Blackstone Inc. (NYSE:BX) Shares Purchased by Executive Wealth Management LLC

Executive Wealth Management LLC lifted its position in shares of Blackstone Inc. (NYSE:BX) by 12.8% during the second quarter, HoldingsChannel reports. The firm owned 6,742 shares of the asset manager’s stock after purchasing an additional 765 shares during the quarter. Executive Wealth Management LLC’s holdings in Blackstone were worth $835,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in BX. Chilton Capital Management LLC acquired a new position in shares of Blackstone in the 1st quarter valued at approximately $26,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Blackstone in the second quarter valued at $26,000. EdgeRock Capital LLC acquired a new position in Blackstone during the 2nd quarter worth $27,000. Bank & Trust Co acquired a new stake in shares of Blackstone in the 2nd quarter valued at about $29,000. Finally, Scarborough Advisors LLC bought a new position in shares of Blackstone during the fourth quarter worth about $32,000. 70.00% of the stock is owned by institutional investors and hedge funds.

Blackstone Trading Up 2.3 %

Blackstone stock opened at $146.56 on Friday. Blackstone Inc. has a 12-month low of $88.59 and a 12-month high of $146.98. The stock has a market capitalization of $104.74 billion, a PE ratio of 51.79, a price-to-earnings-growth ratio of 1.18 and a beta of 1.51. The firm has a 50 day simple moving average of $135.81 and a 200-day simple moving average of $128.13. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.77 and a quick ratio of 0.77.

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

Blackstone Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 29th were paid a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend was Monday, July 29th. Blackstone’s dividend payout ratio is presently 115.90%.

Analysts Set New Price Targets

Several brokerages have issued reports on BX. Morgan Stanley upped their price objective on Blackstone from $144.00 to $164.00 and gave the company an “overweight” rating in a research note on Tuesday, July 23rd. Piper Sandler lifted their price objective on shares of Blackstone from $134.00 to $149.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Redburn Atlantic assumed coverage on shares of Blackstone in a research report on Tuesday, August 27th. They issued a “neutral” rating and a $134.00 price target on the stock. Bank of America boosted their price objective on shares of Blackstone from $130.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Finally, Barclays lifted their target price on Blackstone from $126.00 to $141.00 and gave the company an “equal weight” rating in a research note 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, Blackstone presently has a consensus rating of “Hold” and a consensus target price of $130.78.

Insiders Place Their Bets

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

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.