Blackstone Inc. (NYSE:BX) Shares Bought by Resources Management Corp CT ADV

Resources Management Corp CT ADV increased its holdings in shares of Blackstone Inc. (NYSE:BX) by 0.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 35,738 shares of the asset manager’s stock after acquiring an additional 123 shares during the quarter. Resources Management Corp CT ADV’s holdings in Blackstone were worth $4,424,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Interval Partners LP purchased a new stake in Blackstone in the 2nd quarter valued at $4,208,000. Bank of Montreal Can raised its stake in Blackstone by 8.6% during the second quarter. Bank of Montreal Can now owns 1,102,321 shares of the asset manager’s stock worth $137,272,000 after purchasing an additional 87,733 shares during the period. Evergreen Capital Management LLC raised its position in shares of Blackstone by 1.8% during the 2nd quarter. Evergreen Capital Management LLC now owns 23,936 shares of the asset manager’s stock valued at $2,963,000 after buying an additional 433 shares during the period. Public Sector Pension Investment Board boosted its stake in Blackstone by 7.0% during the second quarter. Public Sector Pension Investment Board now owns 121,134 shares of the asset manager’s stock worth $14,996,000 after buying an additional 7,927 shares during the period. Finally, Harmony Asset Management LLC lifted its holdings in shares of Blackstone by 6.9% in the 2nd quarter. Harmony Asset Management LLC now owns 9,248 shares of the asset manager’s stock worth $1,145,000 after acquiring an additional 600 shares during the last quarter. Institutional investors and hedge funds own 70.00% of the company’s stock.

Blackstone Stock Performance

Blackstone stock opened at $157.21 on Tuesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.77 and a quick ratio of 0.77. Blackstone Inc. has a 12 month low of $88.59 and a 12 month high of $161.25. The company has a market cap of $112.35 billion, a price-to-earnings ratio of 55.55, a price-to-earnings-growth ratio of 1.23 and a beta of 1.51. The stock’s 50-day moving average is $140.08 and its 200-day moving average is $129.63.

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

Blackstone Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 29th were given a dividend of $0.82 per share. The ex-dividend date was Monday, July 29th. This represents a $3.28 dividend on an annualized basis and a yield of 2.09%. Blackstone’s dividend payout ratio is currently 115.90%.

Insiders Place Their Bets

In other news, Director Joseph Baratta sold 116,448 shares of the stock in a transaction that occurred 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 in the company, valued at $113,305,632. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Joseph Baratta sold 116,448 shares of the firm’s stock in a transaction dated Wednesday, July 3rd. The stock was 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 owns 921,184 shares of the company’s stock, valued at $113,305,632. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John G. Finley sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the transaction, the insider now owns 429,386 shares of the company’s stock, valued at approximately $56,567,311.64. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on BX shares. Piper Sandler boosted their price target on shares of Blackstone from $134.00 to $149.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Barclays raised their price objective on Blackstone from $126.00 to $141.00 and gave the stock an “equal weight” rating in a report on Friday, July 19th. TD Cowen boosted 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. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Blackstone from $145.00 to $146.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Finally, Wells Fargo & Company initiated coverage on Blackstone in a research note on Thursday, September 12th. They set an “overweight” rating and a $163.00 target price for the company. Fourteen research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $130.78.

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.