additional 1,850 shares during the last quarter. Advisor OS LLC boosted its position in Blackstone by 7.0% in the first quarter. Advisor OS LLC now owns 8,666 shares of the asset manager’s stock valued at $761,000 after buying an additional 568 shares during the last quarter. Altfest L J & Co. Inc. acquired a new position in Blackstone in the 1st quarter worth approximately $240,000. Northside Capital Management LLC purchased a new position in shares of Blackstone during the first quarter worth $202,000. Finally, O ROURKE & COMPANY Inc raised its position in Blackstone by 0.9% during the first quarter. O ROURKE & COMPANY Inc now owns 61,725 shares of the asset manager’s stock valued at $5,422,000 after acquiring an additional 569 shares in the last quarter. 63.35% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of research firms have weighed in on BX. Evercore ISI lifted their price objective on shares of Blackstone from $110.00 to $118.00 and gave the company an “outperform” rating in a report on Friday, July 21st. UBS Group boosted their target price on shares of Blackstone from $102.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, July 19th. Piper Sandler boosted their price objective on Blackstone from $107.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, July 21st. JPMorgan Chase & Co. downgraded shares of Blackstone from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $102.00 to $111.00 in a report on Friday, July 21st. Finally, Wells Fargo & Company lifted their price objective on Blackstone from $104.00 to $118.00 and gave the company an “overweight” rating in a research note on Friday, July 21st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Blackstone currently has an average rating of “Moderate Buy” and an average price target of $110.97.
Blackstone Stock Up 0.9 %
Shares of Blackstone stock opened at $113.76 on Friday. The company has a market cap of $80.74 billion, a P/E ratio of 68.95, a PEG ratio of 2.05 and a beta of 1.49. Blackstone Inc. has a one year low of $71.72 and a one year high of $115.19. The firm has a fifty day moving average of $103.35 and a two-hundred day moving average of $92.52. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.92 and a current ratio of 0.92.
Blackstone (NYSE:BX – Get Free Report) last posted its quarterly earnings results on Thursday, July 20th. The asset manager reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.01. Blackstone had a return on equity of 16.99% and a net margin of 17.92%. The firm had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the previous year, the business earned $1.49 earnings per share. The company’s revenue for the quarter was up 347.3% compared to the same quarter last year. On average, analysts forecast that Blackstone Inc. will post 4.16 earnings per share for the current year.
Blackstone Cuts Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Monday, July 31st were paid a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 2.78%. The ex-dividend date was Friday, July 28th. Blackstone’s dividend payout ratio (DPR) is 191.52%.
Insider Buying and Selling
In related 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 sale, the director now owns 30,941 shares of the company’s stock, valued at approximately $3,479,934.27. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Blackstone news, major shareholder Holdings I/Ii Gp L. Blackstone sold 14,704,603 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $7.98, for a total value of $117,342,731.94. Following the sale, the insider now directly owns 43,602 shares of the company’s stock, valued at approximately $347,943.96. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director William G. Parrett sold 3,874 shares of the stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $112.47, for a total transaction of $435,708.78. Following the transaction, the director now directly owns 30,941 shares in the company, valued at approximately $3,479,934.27. The disclosure for this sale can be found here. Insiders have sold a total of 17,402,086 shares of company stock worth $198,963,771 in the last quarter. Company insiders own 1.00% of the company’s stock.
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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