Resources Management Corp CT ADV Acquires 201 Shares of Blackstone Inc. $BX

Resources Management Corp CT ADV grew its holdings in Blackstone Inc. (NYSE:BX) by 0.6% in the first quarter, HoldingsChannel reports. The fund owned 34,892 shares of the asset manager’s stock after buying an additional 201 shares during the period. Resources Management Corp CT ADV’s holdings in Blackstone were worth $4,877,000 as of its most recent filing with the SEC.

Other institutional investors have also recently modified their holdings of the company. 1248 Management LLC bought a new stake in shares of Blackstone during the 1st quarter valued at $25,000. von Borstel & Associates Inc. bought a new stake in shares of Blackstone during the 1st quarter valued at $28,000. Wealth Preservation Advisors LLC bought a new stake in shares of Blackstone during the 1st quarter valued at $28,000. Putney Financial Group LLC bought a new stake in shares of Blackstone during the 4th quarter valued at $34,000. Finally, Bernard Wealth Management Corp. bought a new stake in shares of Blackstone during the 4th quarter valued at $34,000. 70.00% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CAO David Payne sold 9,400 shares of the stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $169.97, for a total value of $1,597,718.00. Following the completion of the sale, the chief accounting officer owned 54,488 shares of the company’s stock, valued at approximately $9,261,325.36. This represents a 14.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Joseph Baratta sold 100,000 shares of the stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $167.36, for a total value of $16,736,000.00. Following the completion of the sale, the director directly owned 808,757 shares of the company’s stock, valued at approximately $135,353,571.52. The trade was a 11.00% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 1,189,806 shares of company stock valued at $30,046,627 and have sold 16,850,134 shares valued at $131,641,986. Corporate insiders own 1.00% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on BX. Deutsche Bank Aktiengesellschaft upped their target price on Blackstone from $170.00 to $192.00 and gave the company a “buy” rating in a research report on Friday, July 25th. Citigroup restated a “market perform” rating on shares of Blackstone in a research report on Saturday, July 19th. The Goldman Sachs Group restated a “neutral” rating on shares of Blackstone in a research report on Friday, July 25th. Barclays upped their price objective on Blackstone from $168.00 to $181.00 and gave the stock an “equal weight” rating in a research report on Friday, July 25th. Finally, Evercore ISI upped their price objective on Blackstone from $165.00 to $197.00 and gave the stock an “outperform” rating in a research report on Friday, July 25th. Nine analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, Blackstone currently has a consensus rating of “Moderate Buy” and an average target price of $172.38.

Blackstone Price Performance

Shares of BX opened at $169.94 on Friday. Blackstone Inc. has a 12-month low of $115.66 and a 12-month high of $200.96. The business has a 50-day simple moving average of $167.56 and a two-hundred day simple moving average of $149.88. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61. The stock has a market cap of $125.26 billion, a PE ratio of 45.68, a PEG ratio of 1.38 and a beta of 1.77.

Blackstone (NYSE:BX) last issued its earnings results on Thursday, July 24th. The asset manager reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.11. Blackstone had a return on equity of 20.47% and a net margin of 20.83%.The business had revenue of $3.07 billion during the quarter, compared to analysts’ expectations of $2.77 billion. During the same quarter in the prior year, the firm earned $0.98 EPS. The business’s revenue for the quarter was up 32.7% compared to the same quarter last year. Analysts anticipate that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 11th. Stockholders of record on Monday, August 4th were paid a $1.03 dividend. The ex-dividend date of this dividend was Monday, August 4th. This is a positive change from Blackstone’s previous quarterly dividend of $0.93. This represents a $4.12 annualized dividend and a dividend yield of 2.4%. Blackstone’s payout ratio is currently 110.75%.

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.