Pittenger & Anderson Inc. lifted its holdings in shares of Blackstone Inc. (NYSE:BX – Get Rating) by 36.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,630 shares of the asset manager’s stock after buying an additional 3,670 shares during the period. Pittenger & Anderson Inc.’s holdings in Blackstone were worth $1,243,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Adviser Investments LLC lifted its position in Blackstone by 11.5% in the second quarter. Adviser Investments LLC now owns 5,275 shares of the asset manager’s stock worth $481,000 after purchasing an additional 545 shares during the period. Zhang Financial LLC lifted its position in Blackstone by 11.9% in the second quarter. Zhang Financial LLC now owns 11,536 shares of the asset manager’s stock worth $1,053,000 after purchasing an additional 1,224 shares during the period. RB Capital Management LLC lifted its position in Blackstone by 39.6% in the second quarter. RB Capital Management LLC now owns 2,511 shares of the asset manager’s stock worth $229,000 after purchasing an additional 712 shares during the period. Peak Financial Advisors LLC lifted its position in Blackstone by 4.1% in the second quarter. Peak Financial Advisors LLC now owns 5,665 shares of the asset manager’s stock worth $517,000 after purchasing an additional 223 shares during the period. Finally, Arkadios Wealth Advisors increased its holdings in shares of Blackstone by 34.2% in the second quarter. Arkadios Wealth Advisors now owns 2,540 shares of the asset manager’s stock valued at $232,000 after buying an additional 648 shares in the last quarter. 61.87% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Blackstone
In related news, Director Joseph Baratta sold 71,223 shares of the stock in a transaction dated 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 completion of the sale, the director now owns 1,141,965 shares in the company, valued at $107,287,611.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Joseph Baratta sold 71,223 shares of the stock in a transaction dated 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 completion of the transaction, the director now owns 1,141,965 shares of the company’s stock, valued at $107,287,611.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Holdings L.P. Blackstone III sold 7,200 shares of the stock in a transaction dated 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 directly owns 862,800 shares of the company’s stock, valued at approximately $28,196,304. The disclosure for this sale can be found here. Insiders sold 161,423 shares of company stock worth $9,660,717 over the last ninety days. Company insiders own 1.00% of the company’s stock.
Blackstone Trading Down 3.8 %
Blackstone (NYSE:BX – Get Rating) last released its quarterly earnings results on Thursday, July 21st. The asset manager reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.47 by $0.02. Blackstone had a net margin of 22.48% and a return on equity of 20.80%. The company had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.46 billion. During the same period in the prior year, the company earned $0.82 earnings per share. The business’s quarterly revenue was up 96.1% compared to the same quarter last year. Analysts expect that Blackstone Inc. will post 5.16 EPS for the current fiscal year.
Blackstone Cuts Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, August 8th. Shareholders of record on Monday, August 1st were issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 5.95%. The ex-dividend date of this dividend was Friday, July 29th. Blackstone’s dividend payout ratio (DPR) is 92.70%.
Analysts Set New Price Targets
Several research firms have issued reports on BX. StockNews.com raised Blackstone from a “sell” rating to a “hold” rating in a report on Thursday. Piper Sandler cut 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. Keefe, Bruyette & Woods downgraded shares of Blackstone from an “outperform” rating to a “market perform” rating and cut their target price for the company from $127.00 to $115.00 in a research note on Wednesday, August 3rd. Wells Fargo & Company boosted their target price on shares of Blackstone to $102.00 in a research note on Friday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Blackstone from $147.00 to $153.00 and gave the company a “buy” rating in a research note on Friday, August 12th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $131.33.
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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