Franklin Resources Inc. Acquires 26,442 Shares of Blackstone Inc. (NYSE:BX)

Franklin Resources Inc. boosted its holdings in shares of Blackstone Inc. (NYSE:BX) by 2.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,349,315 shares of the asset manager’s stock after acquiring an additional 26,442 shares during the quarter. Franklin Resources Inc. owned approximately 0.19% of Blackstone worth $176,652,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Illinois Municipal Retirement Fund bought a new position in shares of Blackstone in the fourth quarter valued at approximately $855,000. Asset Management One Co. Ltd. grew its stake in shares of Blackstone by 5.5% in the fourth quarter. Asset Management One Co. Ltd. now owns 303,069 shares of the asset manager’s stock worth $40,348,000 after acquiring an additional 15,875 shares during the last quarter. Chicago Capital LLC acquired a new stake in shares of Blackstone in the fourth quarter worth $3,734,000. Kampmann Melissa S. acquired a new stake in shares of Blackstone in the third quarter worth $2,314,000. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Blackstone by 1,722.9% in the third quarter. The Manufacturers Life Insurance Company now owns 504,441 shares of the asset manager’s stock worth $54,046,000 after acquiring an additional 476,768 shares during the last quarter. Institutional investors own 70.00% of the company’s stock.

Blackstone Stock Performance

Blackstone stock opened at $127.35 on Thursday. The stock has a 50-day simple moving average of $124.91 and a 200 day simple moving average of $121.68. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.61. Blackstone Inc. has a 12-month low of $81.06 and a 12-month high of $133.56. The stock has a market capitalization of $91.01 billion, a price-to-earnings ratio of 44.77, a P/E/G ratio of 1.07 and a beta of 1.52.

Blackstone (NYSE:BX) last released its quarterly earnings results on Thursday, April 18th. The asset manager reported $0.98 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.98. Blackstone had a return on equity of 17.33% and a net margin of 20.84%. The business had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $2.56 billion. During the same period in the previous year, the business posted $0.97 earnings per share. The firm’s revenue for the quarter was up 166.9% compared to the same quarter last year. On average, research analysts anticipate that Blackstone Inc. will post 4.77 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 6th. Shareholders of record on Monday, April 29th were issued a dividend of $0.83 per share. The ex-dividend date was Friday, April 26th. This represents a $3.32 annualized dividend and a yield of 2.61%. Blackstone’s dividend payout ratio is currently 117.31%.

Insiders Place Their Bets

In related news, Director Ruth Porat purchased 219 shares of the stock in a transaction dated Monday, May 6th. The stock was bought at an average cost of $119.48 per share, with a total value of $26,166.12. Following the purchase, the director now directly owns 34,445 shares in the company, valued at approximately $4,115,488.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of the business’s stock in a transaction that occurred on Sunday, March 3rd. The stock was sold at an average price of $11.10, for a total value of $27,853,407.60. Following the completion of the transaction, the insider now directly owns 12,802 shares in the company, valued at approximately $142,102.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ruth Porat acquired 219 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was acquired at an average price of $119.48 per share, with a total value of $26,166.12. Following the completion of the transaction, the director now directly owns 34,445 shares in the company, valued at approximately $4,115,488.60. The disclosure for this purchase can be found here. Company insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Bank of America lowered their price objective on shares of Blackstone from $141.00 to $132.00 and set a “buy” rating on the stock in a research note on Friday, April 19th. JMP Securities reiterated a “market perform” rating on shares of Blackstone in a research note on Tuesday, April 9th. Keefe, Bruyette & Woods lifted their price target on shares of Blackstone from $123.00 to $127.00 and gave the stock a “market perform” rating in a research note on Friday, January 26th. BMO Capital Markets lifted their price target on shares of Blackstone from $95.00 to $101.00 and gave the stock a “market perform” rating in a research note on Friday, January 26th. Finally, TD Cowen decreased their price target on shares of Blackstone from $117.00 to $114.00 and set a “hold” rating on the stock in a research note on Friday, April 19th. Thirteen equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $123.65.

Blackstone Profile

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.