Blackstone Inc. $BX Shares Newly Purchased by Adams Asset Advisors LLC

Adams Asset Advisors LLC purchased a new stake in Blackstone Inc. (NYSE:BX) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 8,800 shares of the asset manager’s stock, valued at approximately $986,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Blackstone during the 2nd quarter worth $6,112,162,000. State Street Corp raised its stake in shares of Blackstone by 0.6% during the fourth quarter. State Street Corp now owns 31,542,009 shares of the asset manager’s stock valued at $4,861,885,000 after purchasing an additional 179,213 shares in the last quarter. Bank of America Corp DE acquired a new stake in Blackstone in the second quarter worth about $1,364,373,000. Legal & General Group Plc acquired a new position in Blackstone during the 2nd quarter valued at about $605,267,000. Finally, Bank of New York Mellon Corp raised its position in shares of Blackstone by 8.0% during the 1st quarter. Bank of New York Mellon Corp now owns 4,520,908 shares of the asset manager’s stock worth $519,859,000 after buying an additional 333,798 shares in the last quarter. 70.00% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Blackstone news, major shareholder Holdings I. L.P. Blackstone sold 124,600 shares of the stock in a transaction that occurred on Friday, September 25th. The shares were sold at an average price of $16.40, for a total value of $2,043,440.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Holdings Iv L.P. Blackstone bought 191,695 shares of the stock in a transaction on Wednesday, September 23rd. The stock was purchased at an average price of $26.17 per share, for a total transaction of $5,016,658.15. Following the purchase, the insider directly owned 8,895,478 shares of the company’s stock, valued at approximately $232,794,659.26. This represents a 2.20% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders bought 1,038,406 shares of company stock valued at $27,205,951 and sold 4,077,276 shares valued at $37,573,644. 1.00% of the stock is owned by company insiders.

Blackstone Trading Up 0.9%

NYSE BX traded up $0.97 on Thursday, hitting $112.80. 6,470,584 shares of the stock were exchanged, compared to its average volume of 6,088,092. The company’s 50-day moving average price is $131.42 and its two-hundred day moving average price is $124.16. The company has a market capitalization of $84.67 billion, a price-to-earnings ratio of 25.23, a P/E/G ratio of 1.35 and a beta of 1.59. Blackstone Inc. has a 52-week low of $101.73 and a 52-week high of $166.39. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.72 and a quick ratio of 0.72.

Blackstone (NYSE:BX) last issued its quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.18. The business had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $3.42 billion. Blackstone had a return on equity of 23.77% and a net margin of 21.84%.Blackstone’s revenue for the quarter was up 35.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.98 earnings per share. Research analysts predict that Blackstone Inc. will post 5.95 EPS for the current year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Monday, August 3rd were paid a dividend of $1.29 per share. This is a boost from Blackstone’s previous quarterly dividend of $1.16. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $5.16 annualized dividend and a yield of 4.6%. Blackstone’s dividend payout ratio (DPR) is presently 115.44%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Royal Bank Of Canada increased their price objective on shares of Blackstone from $161.00 to $169.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Weiss Ratings upgraded Blackstone from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, July 24th. Citizens Jmp lowered their price target on Blackstone from $190.00 to $165.00 and set a “market outperform” rating on the stock in a research report on Thursday, July 9th. UBS Group restated a “neutral” rating and issued a $122.00 price objective on shares of Blackstone in a report on Wednesday, September 23rd. Finally, HSBC reaffirmed a “hold” rating and set a $135.00 target price on shares of Blackstone in a report on Monday, July 20th. Thirteen investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat, Blackstone currently has a consensus rating of “Moderate Buy” and a consensus target price of $147.32.

Blackstone Profile

Blackstone Inc is a global alternative asset management firm that provides investment solutions to institutional investors, companies, financial advisers and individual investors. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson, the company has developed a broad platform spanning private markets and other alternative investments.

Blackstone’s businesses include private equity, real estate, credit and insurance, infrastructure, secondaries and hedge fund solutions. Its investment activities may involve acquiring and managing companies, commercial and residential properties, infrastructure assets, private credit and other investments on behalf of its clients.

The firm serves clients and invests across North America, Europe, Asia-Pacific and other international markets.