The Vanguard Group, Inc. recently announced the acquisition of new stake in Blackstone Inc (NYSE:BX). The institutional investor has increased its shareholding in the Financial company by 28.24% to 58.99 million shares with purchase of 12.99 million shares. This fresh investment now brings its stake to 8.30% valued currently at $6.63 billion. In addition, Capital Research & Management Co raised its holdings by 62168.0 to 32.37 million shares. And BlackRock Fund Advisors has lifted its position by 31.57% or 7.57 million shares – to 31.55 million shares.
With over 5.84 million Blackstone Inc (BX) shares trading Tuesday and a closing price of $121.00 on the day, the dollar volume was approximately $706.55 million. The shares have shown a positive half year performance of 23.87% and its price on 01/09/24 lost nearly -1.10%. Currently, there are 710.28M common shares owned by the public and among those 700.80M shares have been available to trade.
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Insiders at the company have transacted a total of 42 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 28 of these insider trades were purchases, accounting for 714,501 shares. Insider sales of the common stock occurred on 14 occasions, with total insider shares sold totaling 413,747 shares.
The top 3 mutual fund holders in Blackstone Inc are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Schwab US Dividend Equity ETF. Vanguard Total Stock Market ETF owns 22.24 million shares of the company’s stock, all valued at over $2.5 billion. The company bought an additional 26667.0 shares recently to bring their total holdings to about 3.13% of the shares outstanding. Vanguard 500 Index Fund bought 75329.0 shares to see its total holdings expand to 17.16 million shares valued at over $1.93 billion and representing 2.42% of the shares outstanding. Schwab US Dividend Equity ETF sold 85194.0 shares to bring its total holdings to over 11.27 million shares at a value of $1.27 billion. Schwab US Dividend Equity ETF now owns shares totaling to 1.59% of the shares outstanding.
Shares of Blackstone Inc (NYSE: BX) opened at $120.54, down -$1.8 from a prior closing price of $122.34. However, the script later moved the day high at 121.71, down -1.10%. The company’s stock has a 5-day price change of -5.67% and 15.92% over the past three months. BX shares are trading -7.58% year to date (YTD), with the 12-month market performance up to 55.09% higher. It has a 12-month low price of $75.26 and touched a high of $133.53 over the same period. BX has an average intraday trading volume of 3.71 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -3.30%, 7.98%, and 21.93% respectively.
Institutional ownership of Blackstone Inc (NYSE: BX) shares accounts for 41.60% of the company’s 710.28M shares outstanding. Mutual fund holders own 32.69%, while other institutional holders and individual stakeholders account for 38.31% and 0.98% respectively.
It has a market capitalization of $146.35B and a beta (3y monthly) value of 1.52. The stock’s trailing 12-month PE ratio is 50.70, while the earnings-per-share (ttm) stands at $2.39. The company has a PEG of 8.87 and the debt-to-equity ratio at 1.84. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.17% over the week and 2.57% over the month.
Analysts forecast that Blackstone Inc (BX) will achieve an EPS of $1.05 for the current quarter, $1.08 for the next quarter and $5.24 for 2024. The lowest estimate earnings-per-share for the quarter is $0.88 while analysts give the company a high EPS estimate of $1.2. Comparatively, EPS for the current quarter was $1.07 a year ago. Earnings per share for the fiscal year are expected to decrease by -24.99%, and 35.31% over the next financial year. EPS should grow at an annualized rate of 5.71% over the next five years, compared to 1.33% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 25 brokerage firm advisors rate Blackstone Inc (BX) as a “Strong Buy” at a consensus score of 1.96. Specifically, 13 Wall Street analysts polled rate the stock as a buy, while 12 of the 25 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the BX, a number of firms have released research notes about the stock. TD Cowen stated their Market Perform rating for the stock in a research note on January 04, 2024, with the firm’s price target at $118.
