Pittenger & Anderson Inc. raised its holdings in Blackstone Inc. (NYSE:BX – Get Rating) by 36.8% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 13,630 shares of the asset manager’s stock after acquiring an additional 3,670 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Blackstone were worth $1,243,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Blackstone by 12.6% during the first quarter. Vanguard Group Inc. now owns 44,984,296 shares of the asset manager’s stock worth $5,710,306,000 after acquiring an additional 5,048,383 shares in the last quarter. BlackRock Inc. increased its stake in shares of Blackstone by 4.8% in the first quarter. BlackRock Inc. now owns 38,236,401 shares of the asset manager’s stock worth $4,853,728,000 after purchasing an additional 1,750,719 shares in the last quarter. State Street Corp increased its stake in shares of Blackstone by 6.9% in the first quarter. State Street Corp now owns 16,487,151 shares of the asset manager’s stock worth $2,092,879,000 after purchasing an additional 1,061,681 shares in the last quarter. Norges Bank purchased a new position in shares of Blackstone in the fourth quarter worth about $831,839,000. Finally, Northern Trust Corp boosted its position in shares of Blackstone by 8.6% in the first quarter. Northern Trust Corp now owns 5,041,373 shares of the asset manager’s stock valued at $639,952,000 after acquiring an additional 401,063 shares during the period. 61.87% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of research firms have recently commented on BX. Morgan Stanley cut their price objective on shares of Blackstone from $154.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday, July 19th. Piper Sandler decreased their target price on shares of Blackstone from $154.00 to $120.00 and set an “overweight” rating on the stock in a research note on Monday, July 25th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Blackstone from $147.00 to $153.00 and gave the company a “buy” rating in a research report on Friday, August 12th. The Goldman Sachs Group reduced their price objective on shares of Blackstone from $136.00 to $112.00 and set a “buy” rating on the stock in a research report on Wednesday, June 29th. Finally, StockNews.com upgraded shares of Blackstone from a “sell” rating to a “hold” rating in a report on Thursday. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Blackstone presently has an average rating of “Moderate Buy” and an average target price of $131.33.
Blackstone Stock Down 3.8 %
Blackstone (NYSE:BX – Get Rating) last released its quarterly earnings data on Thursday, July 21st. The asset manager reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.47 by $0.02. Blackstone had a return on equity of 20.80% and a net margin of 22.48%. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.46 billion. During the same quarter in the previous year, the company posted $0.82 earnings per share. The firm’s revenue for the quarter was up 96.1% compared to the same quarter last year. As a group, sell-side analysts expect that Blackstone Inc. will post 5.16 EPS for the current year.
Blackstone Cuts Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 8th. Shareholders of record on Monday, August 1st were given a dividend of $1.27 per share. The ex-dividend date of this dividend was Friday, July 29th. This represents a $5.08 dividend on an annualized basis and a yield of 5.95%. Blackstone’s payout ratio is 92.70%.
Insiders Place Their Bets
In related news, Director Joseph Baratta sold 71,223 shares of the firm’s stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $93.95, for a total value of $6,691,400.85. Following the completion of the transaction, the director now directly owns 1,141,965 shares of the company’s stock, valued at approximately $107,287,611.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, major shareholder Holdings L.P. Blackstone III sold 41,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $32.94, for a total transaction of $1,367,010.00. Following the completion of the transaction, the insider now directly owns 898,993 shares of the company’s stock, valued at $29,612,829.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph Baratta sold 71,223 shares of the company’s stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $93.95, for a total value of $6,691,400.85. Following the transaction, the director now directly owns 1,141,965 shares of the company’s stock, valued at $107,287,611.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 161,423 shares of company stock valued at $9,660,717. 1.00% of the stock is owned by company insiders.
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.
- Get a free copy of the StockNews.com research report on Blackstone (BX)
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