GAMMA Investing LLC raised its stake in Blackstone Inc. (NYSE:BX – Free Report) by 16.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,318 shares of the asset manager’s stock after buying an additional 737 shares during the quarter. GAMMA Investing LLC’s holdings in Blackstone were worth $658,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in the stock. Northwest Financial Advisors purchased a new position in shares of Blackstone in the 4th quarter valued at about $25,000. Chilton Capital Management LLC purchased a new stake in shares of Blackstone in the first quarter worth about $26,000. Bourgeon Capital Management LLC boosted its position in shares of Blackstone by 86.2% in the fourth quarter. Bourgeon Capital Management LLC now owns 216 shares of the asset manager’s stock worth $28,000 after buying an additional 100 shares during the period. Roble Belko & Company Inc purchased a new stake in shares of Blackstone in the fourth quarter worth about $30,000. Finally, Advantage Trust Co purchased a new position in Blackstone in the fourth quarter valued at about $30,000. 70.00% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, Director Joseph Baratta sold 116,448 shares of the company’s 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 completion of the transaction, the director now directly owns 921,184 shares of the company’s stock, valued at approximately $113,305,632. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 1.00% of the company’s stock.
Blackstone Price Performance
Blackstone (NYSE:BX – Get Free Report) last posted its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.03). Blackstone had a return on equity of 17.43% and a net margin of 19.35%. The company had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter last year, the firm earned $0.93 EPS. The business’s revenue for the quarter was up 166.9% on a year-over-year basis. As a group, analysts anticipate that Blackstone Inc. will post 4.58 EPS for the current year.
Blackstone Cuts Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, August 5th. Stockholders of record on Monday, July 29th will be issued a $0.82 dividend. This represents a $3.28 annualized dividend and a dividend yield of 2.53%. The ex-dividend date of this dividend is Monday, July 29th. Blackstone’s dividend payout ratio (DPR) is 115.90%.
Wall Street Analyst Weigh In
A number of analysts have recently weighed in on the company. Piper Sandler increased their price target on Blackstone from $134.00 to $149.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. UBS Group raised their target price on Blackstone from $135.00 to $138.00 and gave the stock a “neutral” rating in a research report on Friday, April 12th. JPMorgan Chase & Co. cut their price objective on Blackstone from $105.00 to $100.00 and set a “neutral” rating for the company in a report on Friday, April 19th. JMP Securities reiterated a “market perform” rating on shares of Blackstone in a report on Tuesday, April 9th. Finally, TD Cowen raised their target price on Blackstone from $114.00 to $120.00 and gave the company a “hold” rating in a report on Friday, July 19th. Thirteen equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $127.56.
View Our Latest Stock Report on Blackstone
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.
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