Blackstone Inc. $BX Shares Bought by Modern Wealth Management LLC

Modern Wealth Management LLC boosted its holdings in shares of Blackstone Inc. (NYSE:BX) by 3.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 13,035 shares of the asset manager’s stock after buying an additional 404 shares during the quarter. Modern Wealth Management LLC’s holdings in Blackstone were worth $1,822,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. 1248 Management LLC purchased a new position in Blackstone during the 1st quarter worth approximately $25,000. von Borstel & Associates Inc. purchased a new position in Blackstone during the 1st quarter worth approximately $28,000. Wealth Preservation Advisors LLC purchased a new position in Blackstone during the 1st quarter worth approximately $28,000. Anderson Financial Strategies LLC purchased a new position in Blackstone during the 1st quarter worth approximately $28,000. Finally, Putney Financial Group LLC purchased a new position in shares of Blackstone during the 4th quarter valued at approximately $34,000. 70.00% of the stock is owned by hedge funds and other institutional investors.

Blackstone Price Performance

Blackstone stock opened at $181.44 on Friday. The company’s fifty day moving average price is $170.04 and its 200 day moving average price is $150.59. Blackstone Inc. has a 1 year low of $115.66 and a 1 year high of $200.96. The stock has a market capitalization of $133.74 billion, a P/E ratio of 48.77, a P/E/G ratio of 1.49 and a beta of 1.77. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.74 and a current ratio of 0.74.

Blackstone (NYSE:BX) last released its quarterly earnings results on Thursday, July 24th. The asset manager reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.11. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. The firm had revenue of $3.07 billion for the quarter, compared to analysts’ expectations of $2.77 billion. During the same quarter last year, the company earned $0.98 EPS. The firm’s revenue for the quarter was up 32.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, August 4th were paid a dividend of $1.03 per share. This is a boost from Blackstone’s previous quarterly dividend of $0.93. The ex-dividend date of this dividend was Monday, August 4th. This represents a $4.12 annualized dividend and a yield of 2.3%. Blackstone’s dividend payout ratio is presently 110.75%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BX. Evercore ISI lifted their target price on shares of Blackstone from $165.00 to $197.00 and gave the company an “outperform” rating in a report on Friday, July 25th. Citigroup reaffirmed a “market perform” rating on shares of Blackstone in a report on Saturday, July 19th. JMP Securities lifted their target price on shares of Blackstone from $180.00 to $195.00 and gave the company a “market outperform” rating in a report on Friday, July 25th. Keefe, Bruyette & Woods lifted their target price on shares of Blackstone from $168.00 to $180.00 and gave the company a “market perform” rating in a report on Friday, July 25th. Finally, Piper Sandler lifted their target price on shares of Blackstone from $157.00 to $181.00 and gave the company a “neutral” rating in a report on Monday, July 28th. Nine research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, Blackstone presently has a consensus rating of “Moderate Buy” and a consensus target price of $172.38.

Insider Activity at Blackstone

In other Blackstone news, insider Vikrant Sawhney sold 50,850 shares of Blackstone stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $173.64, for a total transaction of $8,829,594.00. Following the sale, the insider owned 737,248 shares of the company’s stock, valued at $128,015,742.72. The trade was a 6.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John G. Finley sold 21,500 shares of the business’s stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $171.46, for a total transaction of $3,686,390.00. Following the transaction, the insider directly owned 453,836 shares in the company, valued at approximately $77,814,720.56. The trade was a 4.52% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have acquired 1,189,806 shares of company stock worth $30,046,627 and have sold 16,871,634 shares worth $135,328,376. Company insiders own 1.00% of the company’s stock.

Blackstone Profile

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.