Blackstone (NYSE:BX) Director Ruth Porat Buys 369 Shares of Company Stock

Blackstone Inc. (NYSE:BX) Director Ruth Porat purchased 369 shares of the stock in a transaction dated Monday, November 9th. The shares were bought at an average cost of $120.88 per share, for a total transaction of $44,604.72. Following the completion of the purchase, the director owned 42,558 shares in the company, valued at approximately $5,144,411.04. This trade represents a 0.87% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Ruth Porat also recently made the following trade(s):

• On Monday, November 9th, Ruth Porat purchased 84 shares of Blackstone stock. The stock was bought at an average price of $119.92 per share, with a total value of $10,073.28.

Blackstone Stock Down 2.8%

Shares of NYSE BX opened at $118.58 on Friday. The stock has a market capitalization of $89.07 billion, a price-to-earnings ratio of 26.35, a price-to-earnings-growth ratio of 1.55 and a beta of 1.52. Blackstone Inc. has a 52 week low of $101.73 and a 52 week high of $165.14. The firm has a 50-day moving average price of $118.93 and a 200 day moving average price of $122.90. The company has a quick ratio of 0.72, a current ratio of 0.71 and a debt-to-equity ratio of 0.68.

Blackstone (NYSE:BX) last issued its earnings results on Thursday, October 22nd. The asset manager reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.06. Blackstone had a net margin of 22.11% and a return on equity of 23.16%. The company had revenue of $3.06 billion for the quarter, compared to analyst estimates of $3.27 billion. During the same period in the prior year, the business posted $0.80 earnings per share. The firm’s revenue for the quarter was down .8% compared to the same quarter last year. Equities research analysts anticipate that Blackstone Inc. will post 5.89 EPS for the current fiscal year.

Blackstone Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 9th. Investors of record on Monday, November 2nd were issued a $1.12 dividend. The ex-dividend date was Monday, November 2nd. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.8%. This is a decrease from Blackstone’s previous quarterly dividend of $1.29. Blackstone’s payout ratio is currently 99.56%.

Institutional Investors Weigh In On Blackstone

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in shares of Blackstone in the second quarter worth $6,112,162,000. Bank of America Corp DE acquired a new stake in shares of Blackstone during the second quarter valued at $1,364,373,000. Legal & General Group Plc purchased a new stake in Blackstone during the 2nd quarter worth about $605,267,000. Bank of New York Mellon Corp increased its position in 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 purchasing an additional 333,798 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Blackstone by 1.2% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,353,274 shares of the asset manager’s stock valued at $512,250,000 after purchasing an additional 52,755 shares during the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on BX shares. UBS Group lifted their price objective on Blackstone from $116.00 to $118.00 and gave the stock a “neutral” rating in a report on Friday, October 23rd. Wells Fargo & Company initiated coverage on Blackstone in a report on Friday, October 2nd. They issued an “equal weight” rating and a $122.00 target price on the stock. BMO Capital Markets restated an “outperform” rating and issued a $130.00 price target on shares of Blackstone in a research report on Wednesday, October 21st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Blackstone in a research note on Thursday, October 22nd. Finally, HSBC reiterated a “hold” rating and issued a $135.00 price objective on shares of Blackstone in a research report on Monday, July 20th. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $144.57.

Blackstone News Roundup

These are some of the BX news items that stood out recently:

• Positive Sentiment: Director Ruth Porat disclosed two purchases on November 9 totaling 453 shares for about $54,700. The buying may be viewed as a vote of confidence, though the purchases were modest relative to her reported holdings. SEC ownership filing
• Positive Sentiment: Blackstone will provide Pfizer up to $1.5 billion to support development of an investigational obesity drug. The deal offers potential exposure to a large healthcare market, although returns depend on the drug’s development and commercial prospects. Reuters article
• Neutral Sentiment: Technical analysis said BX’s broader bullish setup remains intact but selling pressure is testing a breakout. Another report described performance as mixed, with recent monthly gains but weaker year-to-date returns. Technical analysis

Blackstone Company Profile

Blackstone Inc. is a global alternative asset manager that invests on behalf of institutional and individual investors. Its businesses span private equity, real estate, credit and insurance, infrastructure, and multi-asset investing, with strategies that include private funds and investment products for a range of clients. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson, the firm initially focused on mergers and acquisitions advisory work before expanding into investment management.