45,665 Shares in Blackstone Inc. $BX Bought by Coastal Bridge Advisors LLC

Coastal Bridge Advisors LLC bought a new stake in Blackstone Inc. (NYSE:BX) during the second quarter, Holdings Channel.com reports. The firm bought 45,665 shares of the asset manager’s stock, valued at approximately $5,373,000.

A number of other large investors have also modified their holdings of BX. Manning & Napier Advisors LLC bought a new stake in shares of Blackstone during the second quarter valued at approximately $8,667,000. Vanguard Personalized Indexing Management LLC increased its position in Blackstone by 9.0% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 100,951 shares of the asset manager’s stock valued at $15,561,000 after acquiring an additional 8,321 shares during the period. Matrix Private Capital Group LLC acquired a new position in Blackstone during the 1st quarter worth $1,340,000. Marble Wealth LLC bought a new position in shares of Blackstone in the fourth quarter worth $7,303,000. Finally, Bank of Nova Scotia increased its holdings in shares of Blackstone by 92.2% during the first quarter. Bank of Nova Scotia now owns 807,184 shares of the asset manager’s stock valued at $92,817,000 after purchasing an additional 387,109 shares during the period. Institutional investors and hedge funds own 70.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on BX shares. BNP Paribas Exane decreased their target price on shares of Blackstone from $126.00 to $125.00 and set a “neutral” rating for the company in a research report on Tuesday, June 30th. Zacks Research raised shares of Blackstone from a “strong sell” rating to a “hold” rating in a research note on Monday, June 8th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Blackstone in a report on Monday, June 8th. They issued a “buy” rating for the company. HSBC reissued a “hold” rating and set a $135.00 target price on shares of Blackstone in a report on Monday, July 20th. Finally, Rothschild & Co Redburn decreased their price target on Blackstone from $134.00 to $130.00 and set a “neutral” rating for the company in a research note on Tuesday, June 9th. Thirteen analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, Blackstone currently has an average rating of “Moderate Buy” and an average target price of $149.43.

Blackstone Stock Performance

NYSE:BX opened at $143.62 on Friday. The company has a 50-day moving average of $130.28 and a 200-day moving average of $122.78. The firm has a market cap of $107.80 billion, a price-to-earnings ratio of 32.13, a price-to-earnings-growth ratio of 1.56 and a beta of 1.56. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.63. Blackstone Inc. has a twelve month low of $101.73 and a twelve month high of $190.09.

Blackstone (NYSE:BX) last released its earnings results on Thursday, July 23rd. The asset manager reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.18. The business had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $3.42 billion. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The business’s revenue for the quarter was up 35.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.98 EPS. Analysts forecast that Blackstone Inc. will post 5.99 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The business also recently announced 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 represents a $5.16 dividend on an annualized basis and a dividend yield of 3.6%. This is a boost from Blackstone’s previous quarterly dividend of $1.16. The ex-dividend date of this dividend was Monday, August 3rd. Blackstone’s payout ratio is presently 115.44%.

Insider Buying and Selling at Blackstone

In other Blackstone news, insider Vikrant Sawhney sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $135.55, for a total value of $4,066,500.00. Following the completion of the transaction, the insider directly owned 869,669 shares in the company, valued at $117,883,632.95. This trade represents a 3.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Holdings Iv L.P. Blackstone purchased 272,642 shares of the business’s stock in a transaction dated Friday, August 21st. The shares were purchased at an average price of $26.14 per share, for a total transaction of $7,126,861.88. Following the acquisition, the insider directly owned 8,704,419 shares of the company’s stock, valued at $227,533,512.66. This trade represents a 3.23% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders bought 1,611,822 shares of company stock valued at $42,189,294 and sold 7,562,000 shares valued at $40,331,085. 1.00% of the stock is currently owned by company insiders.

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.