Blackstone Inc. (NYSE:BX – Get Rating) gapped down before the market opened on Tuesday after BMO Capital Markets lowered their price target on the stock from $115.00 to $109.00. The stock had previously closed at $89.85, but opened at $87.23. Blackstone shares last traded at $87.21, with a volume of 72,341 shares changing hands.
Other equities research analysts also recently issued reports about the stock. JPMorgan Chase & Co. initiated coverage on shares of Blackstone in a report on Tuesday, October 11th. They set a “neutral” rating and a $102.00 price objective on the stock. Morgan Stanley lowered their price target on shares of Blackstone from $121.00 to $115.00 and set an “overweight” rating on the stock in a report on Wednesday, October 19th. Piper Sandler lowered their price target on shares of Blackstone from $154.00 to $120.00 and set an “overweight” rating on the stock in a report on Monday, July 25th. Barclays lowered their price target on shares of Blackstone from $120.00 to $104.00 in a report on Monday, October 10th. Finally, Bank of America reissued a “buy” rating and issued a $125.00 price target on shares of Blackstone in a report on Thursday, October 6th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $113.10.
Insider Buying and Selling at Blackstone
In other Blackstone news, major shareholder Holdings L.P. Blackstone III sold 7,200 shares of the stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $32.68, for a total transaction of $235,296.00. Following the transaction, the insider now directly owns 862,800 shares in the company, valued at $28,196,304. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider John G. Finley sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, November 11th. The shares were sold at an average price of $107.21, for a total value of $5,360,500.00. Following the transaction, the insider now owns 355,698 shares in the company, valued at $38,134,382.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Holdings L.P. Blackstone III sold 7,200 shares of the firm’s stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $32.68, for a total transaction of $235,296.00. Following the completion of the transaction, the insider now owns 862,800 shares in the company, valued at approximately $28,196,304. The disclosure for this sale can be found here. Insiders have sold 20,210,871 shares of company stock worth $207,282,832 over the last ninety days. Insiders own 1.00% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the company. Colony Group LLC raised its stake in Blackstone by 0.7% in the second quarter. Colony Group LLC now owns 14,333 shares of the asset manager’s stock valued at $1,308,000 after buying an additional 95 shares during the last quarter. SlateStone Wealth LLC raised its stake in Blackstone by 3.1% in the second quarter. SlateStone Wealth LLC now owns 3,300 shares of the asset manager’s stock valued at $301,000 after buying an additional 100 shares during the last quarter. Davis R M Inc. increased its holdings in shares of Blackstone by 1.8% in the second quarter. Davis R M Inc. now owns 5,769 shares of the asset manager’s stock valued at $526,000 after purchasing an additional 100 shares during the period. 1620 Investment Advisors Inc. increased its holdings in shares of Blackstone by 2.1% in the third quarter. 1620 Investment Advisors Inc. now owns 4,799 shares of the asset manager’s stock valued at $402,000 after purchasing an additional 100 shares during the period. Finally, Capital Analysts LLC increased its holdings in shares of Blackstone by 11.7% in the second quarter. Capital Analysts LLC now owns 966 shares of the asset manager’s stock valued at $88,000 after purchasing an additional 101 shares during the period. Institutional investors own 61.87% of the company’s stock.
Blackstone Stock Down 2.9 %
The business has a fifty day moving average price of $90.29 and a two-hundred day moving average price of $97.46. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market capitalization of $61.20 billion, a price-to-earnings ratio of 25.38, a price-to-earnings-growth ratio of 2.22 and a beta of 1.44.
Blackstone (NYSE:BX – Get Rating) last announced its quarterly earnings data on Thursday, October 20th. The asset manager reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.09. The business had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.52 billion. Blackstone had a return on equity of 20.75% and a net margin of 20.58%. The company’s revenue was down 14.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.28 earnings per share. On average, equities analysts expect that Blackstone Inc. will post 5.15 earnings per share for the current year.
Blackstone Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, November 7th. Stockholders of record on Monday, October 31st were issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 4.13%. The ex-dividend date of this dividend was Friday, October 28th. Blackstone’s dividend payout ratio is presently 101.70%.
About Blackstone
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.