Glen Eagle Advisors LLC Purchases 4,098 Shares of Blackstone Inc. $BX

by · The Markets Daily

Glen Eagle Advisors LLC increased its position in shares of Blackstone Inc. (NYSE:BX – Free Report) by 54.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 11,624 shares of the asset manager’s stock after buying an additional 4,098 shares during the quarter. Glen Eagle Advisors LLC’s holdings in Blackstone were worth $1,792,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of BX. Brighton Jones LLC boosted its holdings in shares of Blackstone by 34.6% during the 4th quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager’s stock worth $1,365,000 after buying an additional 2,035 shares during the period. Sivia Capital Partners LLC boosted its holdings in Blackstone by 9.3% in the 2nd quarter. Sivia Capital Partners LLC now owns 2,076 shares of the asset manager’s stock valued at $310,000 after purchasing an additional 177 shares during the period. United Bank boosted its holdings in Blackstone by 14.7% in the 2nd quarter. United Bank now owns 13,528 shares of the asset manager’s stock valued at $2,024,000 after purchasing an additional 1,729 shares during the period. Nebula Research & Development LLC bought a new stake in Blackstone in the 2nd quarter valued at $1,124,000. Finally, Sei Investments Co. boosted its holdings in Blackstone by 1.9% in the 2nd quarter. Sei Investments Co. now owns 452,619 shares of the asset manager’s stock valued at $67,703,000 after purchasing an additional 8,655 shares during the period. 70.00% of the stock is owned by institutional investors.

Insider Buying and Selling at Blackstone

In other news, Director Ruth Porat bought 355 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was acquired at an average price of $123.04 per share, for a total transaction of $43,679.20. Following the transaction, the director directly owned 41,818 shares of the company’s stock, valued at $5,145,286.72. This trade represents a 0.86% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Holdings Iv Gp Mana Blackstone bought 2,868,069 shares of the company’s stock in a transaction that occurred on Friday, March 20th. The shares were purchased at an average price of $26.15 per share, with a total value of $75,000,004.35. Following the transaction, the insider directly owned 18,628,295 shares in the company, valued at $487,129,914.25. This represents a 18.20% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 12,355,303 shares of company stock worth $264,789,896 over the last ninety days. Company insiders own 1.00% of the company’s stock.

Blackstone Trading Up 1.5%

Shares of BX stock opened at $122.63 on Friday. Blackstone Inc. has a 52-week low of $101.73 and a 52-week high of $190.09. The stock has a market cap of $91.10 billion, a price-to-earnings ratio of 31.36, a P/E/G ratio of 1.33 and a beta of 1.59. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a fifty day moving average of $119.98 and a 200-day moving average of $131.03.

Blackstone (NYSE:BX – Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The asset manager reported $1.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.02. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The company had revenue of $3.43 billion during the quarter, compared to analysts’ expectations of $3.45 billion. During the same quarter in the prior year, the company posted $1.11 EPS. The business’s revenue was up 10.0% on a year-over-year basis. On average, equities research analysts forecast that Blackstone Inc. will post 5.9 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were given a dividend of $1.16 per share. The ex-dividend date was Monday, May 4th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 3.8%. Blackstone’s dividend payout ratio (DPR) is 118.67%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BX. Deutsche Bank Aktiengesellschaft began coverage on shares of Blackstone in a report on Monday, June 8th. They issued a “buy” rating for the company. Oppenheimer increased their price target on shares of Blackstone from $154.00 to $156.00 and gave the company an “outperform” rating in a report on Friday, April 24th. BMO Capital Markets increased their price target on shares of Blackstone from $126.00 to $132.00 and gave the company an “outperform” rating in a report on Monday, April 13th. Morgan Stanley reduced their price target on shares of Blackstone from $215.00 to $184.00 and set an “overweight” rating for the company in a report on Tuesday, April 21st. Finally, Citizens Jmp dropped their price objective on shares of Blackstone from $195.00 to $190.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 22nd. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $150.86.

Check Out Our Latest Stock Analysis on BX

Blackstone Company Profile

(Free Report)

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.

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