Blackstone Inc. (NYSE:BX) Short Interest Up 9.6% in September

Blackstone Inc. (NYSE:BX) was the target of a significant growth in short interest during the month of September. As of September 15th, there was short interest totalling 18,590,000 shares, a growth of 9.6% from the August 31st total of 16,960,000 shares. Based on an average daily trading volume, of 3,390,000 shares, the days-to-cover ratio is presently 5.5 days.

Blackstone Stock Performance

Shares of NYSE BX traded down $1.25 during mid-day trading on Tuesday, reaching $151.88. 2,948,489 shares of the company were exchanged, compared to its average volume of 3,472,039. Blackstone has a twelve month low of $88.59 and a twelve month high of $161.25. The stock has a market capitalization of $108.54 billion, a P/E ratio of 53.67, a P/E/G ratio of 1.34 and a beta of 1.51. The company’s 50-day simple moving average is $141.92 and its 200-day simple moving average is $130.86. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.60.

Blackstone (NYSE:BX) last announced its earnings results on Thursday, July 18th. The asset manager reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.03). Blackstone had a return on equity of 17.43% and a net margin of 19.35%. The firm had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter last year, the business posted $0.93 EPS. Blackstone’s revenue for the quarter was up 166.9% on a year-over-year basis. As a group, research analysts predict that Blackstone will post 4.57 earnings per share for the current year.

Blackstone Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 29th were given a dividend of $0.82 per share. The ex-dividend date of this dividend was Monday, July 29th. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.16%. Blackstone’s payout ratio is presently 115.90%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. TD Cowen upped their target price on shares of Blackstone from $114.00 to $120.00 and gave the company a “hold” rating in a research note on Friday, July 19th. Barclays lifted their target price on Blackstone from $126.00 to $141.00 and gave the stock an “equal weight” rating in a report on Friday, July 19th. Morgan Stanley raised their price target on Blackstone from $144.00 to $164.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd. Redburn Atlantic started coverage on shares of Blackstone in a report on Tuesday, August 27th. They set a “neutral” rating and a $134.00 target price on the stock. Finally, Piper Sandler upped their price target on shares of Blackstone from $134.00 to $149.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Fourteen research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $130.78.

Insider Activity at Blackstone

In other news, insider John G. Finley sold 35,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the transaction, the insider now directly owns 429,386 shares in the company, valued at $56,567,311.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $123.00, for a total transaction of $14,323,104.00. Following the completion of the sale, the director now directly owns 921,184 shares of the company’s stock, valued at $113,305,632. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John G. Finley sold 35,000 shares of Blackstone stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the sale, the insider now directly owns 429,386 shares of the company’s stock, valued at approximately $56,567,311.64. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Blackstone

Several institutional investors have recently made changes to their positions in BX. Moseley Investment Management Inc. lifted its position in shares of Blackstone by 0.7% during the 2nd quarter. Moseley Investment Management Inc. now owns 11,239 shares of the asset manager’s stock worth $1,391,000 after buying an additional 74 shares during the last quarter. Patrick M Sweeney & Associates Inc. grew its holdings in shares of Blackstone by 0.6% during the 2nd quarter. Patrick M Sweeney & Associates Inc. now owns 13,840 shares of the asset manager’s stock valued at $1,713,000 after purchasing an additional 80 shares during the last quarter. Signaturefd LLC increased its position in Blackstone by 0.6% during the 2nd quarter. Signaturefd LLC now owns 13,615 shares of the asset manager’s stock worth $1,686,000 after purchasing an additional 80 shares in the last quarter. WR Wealth Planners LLC boosted its position in Blackstone by 23.7% in the second quarter. WR Wealth Planners LLC now owns 439 shares of the asset manager’s stock valued at $54,000 after buying an additional 84 shares in the last quarter. Finally, Beaumont Asset Management L.L.C. increased its holdings in shares of Blackstone by 1.3% during the second quarter. Beaumont Asset Management L.L.C. now owns 6,672 shares of the asset manager’s stock worth $826,000 after buying an additional 84 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors.

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.