Traders Buy Large Volume of Put Options on Blackstone (NYSE:BX)

Blackstone Inc. (NYSE:BX) was the target of unusually large options trading on Wednesday. Investors bought 23,576 put options on the company. This is an increase of 33% compared to the average daily volume of 17,729 put options.

Blackstone Stock Up 0.7 %

NYSE BX opened at $143.27 on Thursday. The business has a fifty day moving average price of $135.35 and a two-hundred day moving average price of $128.00. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.77 and a quick ratio of 0.77. Blackstone has a fifty-two week low of $88.59 and a fifty-two week high of $145.16. The stock has a market capitalization of $103.17 billion, a PE ratio of 50.63, a PEG ratio of 1.18 and a beta of 1.51.

Blackstone (NYSE:BX) last released its earnings results on Thursday, July 18th. The asset manager reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.03). Blackstone had a return on equity of 17.43% and a net margin of 19.35%. The business had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the previous year, the company earned $0.93 earnings per share. The firm’s revenue for the quarter was up 166.9% on a year-over-year basis. Equities analysts expect that Blackstone will post 4.57 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 29th were given a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a yield of 2.29%. The ex-dividend date was Monday, July 29th. Blackstone’s dividend payout ratio is currently 115.90%.

Insider Buying and Selling

In other Blackstone news, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total value of $4,610,900.00. Following the completion of the transaction, the insider now directly owns 429,386 shares of the company’s stock, valued at $56,567,311.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $123.00, for a total value of $14,323,104.00. Following the sale, the director now directly owns 921,184 shares in the company, valued at $113,305,632. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total value of $4,610,900.00. Following the completion of the sale, the insider now owns 429,386 shares in the company, valued at $56,567,311.64. The disclosure for this sale can be found here. 1.00% of the stock is owned by insiders.

Institutional Trading of Blackstone

Large investors have recently bought and sold shares of the business. Chilton Capital Management LLC acquired a new stake in Blackstone during the 1st quarter worth about $26,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Blackstone in the 2nd quarter valued at about $26,000. EdgeRock Capital LLC acquired a new stake in shares of Blackstone in the 2nd quarter valued at about $27,000. Bank & Trust Co acquired a new stake in shares of Blackstone in the 2nd quarter valued at about $29,000. Finally, Ridgewood Investments LLC acquired a new stake in shares of Blackstone in the 2nd quarter valued at about $31,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BX has been the topic of several analyst reports. TD Cowen upped their target price on Blackstone from $114.00 to $120.00 and gave the stock a “hold” rating in a report on Friday, July 19th. Bank of America upped their target price on Blackstone from $130.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Barclays upped their target price on Blackstone from $126.00 to $141.00 and gave the stock an “equal weight” rating in a report on Friday, July 19th. Piper Sandler boosted their price target on Blackstone from $134.00 to $149.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Finally, Redburn Atlantic began coverage on Blackstone in a research report on Tuesday, August 27th. They set a “neutral” rating and a $134.00 price target on the stock. Fourteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $128.94.

About Blackstone

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.