Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its stake in shares of Blackstone Inc. (NYSE:BX – Free Report) by 8.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 266,324 shares of the asset manager’s stock after buying an additional 21,561 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Blackstone were worth $24,760,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently modified their holdings of the company. AM Squared Ltd bought a new position in shares of Blackstone in the 2nd quarter worth $28,000. Riverview Trust Co raised its holdings in shares of Blackstone by 59.6% in the 2nd quarter. Riverview Trust Co now owns 367 shares of the asset manager’s stock worth $34,000 after acquiring an additional 137 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Blackstone during the 3rd quarter valued at about $42,000. Northwest Capital Management Inc bought a new stake in Blackstone during the 2nd quarter worth approximately $53,000. Finally, Pinnacle Bancorp Inc. lifted its holdings in shares of Blackstone by 218.6% in the second quarter. Pinnacle Bancorp Inc. now owns 583 shares of the asset manager’s stock valued at $54,000 after purchasing an additional 400 shares in the last quarter. Institutional investors and hedge funds own 63.35% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts have recently commented on the stock. Citigroup increased their target price on shares of Blackstone from $98.00 to $116.00 and gave the company a “buy” rating in a report on Tuesday, July 18th. BMO Capital Markets lowered their target price on Blackstone from $97.00 to $94.00 and set a “market perform” rating on the stock in a research note on Friday, October 20th. Evercore ISI lifted their price objective on Blackstone from $110.00 to $118.00 and gave the stock an “outperform” rating in a report on Friday, July 21st. JPMorgan Chase & Co. downgraded shares of Blackstone from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $102.00 to $111.00 in a research note on Friday, July 21st. Finally, Wells Fargo & Company lowered their target price on shares of Blackstone from $118.00 to $113.00 and set an “overweight” rating on the stock in a report on Friday, October 20th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $110.22.
Blackstone Price Performance
BX opened at $97.74 on Tuesday. The stock has a market capitalization of $69.45 billion, a P/E ratio of 41.07, a PEG ratio of 2.39 and a beta of 1.47. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.69. Blackstone Inc. has a 12-month low of $71.72 and a 12-month high of $116.78. The stock has a 50-day moving average price of $103.77 and a 200-day moving average price of $97.37.
Blackstone (NYSE:BX – Get Free Report) last issued its quarterly earnings results on Thursday, October 19th. The asset manager reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.07). Blackstone had a net margin of 21.29% and a return on equity of 16.76%. The business had revenue of $2.54 billion for the quarter, compared to the consensus estimate of $2.60 billion. During the same quarter in the previous year, the business earned $1.06 earnings per share. The firm’s revenue was up 140.2% on a year-over-year basis. Equities analysts predict that Blackstone Inc. will post 3.91 earnings per share for the current fiscal year.
Blackstone Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 6th. Investors of record on Monday, October 30th were paid a dividend of $0.80 per share. The ex-dividend date of this dividend was Friday, October 27th. This represents a $3.20 annualized dividend and a yield of 3.27%. This is a positive change from Blackstone’s previous quarterly dividend of $0.79. Blackstone’s payout ratio is presently 134.45%.
Insider Buying and Selling at Blackstone
In related news, Director William G. Parrett sold 3,874 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The shares were 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 in the company, valued at approximately $3,479,934.27. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Blackstone news, insider John G. Finley sold 29,900 shares of the stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $92.39, for a total value of $2,762,461.00. Following the transaction, the insider now directly owns 424,863 shares in the company, valued at $39,253,092.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William G. Parrett sold 3,874 shares of the firm’s stock in a transaction 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 in the company, valued at $3,479,934.27. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,812,942 shares of company stock worth $128,543,218. 1.00% of the stock is owned by insiders.
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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