Hardin Capital Partners LLC Buys New Position in Blackstone Inc. (NYSE:BX)

Hardin Capital Partners LLC purchased a new stake in shares of Blackstone Inc. (NYSE:BX) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 2,552 shares of the asset manager’s stock, valued at approximately $316,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Chilton Capital Management LLC purchased a new position in Blackstone in the first quarter valued at about $26,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Blackstone during the second quarter worth approximately $26,000. EdgeRock Capital LLC acquired a new stake in Blackstone in the second quarter valued at $27,000. Bank & Trust Co bought a new stake in shares of Blackstone in the 2nd quarter worth about $29,000. Finally, Ridgewood Investments LLC bought a new stake in Blackstone in the second quarter valued at about $31,000. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Insider Activity

In related news, Director Joseph Baratta sold 116,448 shares of the stock in a transaction dated 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 transaction, the director now owns 921,184 shares of the company’s stock, valued at $113,305,632. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Joseph Baratta sold 116,448 shares of the company’s stock in a transaction dated 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 transaction, the director now owns 921,184 shares in the company, valued at approximately $113,305,632. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John G. Finley sold 35,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the transaction, 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 currently owned by company insiders.

Blackstone Trading Up 2.3 %

NYSE BX opened at $146.56 on Friday. Blackstone Inc. has a twelve month low of $88.59 and a twelve month high of $146.98. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.77 and a current ratio of 0.77. The stock has a market cap of $105.53 billion, a price-to-earnings ratio of 51.79, a PEG ratio of 1.23 and a beta of 1.51. The firm’s 50 day moving average price is $135.81 and its two-hundred day moving average price is $128.13.

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

Blackstone Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 29th were given a $0.82 dividend. The ex-dividend date of this dividend was Monday, July 29th. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.24%. Blackstone’s dividend payout ratio is currently 115.90%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Wells Fargo & Company assumed coverage on shares of Blackstone in a report on Thursday. They set an “overweight” rating and a $163.00 target price on the stock. Redburn Atlantic started coverage on Blackstone in a report on Tuesday, August 27th. They set a “neutral” rating and a $134.00 target price for the company. Morgan Stanley upped their price objective on Blackstone from $144.00 to $164.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 23rd. Piper Sandler boosted their price target on shares of Blackstone from $134.00 to $149.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Finally, Bank of America lifted their price objective on shares of Blackstone from $130.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Fourteen research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $130.78.

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.