Geode Capital Management LLC increased its holdings in shares of Blackstone Inc. (NYSE:BX – Get Rating) by 5.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,366,768 shares of the asset manager’s stock after purchasing an additional 406,797 shares during the period. Geode Capital Management LLC owned approximately 1.22% of Blackstone worth $1,080,985,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Morgan Stanley raised its position in shares of Blackstone by 9.0% during the second quarter. Morgan Stanley now owns 20,477,273 shares of the asset manager’s stock worth $1,989,163,000 after purchasing an additional 1,691,281 shares during the period. GQG Partners LLC raised its position in shares of Blackstone by 30.2% during the third quarter. GQG Partners LLC now owns 6,334,322 shares of the asset manager’s stock worth $736,843,000 after purchasing an additional 1,471,093 shares during the period. Royal Bank of Canada raised its position in shares of Blackstone by 8.1% during the third quarter. Royal Bank of Canada now owns 17,924,375 shares of the asset manager’s stock worth $2,085,321,000 after purchasing an additional 1,348,941 shares during the period. Arrowstreet Capital Limited Partnership raised its position in shares of Blackstone by 48.2% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,774,871 shares of the asset manager’s stock worth $206,488,000 after purchasing an additional 577,349 shares during the period. Finally, NewEdge Wealth LLC raised its position in Blackstone by 20,560.4% in the 4th quarter. NewEdge Wealth LLC now owns 538,824 shares of the asset manager’s stock valued at $69,718,000 after buying an additional 536,216 shares during the last quarter. 63.68% of the stock is owned by institutional investors and hedge funds.
Several brokerages have weighed in on BX. Exane BNP Paribas cut Blackstone from an “outperform” rating to a “neutral” rating in a research note on Thursday, April 7th. StockNews.com began coverage on Blackstone in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Bank of America raised their price objective on Blackstone from $172.00 to $180.00 and gave the company a “buy” rating in a research note on Friday, April 22nd. Zacks Investment Research upgraded Blackstone from a “sell” rating to a “hold” rating and set a $125.00 target price on the stock in a research note on Thursday, April 7th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on Blackstone from $182.00 to $180.00 in a research note on Thursday. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $139.55.
Blackstone (NYSE:BX – Get Rating) last announced its quarterly earnings data on Thursday, April 21st. The asset manager reported $1.55 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.47. Blackstone had a return on equity of 18.77% and a net margin of 23.77%. The company had revenue of $5.13 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same quarter last year, the firm posted $0.96 EPS. The firm’s revenue for the quarter was down 3.3% on a year-over-year basis. As a group, equities analysts expect that Blackstone Inc. will post 5.71 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, May 9th. Shareholders of record on Monday, May 2nd were issued a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a yield of 4.91%. The ex-dividend date was Friday, April 29th. This is a positive change from Blackstone’s previous quarterly dividend of $0.93. Blackstone’s payout ratio is presently 71.93%.
In related news, Director Ruth Porat bought 5,000 shares of Blackstone stock in a transaction on Friday, February 25th. The stock was acquired at an average price of $126.21 per share, with a total value of $631,050.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Holdings L.P. Blackstone III sold 5,225 shares of Blackstone stock in a transaction dated Friday, March 4th. The shares were sold at an average price of $60.02, for a total value of $313,604.50. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 2,510,050 shares of company stock valued at $11,184,437 and have sold 1,090,152 shares valued at $66,040,454. 1.00% of the stock is owned by insiders.
Blackstone Profile (Get Rating)
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.
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