Blackstone Inc. (NYSE:BX) Stock Position Raised by Parallel Advisors LLC

Parallel Advisors LLC lifted its stake in Blackstone Inc. (NYSE:BX) by 12.0% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 24,653 shares of the asset manager’s stock after purchasing an additional 2,640 shares during the quarter. Parallel Advisors LLC’s holdings in Blackstone were worth $3,052,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Blackstone by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 64,262,972 shares of the asset manager’s stock valued at $8,442,227,000 after acquiring an additional 1,290,324 shares in the last quarter. Capital World Investors grew its holdings in shares of Blackstone by 7.5% during the first quarter. Capital World Investors now owns 36,285,872 shares of the asset manager’s stock valued at $4,766,875,000 after buying an additional 2,546,886 shares in the last quarter. Norges Bank purchased a new stake in Blackstone in the 4th quarter worth about $708,859,000. Janus Henderson Group PLC grew its stake in Blackstone by 0.5% during the 1st quarter. Janus Henderson Group PLC now owns 4,670,645 shares of the asset manager’s stock valued at $613,581,000 after acquiring an additional 21,450 shares in the last quarter. Finally, Lone Pine Capital LLC purchased a new stake in shares of Blackstone in the fourth quarter worth approximately $290,514,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Insider Buying and Selling at Blackstone

In related news, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $123.00, for a total value of $14,323,104.00. Following the sale, the director now owns 921,184 shares of the company’s stock, valued at approximately $113,305,632. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Blackstone news, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total value of $4,610,900.00. Following the transaction, the insider now owns 429,386 shares of the company’s stock, valued at $56,567,311.64. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $123.00, for a total value of $14,323,104.00. Following the completion of the transaction, the director now directly owns 921,184 shares of the company’s stock, valued at $113,305,632. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

BX has been the subject of a number of research analyst reports. Piper Sandler increased their target price on shares of Blackstone from $134.00 to $149.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Morgan Stanley boosted their target price on Blackstone from $144.00 to $164.00 and gave the company an “overweight” rating in a research note on Tuesday, July 23rd. Deutsche Bank Aktiengesellschaft lifted their price target on Blackstone from $145.00 to $146.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Bank of America raised their price objective on shares of Blackstone from $130.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Finally, Wells Fargo & Company initiated coverage on shares of Blackstone in a report on Thursday. They set an “overweight” rating and a $163.00 price target on the stock. Fourteen analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $130.78.

Blackstone Stock Performance

NYSE:BX opened at $151.19 on Friday. Blackstone Inc. has a 52-week low of $88.59 and a 52-week high of $151.87. The company has a market cap of $108.87 billion, a price-to-earnings ratio of 53.42, a PEG ratio of 1.23 and a beta of 1.51. The firm’s 50-day moving average is $136.38 and its 200-day moving average is $128.32. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.77 and a current ratio of 0.77.

Blackstone (NYSE:BX) last announced its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.03). The firm had revenue of $3.69 billion for the quarter, compared to analyst estimates of $2.58 billion. Blackstone had a return on equity of 17.43% and a net margin of 19.35%. Blackstone’s revenue for the quarter was up 166.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.93 EPS. Equities research analysts anticipate that Blackstone Inc. will post 4.57 earnings per share for the current year.

Blackstone Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 29th were given a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 2.17%. The ex-dividend date was Monday, July 29th. Blackstone’s dividend payout ratio (DPR) is presently 115.90%.

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.