6,560 Shares in Blackstone Inc. $BX Purchased by Pin Oak Investment Advisors Inc.

Pin Oak Investment Advisors Inc. bought a new position in Blackstone Inc. (NYSE:BX) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 6,560 shares of the asset manager’s stock, valued at approximately $772,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Blackstone in the second quarter valued at $6,112,162,000. Bank of America Corp DE purchased a new stake in Blackstone in the 2nd quarter worth about $1,364,373,000. Norges Bank acquired a new stake in Blackstone during the 4th quarter worth about $1,275,747,000. Legal & General Group Plc acquired a new position in shares of Blackstone in the 2nd quarter valued at about $605,267,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Blackstone in the second quarter worth approximately $514,736,000. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BX has been the topic of several research reports. Argus upped their price objective on shares of Blackstone from $146.00 to $150.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Citizens Jmp dropped their price target on shares of Blackstone from $190.00 to $165.00 and set a “market outperform” rating on the stock in a research note on Thursday, July 9th. Jefferies Financial Group lifted their price objective on Blackstone from $143.00 to $152.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Dbs Bank raised Blackstone to a “moderate buy” rating in a research report on Wednesday, May 27th. Finally, The Goldman Sachs Group lifted their price target on Blackstone from $114.00 to $127.00 and gave the company a “neutral” rating in a report on Friday, July 24th. Thirteen equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $149.43.

Blackstone Trading Down 0.7%

Shares of NYSE:BX opened at $142.63 on Friday. Blackstone Inc. has a 1 year low of $101.73 and a 1 year high of $190.09. The firm has a fifty day moving average price of $130.65 and a 200 day moving average price of $122.92. 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 stock has a market capitalization of $107.06 billion, a PE ratio of 31.91, a P/E/G ratio of 1.57 and a beta of 1.56.

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

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Monday, August 3rd were given a dividend of $1.29 per share. The ex-dividend date of this dividend was Monday, August 3rd. This is an increase from Blackstone’s previous quarterly dividend of $1.16. This represents a $5.16 dividend on an annualized basis and a yield of 3.6%. Blackstone’s dividend payout ratio (DPR) is currently 115.44%.

Insider Activity at Blackstone

In related news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of Blackstone stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $3.78, for a total value of $28,264,950.00. Following the transaction, the insider owned 19,374 shares in the company, valued at $73,233.72. This trade represents a 99.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Vikrant Sawhney sold 30,000 shares of the company’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $135.55, for a total transaction of $4,066,500.00. Following the sale, the insider owned 869,669 shares of the company’s stock, valued at $117,883,632.95. This trade represents a 3.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have acquired 1,611,822 shares of company stock valued at $42,189,294 and have sold 7,562,000 shares valued at $40,331,085. 1.00% of the stock is currently owned by company insiders.

Blackstone Company 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.