1858 Wealth Management LLC Acquires Shares of 1,365 Blackstone Inc. $BX

1858 Wealth Management LLC acquired a new stake in shares of Blackstone Inc. (NYSE:BX) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,365 shares of the asset manager’s stock, valued at approximately $204,000.

A number of other large investors have also recently added to or reduced their stakes in the stock. 1248 Management LLC acquired a new stake in shares of Blackstone during the first quarter worth $25,000. von Borstel & Associates Inc. acquired a new stake in shares of Blackstone during the first quarter worth $28,000. Wealth Preservation Advisors LLC acquired a new stake in shares of Blackstone during the first quarter worth $28,000. Anderson Financial Strategies LLC acquired a new stake in shares of Blackstone during the first quarter worth $28,000. Finally, Family CFO Inc acquired a new stake in shares of Blackstone during the second quarter worth $28,000. 70.00% of the stock is currently owned by institutional investors.

Insider Activity at Blackstone

In other news, Director Joseph Baratta sold 113,000 shares of the firm’s stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $175.69, for a total transaction of $19,852,970.00. Following the completion of the transaction, the director owned 695,757 shares in the company, valued at approximately $122,237,547.33. This trade represents a 13.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of the firm’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $6.26, for a total transaction of $104,478,673.84. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 3,727,877 shares of company stock worth $95,046,625 and have sold 16,984,634 shares worth $155,181,346. Company insiders own 1.00% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on BX. Keefe, Bruyette & Woods increased their target price on shares of Blackstone from $168.00 to $180.00 and gave the stock a “market perform” rating in a report on Friday, July 25th. Bank of America dropped their price objective on shares of Blackstone from $200.00 to $199.00 in a report on Friday, October 3rd. Wells Fargo & Company increased their price objective on shares of Blackstone from $153.00 to $167.00 and gave the stock an “equal weight” rating in a report on Friday, July 11th. Citigroup reaffirmed a “market perform” rating on shares of Blackstone in a report on Saturday, July 19th. Finally, Dbs Bank raised shares of Blackstone to a “moderate buy” rating in a report on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Blackstone currently has an average rating of “Moderate Buy” and an average target price of $179.00.

Blackstone Stock Down 4.2%

Blackstone stock opened at $153.88 on Friday. The stock has a market cap of $113.42 billion, a price-to-earnings ratio of 41.37, a PEG ratio of 1.25 and a beta of 1.77. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.61. The company’s 50-day moving average price is $172.53 and its two-hundred day moving average price is $154.22. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $200.96.

Blackstone (NYSE:BX) last released its earnings results on Friday, November 22nd. The asset manager reported $0.97 EPS for the quarter. The firm had revenue of $2.49 billion for the quarter. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. On average, analysts expect that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 11th. Stockholders of record on Monday, August 4th were given a dividend of $1.03 per share. This is a positive change from Blackstone’s previous quarterly dividend of $0.93. The ex-dividend date was Monday, August 4th. This represents a $4.12 annualized dividend and a dividend yield of 2.7%. Blackstone’s payout ratio is 110.75%.

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.