Fifth Third Bancorp Has $32.21 Million Stake in Blackstone Inc. $BX

Fifth Third Bancorp raised its holdings in Blackstone Inc. (NYSE:BX) by 290.2% during the 1st quarter, Holdings Channel reports. The institutional investor owned 280,117 shares of the asset manager’s stock after acquiring an additional 208,337 shares during the quarter. Fifth Third Bancorp’s holdings in Blackstone were worth $32,211,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Family CFO Inc bought a new stake in Blackstone during the fourth quarter worth about $28,000. Ares Financial Consulting LLC bought a new position in Blackstone in the fourth quarter valued at approximately $28,000. Richardson Financial Services Inc. bought a new stake in shares of Blackstone during the 4th quarter worth approximately $29,000. Strive Asset Management LLC acquired a new stake in shares of Blackstone in the 3rd quarter valued at approximately $30,000. Finally, Palladiem LLC acquired a new position in Blackstone during the fourth quarter worth $31,000. Institutional investors own 70.00% of the company’s stock.

Blackstone Price Performance

NYSE:BX opened at $122.97 on Monday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.76 and a current ratio of 0.76. Blackstone Inc. has a 52 week low of $101.73 and a 52 week high of $190.09. The firm’s 50-day simple moving average is $119.72 and its 200 day simple moving average is $126.75. The firm has a market cap of $91.35 billion, a price-to-earnings ratio of 31.45, a P/E/G ratio of 1.34 and a beta of 1.58.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, April 23rd. The asset manager reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.02. The firm had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.45 billion. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.The company’s revenue was up 10.0% on a year-over-year basis. During the same quarter last year, the company earned $1.11 EPS. As a group, sell-side analysts predict that Blackstone Inc. will post 5.9 earnings per share for the current year.

Blackstone Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were given a dividend of $1.16 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $4.64 annualized dividend and a yield of 3.8%. Blackstone’s dividend payout ratio is currently 118.67%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on BX shares. TD Cowen cut their price target on shares of Blackstone from $140.00 to $133.00 and set a “buy” rating for the company in a research note on Monday, May 18th. Sanford C. Bernstein initiated coverage on shares of Blackstone in a research note on Monday, June 8th. They issued an “outperform” rating for the company. The Goldman Sachs Group reduced their price target on Blackstone from $116.00 to $114.00 and set a “neutral” rating for the company in a report on Tuesday, June 30th. Weiss Ratings lowered Blackstone from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, May 4th. Finally, Barclays decreased their target price on Blackstone from $124.00 to $119.00 and set an “equal weight” rating on the stock in a report on Thursday. Thirteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, Blackstone presently has a consensus rating of “Moderate Buy” and a consensus price target of $147.10.

Insider Activity

In other news, Director Ruth Porat acquired 355 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were acquired at an average cost of $123.04 per share, with a total value of $43,679.20. Following the completion of the purchase, the director directly owned 41,818 shares of the company’s stock, valued at $5,145,286.72. The trade was a 0.86% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $3.78, for a total value of $28,264,950.00. Following the sale, the insider owned 19,374 shares of the company’s stock, valued at $73,233.72. The trade was a 99.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders acquired 10,252,345 shares of company stock valued at $209,789,893. Company insiders own 1.00% of the company’s stock.

Blackstone News Summary

Here are the key news stories impacting Blackstone this week:

• Positive Sentiment: Citizens JMP lifted its price target on Blackstone to $165 from $190 and kept an “outperform” view, signaling confidence that the shares still have meaningful upside from current levels. Blackstone (NYSE:BX) Given New $165.00 Price Target at Citizens Jmp
• Positive Sentiment: Blackstone and TPG are reportedly seeking more than $4 billion for Hologic’s surgical unit, underscoring continued private-equity dealmaking activity and potential value creation from large asset sales or acquisitions. Blackstone, TPG seek over $4 billion for Hologic’s surgical unit, FT says
• Positive Sentiment: Reports that Barclays is preparing roughly $875 million of debt financing tied to a Blackstone takeover highlight active transaction flow that can support fees and investment returns for the firm. Market Chatter: Barclays Readies $875 Million Debt Sale for Blackstone’s Senior Takeover
• Neutral Sentiment: Barclays cut Blackstone’s price target to $119 from $124 and kept an “equal weight” rating, reflecting a more cautious near-term view even as the target remains close to the current share price. Blackstone (NYSE:BX) Price Target Lowered to $119.00 at Barclays
• Neutral Sentiment: A separate report said Apollo and Blackstone helped turn Broadcom’s and Anthropic’s AI chip financing into debt for other investors, which is notable but not directly a clear positive or negative catalyst for BX shares. Apollo and Blackstone just turned Broadcom, Anthropic’s AI chip bet into somebody else’s debt

Blackstone Profile

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.