Fulton Bank N.A. Purchases New Stake in Blackstone Inc. (NYSE:BX)

Posted by Defense World Staff on Jun 21st, 2023

Fulton Bank N.A. purchased a new stake in shares of Blackstone Inc. (NYSE:BX – Get Rating) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,221 shares of the asset manager’s stock, valued at approximately $371,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Blackstone in the fourth quarter valued at approximately $510,355,000. Moneta Group Investment Advisors LLC boosted its position in shares of Blackstone by 96,256.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 5,790,996 shares of the asset manager’s stock valued at $429,634,000 after acquiring an additional 5,784,986 shares during the period. Cottage Street Advisors LLC boosted its position in shares of Blackstone by 6,039.5% in the fourth quarter. Cottage Street Advisors LLC now owns 4,231,358 shares of the asset manager’s stock valued at $880,000 after acquiring an additional 4,162,438 shares during the period. Morgan Stanley boosted its position in shares of Blackstone by 3.7% in the fourth quarter. Morgan Stanley now owns 22,495,670 shares of the asset manager’s stock valued at $1,668,954,000 after acquiring an additional 798,734 shares during the period. Finally, Temasek Holdings Private Ltd boosted its position in shares of Blackstone by 3,214.1% in the third quarter. Temasek Holdings Private Ltd now owns 753,130 shares of the asset manager’s stock valued at $63,037,000 after acquiring an additional 730,405 shares during the period. Institutional investors own 63.65% of the company’s stock.

Blackstone Stock Performance

NYSE:BX opened at $90.64 on Wednesday. The stock has a market cap of $64.00 billion, a P/E ratio of 110.54, a price-to-earnings-growth ratio of 1.47 and a beta of 1.50. The firm’s fifty day simple moving average is $86.30 and its 200 day simple moving average is $85.62. Blackstone Inc. has a twelve month low of $71.72 and a twelve month high of $110.89. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.72.

Blackstone (NYSE:BX – Get Rating) last released its quarterly earnings results on Thursday, April 20th. The asset manager reported $0.97 earnings per share for the quarter, meeting the consensus estimate of $0.97. The business had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $2.44 billion. Blackstone had a net margin of 12.92% and a return on equity of 18.51%. The firm’s revenue for the quarter was down 73.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.55 earnings per share. As a group, research analysts predict that Blackstone Inc. will post 4.3 EPS for the current year.

Blackstone Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, May 8th. Stockholders of record on Monday, May 1st were issued a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date of this dividend was Friday, April 28th. Blackstone’s dividend payout ratio (DPR) is presently 400.00%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BX. Bank of America raised their price objective on shares of Blackstone from $98.00 to $109.00 and gave the company a “buy” rating in a research report on Friday, April 21st. Evercore ISI raised their target price on shares of Blackstone from $100.00 to $105.00 in a research note on Friday, April 21st. Piper Sandler lowered their target price on shares of Blackstone from $111.00 to $107.00 and set an “overweight” rating on the stock in a research note on Friday, April 21st. Deutsche Bank Aktiengesellschaft raised their target price on shares of Blackstone from $102.00 to $103.00 and gave the company a “buy” rating in a research note on Friday, April 21st. Finally, Wells Fargo & Company raised their target price on shares of Blackstone from $100.00 to $101.00 and gave the company an “overweight” rating in a research note on Friday, April 21st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $102.70.

Insider Activity

In other Blackstone news, major shareholder Holdings L.P. Blackstone III bought 53,413 shares of the company’s stock in a transaction dated Monday, March 27th. The shares were purchased at an average price of $45.73 per share, for a total transaction of $2,442,576.49. Following the acquisition, the insider now owns 36,557 shares in the company, valued at approximately $1,671,751.61. The purchase was disclosed in a filing with the SEC, which is available at this link. In related news, major shareholder Altus Holdings Lp Gso purchased 45,000 shares of the stock in a transaction dated Wednesday, June 14th. The stock was purchased at an average price of $5.47 per share, with a total value of $246,150.00. Following the transaction, the insider now directly owns 21,116,125 shares in the company, valued at $115,505,203.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Holdings L.P. Blackstone III purchased 53,413 shares of the stock in a transaction dated Monday, March 27th. The stock was bought at an average cost of $45.73 per share, with a total value of $2,442,576.49. Following the transaction, the insider now owns 36,557 shares in the company, valued at $1,671,751.61. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 11,067,343 shares of company stock worth $19,364,685 and have sold 3,430,100 shares worth $43,380,183. Company insiders own 1.00% of the company’s stock.

Blackstone Profile

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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.