CoreCap Advisors LLC Buys Shares of 2,950 Blackstone Inc. (NYSE:BX)

CoreCap Advisors LLC acquired a new position in Blackstone Inc. (NYSE:BX) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,950 shares of the asset manager’s stock, valued at approximately $365,000.

A number of other hedge funds have also added to or reduced their stakes in BX. Chilton Capital Management LLC bought a new stake in Blackstone during the first quarter worth about $26,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Blackstone during the 2nd quarter worth approximately $26,000. EdgeRock Capital LLC bought a new position in shares of Blackstone in the second quarter valued at $27,000. Bank & Trust Co bought a new stake in Blackstone during the second quarter worth $29,000. Finally, Scarborough Advisors LLC bought a new position in shares of Blackstone in the 4th quarter valued at about $32,000. Institutional investors own 70.00% of the company’s stock.

Insider Activity at Blackstone

In other news, Director Joseph Baratta sold 116,448 shares of the company’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $123.00, for a total transaction of $14,323,104.00. Following the completion of the transaction, the director now directly owns 921,184 shares in the company, valued at $113,305,632. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider John G. Finley sold 35,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the completion of the transaction, the insider now 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 Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph Baratta sold 116,448 shares of the stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $123.00, for a total value of $14,323,104.00. Following the completion of the sale, the director now owns 921,184 shares of the company’s stock, valued at $113,305,632. The disclosure for this sale can be found here. 1.00% of the stock is owned by insiders.

Blackstone Price Performance

Shares of NYSE:BX opened at $151.19 on Friday. The firm has a 50 day moving average of $136.38 and a 200-day moving average of $128.32. The stock has a market capitalization of $108.87 billion, a PE ratio of 53.42, a PEG ratio of 1.23 and a beta of 1.51. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.60. Blackstone Inc. has a 12 month low of $88.59 and a 12 month high of $151.87.

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

Blackstone Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 29th were issued a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend was Monday, July 29th. Blackstone’s dividend payout ratio (DPR) is presently 115.90%.

Analyst Ratings Changes

A number of research firms recently commented on BX. Barclays lifted their price target 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 target price on Blackstone from $134.00 to $149.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Redburn Atlantic began coverage on shares of Blackstone in a research report on Tuesday, August 27th. They set a “neutral” rating and a $134.00 price objective for the company. Wells Fargo & Company initiated coverage on shares of Blackstone in a research note on Thursday. They set an “overweight” rating and a $163.00 target price for the company. Finally, Bank of America increased their price target on shares of Blackstone from $130.00 to $145.00 and gave the company a “buy” rating in a report on Friday, July 19th. Fourteen analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $130.78.

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.