Hutchinson Capital Management CA Makes New Investment in Blackstone Inc. (NYSE:BX)

Hutchinson Capital Management CA bought a new position in Blackstone Inc. (NYSE:BX) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,013 shares of the asset manager’s stock, valued at approximately $249,000.

Other institutional investors have also recently made changes to their positions in the company. Chilton Capital Management LLC bought a new position in shares of Blackstone in the first quarter worth about $26,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Blackstone in the second quarter worth about $26,000. EdgeRock Capital LLC bought a new stake in Blackstone during the 2nd quarter valued at approximately $27,000. Bank & Trust Co bought a new stake in Blackstone during the 2nd quarter valued at approximately $29,000. Finally, Scarborough Advisors LLC bought a new stake in Blackstone during the 4th quarter valued at approximately $32,000. Institutional investors own 70.00% of the company’s stock.

Blackstone Price Performance

Shares of Blackstone stock opened at $139.77 on Tuesday. The stock has a market cap of $100.65 billion, a price-to-earnings ratio of 49.39, a price-to-earnings-growth ratio of 1.18 and a beta of 1.51. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.77 and a current ratio of 0.77. The stock has a 50 day moving average price of $134.57 and a 200-day moving average price of $127.78. Blackstone Inc. has a one year low of $88.59 and a one year high of $145.16.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.03). Blackstone had a net margin of 19.35% and a return on equity of 17.43%. The business had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $2.58 billion. During the same quarter in the previous year, the firm earned $0.93 EPS. Blackstone’s revenue was up 166.9% compared to the same quarter last year. Equities analysts expect that Blackstone Inc. will post 4.57 EPS for the current year.

Blackstone Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 29th were issued a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date was Monday, July 29th. Blackstone’s payout ratio is currently 115.90%.

Analyst Ratings Changes

BX has been the topic of several recent analyst reports. Redburn Atlantic initiated coverage on Blackstone in a research note on Tuesday, August 27th. They set a “neutral” rating and a $134.00 target price on the stock. Deutsche Bank Aktiengesellschaft lifted their target price on Blackstone from $145.00 to $146.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. TD Cowen lifted their target price on Blackstone from $114.00 to $120.00 and gave the company a “hold” rating in a research note on Friday, July 19th. Piper Sandler raised their price target on Blackstone from $134.00 to $149.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Finally, Bank of America raised their price target on Blackstone from $130.00 to $145.00 and gave the company a “buy” rating in a report on Friday, July 19th. Fourteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $128.94.

Insider Activity at Blackstone

In other Blackstone news, insider John G. Finley sold 35,000 shares of Blackstone stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the completion of the sale, the insider now directly owns 429,386 shares of the company’s stock, valued at approximately $56,567,311.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Blackstone news, insider John G. Finley sold 35,000 shares of Blackstone stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the completion of the sale, the insider now directly owns 429,386 shares of the company’s stock, valued at approximately $56,567,311.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $123.00, for a total value of $14,323,104.00. Following the sale, the director now directly owns 921,184 shares of the company’s stock, valued at $113,305,632. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.

Blackstone 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.