Blackstone Inc. $BX Stock Purchased by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. grew its stake in shares of Blackstone Inc. (NYSE:BX) by 18.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 190,082 shares of the asset manager’s stock after acquiring an additional 29,333 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Blackstone were worth $21,306,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of BX. Park Avenue Securities LLC boosted its stake in Blackstone by 9.9% in the 3rd quarter. Park Avenue Securities LLC now owns 21,768 shares of the asset manager’s stock worth $2,440,000 after purchasing an additional 1,955 shares in the last quarter. Verdence Capital Advisors LLC increased its stake in Blackstone by 37.5% during the 3rd quarter. Verdence Capital Advisors LLC now owns 91,760 shares of the asset manager’s stock valued at $10,285,000 after purchasing an additional 25,047 shares in the last quarter. Patton Albertson Miller Group LLC bought a new stake in Blackstone during the 3rd quarter valued at about $781,000. Leo Wealth LLC purchased a new position in Blackstone in the third quarter worth about $572,000. Finally, Hedeker Wealth LLC lifted its stake in shares of Blackstone by 13.3% in the third quarter. Hedeker Wealth LLC now owns 67,197 shares of the asset manager’s stock worth $7,532,000 after buying an additional 7,913 shares in the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Insider Activity

In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 3,767,776 shares of the stock in a transaction that occurred on Monday, September 28th. The shares were sold at an average price of $2.94, for a total value of $11,077,261.44. Following the transaction, the insider owned 16,120 shares in the company, valued at $47,392.80. This represents a 99.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph Baratta sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $123.80, for a total transaction of $12,380,000.00. Following the completion of the transaction, the director directly owned 771,599 shares in the company, valued at approximately $95,523,956.20. The trade was a 11.47% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have bought 464,792 shares of company stock worth $12,205,945 and have sold 4,077,276 shares worth $37,573,644. 1.00% of the stock is owned by company insiders.

Blackstone Price Performance

NYSE BX opened at $118.85 on Tuesday. The business’s fifty day moving average price is $125.07 and its 200-day moving average price is $125.43. The stock has a market capitalization of $89.21 billion, a price-to-earnings ratio of 26.41, a PEG ratio of 1.46 and a beta of 1.59. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.71 and a quick ratio of 0.72. Blackstone Inc. has a 1-year low of $101.73 and a 1-year high of $165.14.

Blackstone (NYSE:BX) last issued its quarterly earnings data on Thursday, October 22nd. The asset manager reported $1.32 EPS for the quarter, topping the consensus estimate of $1.26 by $0.06. The company had revenue of $3.06 billion during the quarter, compared to analyst estimates of $3.27 billion. Blackstone had a return on equity of 23.16% and a net margin of 22.11%. Blackstone’s revenue was down .8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.80 earnings per share. On average, equities analysts predict that Blackstone Inc. will post 5.85 earnings per share for the current year.

Blackstone Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 9th. Shareholders of record on Monday, November 2nd will be paid a dividend of $1.12 per share. The ex-dividend date is Monday, November 2nd. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.8%. This is a decrease from Blackstone’s previous quarterly dividend of $1.29. Blackstone’s dividend payout ratio is presently 99.56%.

Analyst Ratings Changes

BX has been the topic of a number of recent analyst reports. Piper Sandler set a $126.00 price target on shares of Blackstone in a report on Friday. Citigroup restated a “market outperform” rating on shares of Blackstone in a report on Friday. Royal Bank Of Canada upped their price objective on Blackstone from $161.00 to $169.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. Keefe, Bruyette & Woods upgraded Blackstone to a “hold” rating in a research note on Monday, July 20th. Finally, Credit Suisse Group set a $165.00 target price on Blackstone in a report on Friday. Thirteen research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $144.57.

Blackstone Company Profile

Blackstone Inc (NYSE:BX) is a global alternative asset management firm that provides investment and advisory services to institutional investors, companies, and qualified individual investors. The company manages capital across private equity, real estate, credit and insurance, infrastructure, hedge fund solutions, secondaries, and growth-oriented investments.

Blackstone invests in and manages portfolios of businesses, properties, infrastructure assets, and credit instruments across a range of industries.