BNB Wealth Management LLC Buys Shares of 4,190 Blackstone Inc. $BX

BNB Wealth Management LLC bought a new stake in shares of Blackstone Inc. (NYSE:BX) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 4,190 shares of the asset manager’s stock, valued at approximately $646,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Blackstone by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 71,667,695 shares of the asset manager’s stock valued at $11,046,859,000 after acquiring an additional 840,258 shares during the period. Morgan Stanley increased its holdings in shares of Blackstone by 2.0% in the 4th quarter. Morgan Stanley now owns 32,862,165 shares of the asset manager’s stock valued at $5,065,374,000 after acquiring an additional 636,613 shares during the period. State Street Corp increased its holdings in shares of Blackstone by 0.6% in the 4th quarter. State Street Corp now owns 31,542,009 shares of the asset manager’s stock valued at $4,861,885,000 after acquiring an additional 179,213 shares during the period. Norges Bank purchased a new position in shares of Blackstone in the 4th quarter valued at $1,275,747,000. Finally, Northern Trust Corp increased its position in Blackstone by 4.7% during the 3rd quarter. Northern Trust Corp now owns 7,324,989 shares of the asset manager’s stock valued at $1,251,474,000 after buying an additional 329,379 shares in the last quarter. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Blackstone Stock Performance

NYSE BX opened at $124.89 on Thursday. The stock has a market capitalization of $92.78 billion, a price-to-earnings ratio of 31.94, a PEG ratio of 1.39 and a beta of 1.59. Blackstone Inc. has a twelve month low of $101.73 and a twelve month high of $190.09. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.66. The stock has a 50-day moving average of $120.76 and a 200 day moving average of $130.56.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, April 23rd. The asset manager reported $1.36 EPS for the quarter, topping the consensus estimate of $1.34 by $0.02. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.The company had revenue of $3.43 billion during the quarter, compared to analyst estimates of $3.45 billion. During the same period in the previous year, the business earned $1.11 EPS. Blackstone’s quarterly revenue was up 10.0% on a year-over-year basis. Sell-side analysts anticipate that Blackstone Inc. will post 5.9 EPS for the current fiscal year.

Blackstone Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 11th. Stockholders of record on Monday, May 4th were given a $1.16 dividend. The ex-dividend date was Monday, May 4th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 3.7%. Blackstone’s dividend payout ratio is 118.67%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on BX shares. Deutsche Bank Aktiengesellschaft started coverage on Blackstone in a research report on Monday, June 8th. They set a “buy” rating on the stock. Royal Bank Of Canada started coverage on Blackstone in a research report on Monday, June 8th. They set an “outperform” rating on the stock. Argus reduced their target price on Blackstone from $163.00 to $146.00 and set a “buy” rating on the stock in a research report on Tuesday, April 28th. Dbs Bank raised Blackstone to a “moderate buy” rating in a research report on Wednesday, May 27th. Finally, Rothschild & Co Redburn reduced their target price on Blackstone from $134.00 to $130.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 9th. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $150.86.

Insider Buying and Selling

In related news, Director Ruth Porat purchased 355 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was acquired at an average cost of $123.04 per share, for a total transaction of $43,679.20. Following the completion of the transaction, the director directly owned 41,818 shares of the company’s stock, valued at approximately $5,145,286.72. This trade represents a 0.86% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Vikrant Sawhney sold 30,014 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $125.79, for a total value of $3,775,461.06. Following the completion of the sale, the insider owned 899,669 shares of the company’s stock, valued at $113,169,363.51. This trade represents a 3.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have acquired 12,355,303 shares of company stock valued at $264,789,896 over the last ninety days. 1.00% of the stock is currently owned by company insiders.

About Blackstone

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.