Blackstone Inc. (NYSE:BX) Declares $0.83 Quarterly Dividend
Blackstone Inc. (NYSE:BX – Get Free Report) announced a quarterly dividend on Thursday, April 18th, RTT News reports. Investors of record on Monday, April 29th will be paid a dividend of 0.83 per share by the asset manager on Monday, May 6th. This represents a $3.32 annualized dividend and a yield of 2.75%.
Blackstone has increased its dividend by an average of 20.2% per year over the last three years and has increased its dividend every year for the last 1 years. Blackstone has a dividend payout ratio of 61.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Blackstone to earn $6.15 per share next year, which means the company should continue to be able to cover its $3.76 annual dividend with an expected future payout ratio of 61.1%.
Blackstone Stock Down 1.8 %
Shares of NYSE BX traded down $2.25 during midday trading on Thursday, reaching $120.94. 2,062,969 shares of the company’s stock were exchanged, compared to its average volume of 3,672,159. Blackstone has a 52-week low of $79.92 and a 52-week high of $133.56. The stock has a market capitalization of $86.43 billion, a PE ratio of 67.32, a price-to-earnings-growth ratio of 0.99 and a beta of 1.51. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.80 and a current ratio of 0.80. The business’s fifty day moving average price is $126.81 and its two-hundred day moving average price is $117.64.
Blackstone (NYSE:BX – Get Free Report) last announced its quarterly earnings data on Thursday, April 18th. The asset manager reported $0.98 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.02). Blackstone had a net margin of 17.34% and a return on equity of 17.30%. The firm had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $2.56 billion. During the same period in the prior year, the firm earned $0.97 earnings per share. The firm’s quarterly revenue was up 166.9% compared to the same quarter last year. Analysts forecast that Blackstone will post 4.88 EPS for the current year.
Analyst Ratings Changes
Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on Blackstone from $91.00 to $96.00 and gave the stock a “neutral” rating in a research report on Friday, January 26th. Citigroup downgraded Blackstone from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $116.00 to $124.00 in a research report on Friday, January 19th. Bank of America upped their target price on Blackstone from $146.00 to $147.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. TD Cowen initiated coverage on Blackstone in a research report on Thursday, January 4th. They issued a “market perform” rating and a $118.00 target price for the company. Finally, Keefe, Bruyette & Woods upped their target price on Blackstone from $123.00 to $127.00 and gave the stock a “market perform” rating in a research report on Friday, January 26th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $119.97.
Read Our Latest Stock Analysis on BX
Insider Transactions at Blackstone
In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of the stock in a transaction that occurred on Sunday, March 3rd. The shares were sold at an average price of $11.10, for a total transaction of $27,853,407.60. Following the sale, the insider now directly owns 12,802 shares of the company’s stock, valued at $142,102.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of the firm’s stock in a transaction that occurred on Sunday, March 3rd. The shares were sold at an average price of $11.10, for a total value of $27,853,407.60. Following the transaction, the insider now directly owns 12,802 shares of the company’s stock, valued at $142,102.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ruth Porat acquired 232 shares of Blackstone stock in a transaction on Monday, February 12th. The stock was acquired at an average cost of $127.08 per share, for a total transaction of $29,482.56. Following the completion of the purchase, the director now owns 34,225 shares of the company’s stock, valued at approximately $4,349,313. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 2,587,168 shares of company stock valued at $37,816,476. Corporate insiders own 1.00% of the company’s stock.
Institutional Investors Weigh In On Blackstone
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. FIL Ltd acquired a new stake in shares of Blackstone during the fourth quarter worth $2,964,000. Sanibel Captiva Trust Company Inc. acquired a new stake in Blackstone in the 4th quarter valued at $606,000. Childress Capital Advisors LLC increased its stake in Blackstone by 6.8% in the 4th quarter. Childress Capital Advisors LLC now owns 1,788 shares of the asset manager’s stock valued at $234,000 after buying an additional 114 shares during the last quarter. Harbour Investments Inc. grew its position in shares of Blackstone by 19.0% in the 4th quarter. Harbour Investments Inc. now owns 6,740 shares of the asset manager’s stock valued at $882,000 after acquiring an additional 1,078 shares during the period. Finally, Public Employees Retirement System of Ohio grew its position in shares of Blackstone by 10.1% in the 4th quarter. Public Employees Retirement System of Ohio now owns 402,927 shares of the asset manager’s stock valued at $52,751,000 after acquiring an additional 36,888 shares during the period. 70.00% of the stock is currently owned by institutional investors and hedge funds.
Blackstone Company Profile
(Get Free Report)
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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