DNB Asset Management AS Grows Position in Blackstone Inc. (NYSE:BX)

Posted by Defense World Staff on Mar 21st, 2023

DNB Asset Management AS raised its stake in Blackstone Inc. (NYSE:BX – Get Rating) by 0.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 184,628 shares of the asset manager’s stock after purchasing an additional 233 shares during the period. DNB Asset Management AS’s holdings in Blackstone were worth $13,698,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Mach 1 Financial Group LLC purchased a new position in Blackstone in the third quarter valued at approximately $25,000. SJS Investment Consulting Inc. acquired a new stake in shares of Blackstone in the third quarter valued at approximately $26,000. HWG Holdings LP acquired a new stake in shares of Blackstone in the third quarter valued at approximately $28,000. Ameliora Wealth Management Ltd. acquired a new stake in shares of Blackstone in the third quarter valued at approximately $29,000. Finally, Trust Co. of Vermont boosted its holdings in shares of Blackstone by 133.3% in the third quarter. Trust Co. of Vermont now owns 350 shares of the asset manager’s stock valued at $30,000 after acquiring an additional 200 shares during the period. 62.39% of the stock is currently owned by hedge funds and other institutional investors.

Blackstone Trading Down 2.8 %

Shares of BX stock opened at $82.54 on Tuesday. Blackstone Inc. has a fifty-two week low of $71.72 and a fifty-two week high of $132.93. The stock has a market cap of $58.30 billion, a P/E ratio of 34.83, a P/E/G ratio of 1.85 and a beta of 1.52. The business has a fifty day simple moving average of $89.97 and a 200-day simple moving average of $87.91. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.69.

Blackstone (NYSE:BX – Get Rating) last announced its quarterly earnings results on Thursday, January 26th. The asset manager reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.12. Blackstone had a return on equity of 19.43% and a net margin of 20.52%. The business had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $2.62 billion. During the same quarter last year, the business posted $1.71 earnings per share. On average, analysts forecast that Blackstone Inc. will post 4.66 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, February 13th. Stockholders of record on Monday, February 6th were given a $0.91 dividend. The ex-dividend date of this dividend was Friday, February 3rd. This represents a $3.64 dividend on an annualized basis and a dividend yield of 4.41%. This is a boost from Blackstone’s previous quarterly dividend of $0.90. Blackstone’s dividend payout ratio (DPR) is currently 153.59%.

Analysts Set New Price Targets

Several research firms have recently weighed in on BX. Morgan Stanley increased their price objective on Blackstone from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Monday, January 30th. BMO Capital Markets increased their price target on Blackstone from $85.00 to $92.00 and gave the stock a “market perform” rating in a report on Friday, January 27th. StockNews.com assumed coverage on Blackstone in a report on Thursday, March 16th. They set a “sell” rating for the company. CICC Research assumed coverage on Blackstone in a report on Thursday, January 12th. They set an “outperform” rating for the company. Finally, Piper Sandler decreased their price target on Blackstone from $114.00 to $111.00 and set an “overweight” rating for the company in a report on Wednesday, December 21st. Two research analysts have rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $112.33.

Insider Buying and Selling

In related news, major shareholder Holdings L.P. Blackstone III sold 99,889,464 shares of Blackstone stock in a transaction dated Friday, March 10th. The stock was sold at an average price of $12.00, for a total transaction of $1,198,673,568.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, major shareholder Holdings L.P. Blackstone III sold 99,889,464 shares of Blackstone stock in a transaction dated Friday, March 10th. The stock was sold at an average price of $12.00, for a total transaction of $1,198,673,568.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider John G. Finley sold 40,000 shares of Blackstone stock in a transaction dated Thursday, February 2nd. The stock was sold at an average price of $100.37, for a total value of $4,014,800.00. Following the sale, the insider now owns 350,005 shares of the company’s stock, valued at approximately $35,130,001.85. The disclosure for this sale can be found here. In the last quarter, insiders sold 140,532,616 shares of company stock worth $1,726,902,967. 1.00% of the stock is owned by corporate insiders.

Blackstone Profile

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Blackstone, Inc engages in the provision of investment and fund management services. It operates through the following segments: Real Estate, Private Equity, Credit and Insurance, and Hedge Fund Solutions. The Real Estate segment includes management of opportunistic real estate funds, Core+ real estate funds, high-yield real estate debt funds, and liquid real estate debt funds.