Blackstone Inc. (BX) Holding Strong: What’s pushing it?

In yesterday’s Wall Street session, Blackstone Inc. (NYSE:BX) shares traded at $100.20, up 0.11% from the previous session.

20 analysts cover Blackstone Inc. (NYSE:BX), according to research data. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $125.00 and a low of $94.00, we find $113.00. Given the previous closing price of $100.09, this indicates a potential upside of 12.9 percent. BX stock price is now 4.63% away from the 50-day moving average and 13.03% away from the 200-day moving average. The market capitalization of the company currently stands at $122.59B.

The stock has received a hold rating from 6 analysts and a buy rating from 13. Brokers who have rated the stock have averaged $111.72 as their price target over the next twelve months.

With the price target enhanced from $102 to $111, JP Morgan Downgraded its rating from Overweight to Neutral for Blackstone Inc. (NYSE: BX).

In other news, Porat Ruth, Director bought 73 shares of the company’s stock on Aug 08. The stock was bought for $7,462 at an average price of $102.42. Upon completion of the transaction, the Director now directly owns 33,746 shares in the company, valued at $3.38 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Aug 07, Director Porat Ruth bought 163 shares of the business’s stock. A total of $16,908 was incurred on buying the stock at an average price of $103.75. This leaves the insider owning 33,673 shares of the company worth $3.37 million. Insiders disposed of 355,180 shares of company stock worth roughly $35.59 million over the past 1 year. A total of 0.30% of the company’s stock is owned by insiders.

There have been several recent changes in the stakes of large investors in BX stock. A new stake in Blackstone Inc. shares was purchased by ARTEMIS INVESTMENT MANAGEMENT LLP during the first quarter worth $42,507,000. SEGANTII CAPITAL MANAGEMENT LTD invested $33,577,000 in shares of BX during the first quarter. In the first quarter, M&G INVESTMENT MANAGEMENT LTD acquired a new stake in Blackstone Inc. valued at approximately $13,701,000. JUPITER ASSET MANAGEMENT LTD acquired a new stake in BX for approximately $10,891,000. LIONTRUST INVESTMENT PARTNERS LLP purchased a new stake in BX valued at around $10,020,000 in the second quarter. In total, there are 1,945 active investors with 64.50% ownership of the company’s stock.

On Thursday morning Blackstone Inc. (NYSE: BX) stock kicked off with the opening price of $101.05. During the past 12 months, Blackstone Inc. has had a low of $71.44 and a high of $110.01. The fifty day moving average price for BX is $96.35 and a two-hundred day moving average price translates $89.06 for the stock.

The latest earnings results from Blackstone Inc. (NYSE: BX) was released for Jun, 2023. According to the Asset Management Company, earnings per share came in at $0.93, beating analysts’ expectations of $0.92 by 0.01. This compares to -$0.04 EPS in the same period last year. The net profit margin was 25.10% and return on equity was 22.60% for BX. The company reported revenue of $2.81 billion for the quarter, compared to $629.22 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 347.33 percent. For the current quarter, analysts expect BX to generate $2.57B in revenue.

Moreover, the firm recently paid out its quarterly dividend on 08/07/2023. Investors who held shares on 07/31/2023 were paid a $0.79 dividend. On an annualized basis, this represents a $4.69 dividend and a 4.68% percent yield. There was an ex-dividend date of 07/28/2023 for this dividend. In terms of dividend payout ratio, BX is presently at 208.50%.

Blackstone Inc.(BX) Company Profile

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. The real estate segment specializes in opportunistic, core+ investments as well as debt investment opportunities collateralized by commercial real estate, and stabilized income-oriented commercial real estate across North America, Europe and Asia. The firm’s corporate private equity business pursues transactions throughout the world across a variety of transaction types, including large buyouts,special situations, distressed mortgage loans, mid-cap buyouts, buy and build platforms, which involves multiple acquisitions behind a single management team and platform, and growth equity/development projects involving significant majority stakes in portfolio companies and minority investments in operating companies, shipping, real estate, corporate or consumer loans, and alternative energy greenfield development projects in energy and power, property, dislocated markets, shipping opportunities, financial institution breakups, re-insurance, and improving freight mobility, financial services, healthcare, life sciences, infrastructure, enterprise tech and consumer, as well as consumer technologies. The firm considers investment in Asia and Latin America. It has a three year investment period. Its hedge fund business manages a broad range of commingled and customized fund solutions and its credit business focuses on loans, and securities of non-investment grade companies spread across the capital structure including senior debt, subordinated debt, preferred stock and common equity. Blackstone Inc. was founded in 1985 and is headquartered in New York, New York with additional offices across Asia, Europe and North America.