Worldquant Millennium Advisors LLC has recently taken a significant step by acquiring a new position in Blackstone Inc. (NYSE:BX) during the fourth quarter. In its latest filing with the Securities and Exchange Commission, the firm disclosed the purchase of 22,089 shares valued at around $3.8 million.
Blackstone has seen a flurry of activity from various institutional investors recently. For instance, Hager Investment Management Services LLC and Centricity Wealth Management LLC both made new acquisitions in the fourth quarter, with investments of $28,000 and $30,000 respectively. Other firms, including Roxbury Financial LLC and Murphy & Mullick Capital Management Corp, also entered new stakes in Blackstone during this period. Institutional investors collectively hold 70% of Blackstone’s stock.
Despite the acquisition news, shares of Blackstone experienced a slight decline, trading down by 0.5% to $136.23 during Friday’s trading session. The trading volume was reported at approximately 2.6 million shares, below its average of 3.8 million. The stock has seen a fifty-two week range between $115.66 and $200.96 and currently holds a market capitalization of about $99.4 billion, indicating its notable presence in the market.
In terms of financial performance, Blackstone reported earnings of $1.09 per share for its last quarter, which fell short of analysts’ expectations of $1.22. This reflects a net margin of 20.99% and a return on equity of 19.58%. The company’s revenue for the quarter was $2.76 billion, which was also below analyst estimates.
Moreover, Blackstone recently announced a quarterly dividend of $0.93 per share, marking a significant annualized dividend yield of 2.73%. However, it’s worth noting that the company’s dividend payout ratio stands at a high 112.05%, raising questions about future sustainability given its recent earnings miss.
With analyst ratings showing a mix of both buy and hold recommendations, Blackstone’s outlook remains cautiously optimistic. Some analysts have even lowered their price targets, reflecting market adjustments while still retaining a “Moderate Buy” rating overall.
In light of these dynamics, there’s a potential opportunity for investors to closely follow Blackstone’s strategies as it navigates the current economic landscape. Overall, while the challenges may seem daunting, Blackstone’s established market position and continued investment from institutional players depict resilience that could nurture growth moving forward.