Blackstone Inc. (NYSE:BX – Free Report) – Research analysts at Zacks Research lowered their Q3 2023 earnings estimates for Blackstone in a report released on Wednesday, September 20th. Zacks Research analyst S. Shah now forecasts that the asset manager will earn $0.94 per share for the quarter, down from their prior estimate of $0.95. The consensus estimate for Blackstone’s current full-year earnings is $4.16 per share. Zacks Research also issued estimates for Blackstone’s Q4 2023 earnings at $1.23 EPS, FY2023 earnings at $4.07 EPS, Q2 2024 earnings at $1.35 EPS, Q3 2024 earnings at $1.43 EPS, Q4 2024 earnings at $1.55 EPS, FY2024 earnings at $5.61 EPS, Q1 2025 earnings at $1.62 EPS, Q2 2025 earnings at $1.55 EPS and FY2025 earnings at $6.97 EPS.
Several other research firms also recently issued reports on BX. Wells Fargo & Company increased their price objective on shares of Blackstone from $104.00 to $118.00 and gave the company an “overweight” rating in a report on Friday, July 21st. UBS Group increased their price objective on shares of Blackstone from $102.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, July 19th. Bank of America increased their price objective on shares of Blackstone from $105.00 to $117.00 and gave the company a “buy” rating in a report on Friday, July 21st. Morgan Stanley reaffirmed an “overweight” rating and set a $125.00 price objective on shares of Blackstone in a report on Tuesday, September 5th. Finally, The Goldman Sachs Group increased their price objective on shares of Blackstone from $98.00 to $112.00 and gave the company a “buy” rating in a report on Monday, July 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Blackstone currently has a consensus rating of “Moderate Buy” and a consensus price target of $110.97.
Blackstone Stock Performance
Shares of NYSE BX opened at $111.18 on Friday. The company’s fifty day moving average price is $105.17 and its 200 day moving average price is $93.47. Blackstone has a 1 year low of $71.72 and a 1 year high of $116.78. The company has a market capitalization of $78.91 billion, a PE ratio of 67.38, a price-to-earnings-growth ratio of 2.07 and a beta of 1.49. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.92 and a current ratio of 0.92.
Blackstone (NYSE:BX – Get Free Report) last announced its quarterly earnings results on Thursday, July 20th. The asset manager reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.01. Blackstone had a net margin of 17.92% and a return on equity of 16.99%. The firm had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the prior year, the firm posted $1.49 earnings per share. The firm’s quarterly revenue was up 347.3% compared to the same quarter last year.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the business. Tower Bridge Advisors boosted its stake in shares of Blackstone by 12.0% in the first quarter. Tower Bridge Advisors now owns 17,324 shares of the asset manager’s stock valued at $1,522,000 after purchasing an additional 1,850 shares during the period. Advisor OS LLC lifted its stake in Blackstone by 7.0% in the first quarter. Advisor OS LLC now owns 8,666 shares of the asset manager’s stock worth $761,000 after acquiring an additional 568 shares during the last quarter. Altfest L J & Co. Inc. purchased a new position in Blackstone in the first quarter worth approximately $240,000. Old North State Trust LLC lifted its stake in Blackstone by 7.3% in the first quarter. Old North State Trust LLC now owns 5,966 shares of the asset manager’s stock worth $524,000 after acquiring an additional 405 shares during the last quarter. Finally, Northside Capital Management LLC purchased a new position in Blackstone in the first quarter worth approximately $202,000. Hedge funds and other institutional investors own 63.35% of the company’s stock.
Insider Buying and Selling
In other Blackstone news, major shareholder Holdings I/Ii Gp L. Blackstone sold 14,704,603 shares of the stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $7.98, for a total transaction of $117,342,731.94. Following the completion of the transaction, the insider now owns 43,602 shares of the company’s stock, valued at $347,943.96. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Blackstone news, Director Joseph Baratta sold 85,000 shares of the stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $93.08, for a total transaction of $7,911,800.00. Following the completion of the transaction, the director now owns 1,060,448 shares of the company’s stock, valued at $98,706,499.84. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Holdings I/Ii Gp L. Blackstone sold 14,704,603 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $7.98, for a total transaction of $117,342,731.94. Following the completion of the transaction, the insider now directly owns 43,602 shares of the company’s stock, valued at approximately $347,943.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,402,086 shares of company stock worth $198,963,771. Insiders own 1.00% of the company’s stock.
Blackstone Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, August 7th. Investors of record on Monday, July 31st were given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.84%. The ex-dividend date was Friday, July 28th. Blackstone’s payout ratio is currently 191.52%.
About Blackstone
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.
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