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 1.29% to 44.73 million shares with purchase of 0.57 million shares. This fresh investment now brings its stake to 6.37% valued currently at $4.08 billion. In addition, Morgan Stanley Smith Barney LLC raised its holdings by 0.73 million to 19.98 million shares. And Capital Research & Management Co has lifted its position by 31.38% or 4.02 million shares – to 16.82 million shares.
With over 6.87 million Blackstone Inc. (BX) shares trading Tuesday and a closing price of $87.80 on the day, the dollar volume was approximately $603.26 million. The shares have shown a negative half year performance of -18.63% and its price on 11/22/22 lost nearly -2.28%. Currently, there are 742.35M common shares owned by the public and among those 696.30M shares have been available to trade.
The analysts have set the share’s price value over the next 12 months at a high of $128.00 and a low of $85.50. The average price target is 16.09% above its recent price level and a downside to the estimated low will see the stock lose -2.69% over that period. But an upside of 31.41% will see the stock hit the forecast high price target while median target price for the stock is $104.50.
Insiders at the company have transacted a total of 53 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 30 of these insider trades were purchases, accounting for 9,696,310 shares. Insider sales of the common stock occurred on 23 occasions, with total insider shares sold totaling 9,320,194 shares.
The top 3 mutual fund holders in Blackstone Inc. are Vanguard Total Stock Market Index, Vanguard Extended Market Index Fu, and American Funds Fundamental Invest. Vanguard Total Stock Market Index owns 21.06 million shares of the company’s stock, all valued at over $1.92 billion. The company bought an additional 0.11 million shares recently to bring their total holdings to about 3.00% of the shares outstanding. Vanguard Extended Market Index Fu bought 0.19 million shares to see its total holdings expand to 9.62 million shares valued at over $876.6 million and representing 1.37% of the shares outstanding. American Funds Fundamental Invest bought 74300.0 shares to bring its total holdings to over 6.71 million shares at a value of $611.9 million. American Funds Fundamental Invest now owns shares totaling to 0.95% of the shares outstanding.
Shares of Blackstone Inc. (NYSE: BX) opened at $86.12, down -$3.73 from a prior closing price of $89.85. However, the script later moved the day high at 88.44, down -2.28%. The company’s stock has a 5-day price change of -10.05% and -14.56% over the past three months. BX shares are trading -32.14% year to date (YTD), with the 12-month market performance down to -39.19% lower. It has a 12-month low price of $79.54 and touched a high of $149.68 over the same period. BX has an average intraday trading volume of 4.27 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 -6.49%, -2.75%, and -15.73% respectively.
Institutional ownership of Blackstone Inc. (NYSE: BX) shares accounts for 64.60% of the company’s 742.35M shares outstanding. Mutual fund holders own 29.91%, while other institutional holders and individual stakeholders account for 34.54% and 0.82% respectively.
It has a market capitalization of $105.15B and a beta (3y monthly) value of 1.44. The stock’s trailing 12-month PE ratio is 24.79, while the earnings-per-share (ttm) stands at $3.54. The company has a PEG of 1.68 and the debt-to-equity ratio at 1.27. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.57% over the week and 4.69% over the month.
Analysts forecast that Blackstone Inc. (BX) will achieve an EPS of $1.05 for the current quarter, $1.17 for the next quarter and $5.4 for 2023. The lowest estimate earnings-per-share for the quarter is $0.88 while analysts give the company a high EPS estimate of $1.25. Comparatively, EPS for the current quarter was $1.71 a year ago. Earnings per share for the fiscal year are expected to increase by 442.50%, and 4.73% over the next financial year. EPS should shrink at an annualized rate of 14.72% over the next five years, compared to 39.10% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 21 brokerage firm advisors rate Blackstone Inc. (BX) as a “Moderate Buy” at a consensus score of 2.30. Specifically, 10 Wall Street analysts polled rate the stock as a buy, while 8 of the 21 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. Credit Suisse stated their Underperform rating for the stock in a research note on November 22, 2022, with the firm’s price target at $85.50-$67.50. Credit Suisse coverage for the Blackstone Inc. (BX) stock in a research note released on October 19, 2022 offered a Neutral rating with a price target of $85.50. JP Morgan was of a view on October 11, 2022 that the stock is Neutral, while Barclays gave the stock Overweight rating on August 31, 2022, issuing a price target of $120. Keefe Bruyette on their part issued Mkt Perform rating on July 25, 2022.