Blackstone Inc. (NYSE:BX) to Issue Quarterly Dividend of $0.86

by · The Cerbat Gem

Blackstone Inc. (NYSE:BX – Get Free Report) declared a quarterly dividend on Friday, October 18th, Wall Street Journal reports. Stockholders of record on Monday, October 28th will be given a dividend of 0.86 per share by the asset manager on Monday, November 4th. This represents a $3.44 annualized dividend and a dividend yield of 2.00%. The ex-dividend date is Monday, October 28th. This is a boost from Blackstone’s previous quarterly dividend of $0.82.

Blackstone has increased its dividend by an average of 20.2% annually over the last three years. Blackstone has a dividend payout ratio of 56.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Blackstone to earn $5.98 per share next year, which means the company should continue to be able to cover its $3.28 annual dividend with an expected future payout ratio of 54.8%.

Blackstone Stock Performance

Shares of NYSE:BX traded up $2.63 during trading on Friday, hitting $172.36. 5,664,888 shares of the company were exchanged, compared to its average volume of 3,452,294. The stock has a 50 day moving average of $146.19 and a 200 day moving average of $132.93. The company has a market cap of $123.18 billion, a PE ratio of 61.43, a P/E/G ratio of 1.24 and a beta of 1.51. Blackstone has a 52-week low of $88.59 and a 52-week high of $175.94. 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 (NYSE:BX – Get Free Report) last posted its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.03). Blackstone had a return on equity of 17.43% and a net margin of 19.35%. The company had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same period in the prior year, the firm posted $0.93 earnings per share. The business’s revenue was up 166.9% on a year-over-year basis. As a group, equities research analysts predict that Blackstone will post 4.46 EPS for the current year.

Insider Activity at Blackstone

In other Blackstone news, Director Joseph Baratta sold 116,448 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total value of $17,561,522.88. Following the transaction, the director now directly owns 799,749 shares of the company’s stock, valued at approximately $120,610,146.69. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Joseph Baratta sold 116,448 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total value of $17,561,522.88. Following the completion of the sale, the director now directly owns 799,749 shares in the company, valued at $120,610,146.69. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider John G. Finley sold 35,000 shares of the company’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 sale, the insider now owns 429,386 shares of the company’s stock, valued at approximately $56,567,311.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on BX shares. The Goldman Sachs Group boosted their target price on Blackstone from $135.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday. Evercore ISI increased their target price on Blackstone from $148.00 to $155.00 and gave the stock an “outperform” rating in a research report on Monday. Barclays upped their price target on Blackstone from $155.00 to $174.00 and gave the stock an “equal weight” rating in a research note on Friday. Citigroup upped their target price on shares of Blackstone from $157.00 to $170.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, TD Cowen upped their price objective on shares of Blackstone from $133.00 to $149.00 and gave the stock a “hold” rating in a report on Friday. Thirteen analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Blackstone currently has an average rating of “Hold” and a consensus price target of $152.41.

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About Blackstone

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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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