DRW Securities LLC Takes Position in Blackstone Inc. (NYSE:BX)

DRW Securities LLC acquired a new position in shares of Blackstone Inc. (NYSE:BX) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 12,610 shares of the asset manager’s stock, valued at approximately $1,561,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Moseley Investment Management Inc. boosted its holdings in Blackstone by 0.7% during the 2nd quarter. Moseley Investment Management Inc. now owns 11,239 shares of the asset manager’s stock valued at $1,391,000 after acquiring an additional 74 shares during the period. Patrick M Sweeney & Associates Inc. grew its holdings in shares of Blackstone by 0.6% in the second quarter. Patrick M Sweeney & Associates Inc. now owns 13,840 shares of the asset manager’s stock worth $1,713,000 after purchasing an additional 80 shares during the last quarter. Signaturefd LLC lifted its holdings in Blackstone by 0.6% during the 2nd quarter. Signaturefd LLC now owns 13,615 shares of the asset manager’s stock valued at $1,686,000 after buying an additional 80 shares in the last quarter. WR Wealth Planners LLC boosted its position in Blackstone by 23.7% in the 2nd quarter. WR Wealth Planners LLC now owns 439 shares of the asset manager’s stock valued at $54,000 after buying an additional 84 shares during the period. Finally, Beaumont Asset Management L.L.C. increased its position in shares of Blackstone by 1.3% during the second quarter. Beaumont Asset Management L.L.C. now owns 6,672 shares of the asset manager’s stock worth $826,000 after acquiring an additional 84 shares during the period. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Insider Activity

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

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Morgan Stanley increased their price objective on Blackstone from $144.00 to $164.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 23rd. Bank of America raised their price target on Blackstone from $130.00 to $145.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Piper Sandler increased their target price on shares of Blackstone from $134.00 to $149.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Redburn Atlantic assumed coverage on shares of Blackstone in a research report on Tuesday, August 27th. They issued a “neutral” rating and a $134.00 price target for the company. Finally, Wells Fargo & Company started coverage on shares of Blackstone in a research note on Thursday, September 12th. They issued an “overweight” rating and a $163.00 price objective for the company. Fourteen research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $130.78.

Blackstone Stock Down 1.0 %

Blackstone stock opened at $158.12 on Monday. The firm has a market cap of $113.00 billion, a price-to-earnings ratio of 55.87, a price-to-earnings-growth ratio of 1.23 and a beta of 1.51. Blackstone Inc. has a 52 week low of $88.59 and a 52 week high of $161.25. The business’s 50-day moving average price is $139.58 and its 200 day moving average price is $129.41. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.60.

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

Blackstone Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 29th were given a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date was Monday, July 29th. Blackstone’s dividend payout ratio (DPR) is presently 115.90%.

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.