135,000 Shares in Blackstone Inc. $BX Acquired by Generate Investment Management Ltd

Generate Investment Management Ltd acquired a new position in Blackstone Inc. (NYSE:BX) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 135,000 shares of the asset manager’s stock, valued at approximately $15,132,000.

Other hedge funds have also bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Blackstone in the second quarter valued at $6,112,162,000. Bank of America Corp DE bought a new position in Blackstone in the 2nd quarter worth about $1,364,373,000. Legal & General Group Plc bought a new position in Blackstone in the 2nd quarter worth about $605,267,000. Bank of New York Mellon Corp grew its holdings in Blackstone by 8.0% during the 1st quarter. Bank of New York Mellon Corp now owns 4,520,908 shares of the asset manager’s stock valued at $519,859,000 after buying an additional 333,798 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Blackstone by 1.2% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,353,274 shares of the asset manager’s stock valued at $512,250,000 after buying an additional 52,755 shares during the period. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Blackstone Price Performance

Shares of NYSE BX traded down $3.35 during midday trading on Wednesday, hitting $106.62. 3,261,761 shares of the company’s stock were exchanged, compared to its average volume of 6,041,228. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.63. The business’s fifty day moving average price is $129.90 and its two-hundred day moving average price is $124.27. The company has a market cap of $80.03 billion, a price-to-earnings ratio of 23.88, a PEG ratio of 1.37 and a beta of 1.59. Blackstone Inc. has a 12-month low of $101.73 and a 12-month high of $166.39.

Blackstone (NYSE:BX) last announced its earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.18. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The business had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $3.42 billion. During the same period last year, the firm posted $0.98 earnings per share. Blackstone’s quarterly revenue was up 35.9% on a year-over-year basis. As a group, research analysts forecast that Blackstone Inc. will post 5.94 EPS for the current fiscal year.

Blackstone Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Monday, August 3rd were given a dividend of $1.29 per share. This is a boost from Blackstone’s previous quarterly dividend of $1.16. The ex-dividend date was Monday, August 3rd. This represents a $5.16 annualized dividend and a dividend yield of 4.8%. Blackstone’s dividend payout ratio is currently 115.44%.

Insider Activity at Blackstone

In other Blackstone news, major shareholder Private Multi-Asset Blackstone bought 573,614 shares of the firm’s stock in a transaction that occurred on Thursday, July 23rd. The shares were bought at an average price of $26.15 per share, for a total transaction of $15,000,006.10. Following the transaction, the insider directly owned 8,455,758 shares in the company, valued at $221,118,071.70. This trade represents a 7.28% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Holdings I. L.P. Blackstone sold 124,600 shares of the company’s stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $16.40, for a total transaction of $2,043,440.00. The SEC filing for this sale provides additional information. In the last quarter, insiders bought 1,038,406 shares of company stock worth $27,205,951 and sold 4,077,276 shares worth $37,573,644. 1.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BX. Argus increased their price target on shares of Blackstone from $146.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. JPMorgan Chase & Co. reduced their price objective on shares of Blackstone from $136.00 to $132.00 and set a “neutral” rating for the company in a research note on Thursday, July 16th. Citizens Jmp decreased their target price on shares of Blackstone from $190.00 to $165.00 and set a “market outperform” rating on the stock in a report on Thursday, July 9th. TD Cowen cut their price target on shares of Blackstone from $154.00 to $144.00 and set a “buy” rating for the company in a report on Monday. Finally, HSBC restated a “hold” rating and set a $135.00 price target on shares of Blackstone in a research report on Monday, July 20th. Thirteen analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $144.65.

Blackstone Company Profile

Blackstone Inc is a global alternative asset management firm that provides investment solutions to institutional investors, companies, financial advisers and individual investors. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson, the company has developed a broad platform spanning private markets and other alternative investments.

Blackstone’s businesses include private equity, real estate, credit and insurance, infrastructure, secondaries and hedge fund solutions. Its investment activities may involve acquiring and managing companies, commercial and residential properties, infrastructure assets, private credit and other investments on behalf of its clients.

The firm serves clients and invests across North America, Europe, Asia-Pacific and other international markets.