Evergreen Capital Management LLC Increases Stock Position in Blackstone Inc. (NYSE:BX)

Evergreen Capital Management LLC raised its position in Blackstone Inc. (NYSE:BX) by 1.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,936 shares of the asset manager’s stock after buying an additional 433 shares during the period. Evergreen Capital Management LLC’s holdings in Blackstone were worth $2,963,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Chilton Capital Management LLC purchased a new stake in Blackstone during the 1st quarter worth approximately $26,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Blackstone in the second quarter valued at $26,000. EdgeRock Capital LLC acquired a new position in Blackstone during the 2nd quarter worth $27,000. Bank & Trust Co acquired a new stake in shares of Blackstone in the 2nd quarter valued at about $29,000. Finally, Ridgewood Investments LLC acquired a new position in Blackstone in the second quarter worth about $31,000. 70.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on BX. Wells Fargo & Company began coverage on Blackstone in a research report on Thursday, September 12th. They set an “overweight” rating and a $163.00 price target on the stock. Morgan Stanley raised their price target on shares of Blackstone from $144.00 to $164.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd. Redburn Atlantic assumed coverage on shares of Blackstone in a research note on Tuesday, August 27th. They set a “neutral” rating and a $134.00 price objective on the stock. Piper Sandler upped their target price on Blackstone from $134.00 to $149.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Blackstone from $145.00 to $146.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Fourteen equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $130.78.

Insider Transactions at Blackstone

In related news, Director Joseph Baratta sold 116,448 shares of the firm’s stock in a transaction that occurred 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 sale, the director now directly owns 921,184 shares in the company, valued at $113,305,632. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Joseph Baratta sold 116,448 shares of the stock in a transaction on Wednesday, July 3rd. The stock was 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 owns 921,184 shares in the company, valued at approximately $113,305,632. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 429,386 shares in the company, valued at approximately $56,567,311.64. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

Blackstone Stock Performance

Shares of BX opened at $157.21 on Tuesday. Blackstone Inc. has a 52-week low of $88.59 and a 52-week high of $161.25. The firm has a market capitalization of $112.35 billion, a PE ratio of 55.55, a P/E/G ratio of 1.23 and a beta of 1.51. The firm has a 50-day moving average price of $140.08 and a 200 day moving average price of $129.63. 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 announced its 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 return on equity of 17.43% and a net margin of 19.35%. The firm had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same period in the previous year, the firm earned $0.93 EPS. Blackstone’s revenue for the quarter was up 166.9% on a year-over-year basis. On average, sell-side analysts anticipate that Blackstone Inc. will post 4.57 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 29th were issued a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date of this dividend was Monday, July 29th. Blackstone’s payout ratio is 115.90%.

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.