Fred Alger Management LLC increased its stake in shares of Blackstone Inc. (NYSE:BX - Free Report) by 22.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 255,884 shares of the asset manager's stock after acquiring an additional 46,550 shares during the quarter. Fred Alger Management LLC's holdings in Blackstone were worth $44,120,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in BX. Bangor Savings Bank increased its holdings in Blackstone by 187.5% during the fourth quarter. Bangor Savings Bank now owns 161 shares of the asset manager's stock worth $28,000 after buying an additional 105 shares during the last quarter. Hager Investment Management Services LLC purchased a new stake in Blackstone during the fourth quarter worth about $28,000. Centricity Wealth Management LLC purchased a new stake in Blackstone during the fourth quarter worth about $30,000. Murphy & Mullick Capital Management Corp purchased a new stake in Blackstone during the fourth quarter worth about $33,000. Finally, Berbice Capital Management LLC purchased a new position in shares of Blackstone in the fourth quarter worth about $34,000. 70.00% of the stock is owned by institutional investors.
Analyst Ratings Changes
Several research analysts recently commented on the stock. Morgan Stanley decreased their target price on shares of Blackstone from $222.00 to $150.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. Cowen reiterated a "buy" rating on shares of Blackstone in a research note on Monday, April 21st. Wells Fargo & Company lowered their target price on shares of Blackstone from $160.00 to $139.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. Citigroup lowered their target price on shares of Blackstone from $190.00 to $137.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods cut their target price on shares of Blackstone from $141.00 to $139.00 and set a "market perform" rating for the company in a report on Tuesday, April 22nd. Ten investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Blackstone has a consensus rating of "Hold" and a consensus price target of $154.82.
Check Out Our Latest Stock Analysis on BX
Insider Buying and Selling at Blackstone
In related news, insider John G. Finley sold 25,000 shares of the stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $138.47, for a total transaction of $3,461,750.00. Following the completion of the sale, the insider now directly owns 475,336 shares of the company's stock, valued at $65,819,775.92. This represents a 5.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ruth Porat purchased 301 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The stock was bought at an average cost of $164.85 per share, for a total transaction of $49,619.85. Following the purchase, the director now directly owns 36,829 shares in the company, valued at $6,071,260.65. This represents a 0.82% increase in their position. The disclosure for this purchase can be found here. Insiders bought 1,660,538 shares of company stock valued at $24,981,930 in the last ninety days. Company insiders own 1.00% of the company's stock.
Blackstone Trading Up 0.6%
Shares of BX traded up $0.94 during mid-day trading on Tuesday, reaching $149.94. The company had a trading volume of 2,287,890 shares, compared to its average volume of 3,771,177. The stock has a market cap of $109.40 billion, a price-to-earnings ratio of 41.31, a price-to-earnings-growth ratio of 1.07 and a beta of 1.67. The firm has a fifty day simple moving average of $136.80 and a 200-day simple moving average of $162.05. Blackstone Inc. has a fifty-two week low of $115.66 and a fifty-two week high of $200.96. The company has a current ratio of 0.67, a quick ratio of 0.71 and a debt-to-equity ratio of 0.61.
Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings results on Thursday, April 17th. The asset manager reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.22 by ($0.13). The firm had revenue of $2.76 billion for the quarter, compared to analysts' expectations of $2.95 billion. Blackstone had a return on equity of 19.58% and a net margin of 20.99%. During the same period last year, the firm earned $0.98 EPS. On average, sell-side analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current fiscal year.
Blackstone Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Monday, April 28th were paid a dividend of $0.93 per share. This represents a $3.72 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend was Monday, April 28th. Blackstone's payout ratio is 112.05%.
Blackstone Profile
(
Free Report)
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.
Featured Stories
Before you consider Blackstone, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Blackstone wasn't on the list.
While Blackstone currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Enter your email address and we'll send you MarketBeat's guide to investing in 5G and which 5G stocks show the most promise.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
