Gallagher Capital Advisors LLC Purchases 6,583 Shares of Blackstone Inc. $BX

Gallagher Capital Advisors LLC grew its position in shares of Blackstone Inc. (NYSE:BX) by 35.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,358 shares of the asset manager’s stock after purchasing an additional 6,583 shares during the quarter. Blackstone makes up about 1.8% of Gallagher Capital Advisors LLC’s investment portfolio, making the stock its 18th largest position. Gallagher Capital Advisors LLC’s holdings in Blackstone were worth $2,916,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank purchased a new stake in shares of Blackstone in the 4th quarter valued at $1,275,747,000. Capital Research Global Investors lifted its stake in Blackstone by 99.2% in the fourth quarter. Capital Research Global Investors now owns 6,381,767 shares of the asset manager’s stock worth $983,690,000 after purchasing an additional 3,178,133 shares during the last quarter. Amundi grew its stake in shares of Blackstone by 85.6% during the fourth quarter. Amundi now owns 2,709,345 shares of the asset manager’s stock valued at $417,620,000 after buying an additional 1,249,269 shares during the last quarter. Focus Partners Wealth increased its holdings in shares of Blackstone by 476.1% in the fourth quarter. Focus Partners Wealth now owns 1,324,168 shares of the asset manager’s stock worth $204,193,000 after buying an additional 1,094,307 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in Blackstone by 1.2% during 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. 70.00% of the stock is currently owned by institutional investors.

Insider Activity at Blackstone

In other news, major shareholder Treasury Holdings I. Blackstone purchased 9,486,795 shares of Blackstone stock in a transaction that occurred on Friday, May 15th. The stock was bought at an average price of $20.00 per share, with a total value of $189,735,900.00. Following the completion of the transaction, the insider directly owned 9,111,800 shares of the company’s stock, valued at approximately $182,236,000. The trade was a -2,529.85% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Private Multi-Asset Blackstone bought 765,111 shares of the business’s stock in a transaction on Tuesday, June 23rd. The shares were acquired at an average price of $26.14 per share, for a total transaction of $20,000,001.54. Following the completion of the purchase, the insider owned 7,882,145 shares in the company, valued at approximately $206,039,270.30. The trade was a 10.75% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 10,252,345 shares of company stock worth $209,789,893 in the last ninety days. 1.00% of the stock is currently owned by company insiders.

Blackstone Stock Up 2.0%

Shares of Blackstone stock opened at $127.03 on Thursday. Blackstone Inc. has a 1 year low of $101.73 and a 1 year high of $190.09. The firm has a market cap of $94.37 billion, a price-to-earnings ratio of 32.49, a PEG ratio of 1.34 and a beta of 1.58. The company has a 50-day moving average of $119.73 and a 200 day moving average of $126.08. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.76 and a quick ratio of 0.76.

Blackstone (NYSE:BX) last announced its quarterly earnings data on Thursday, April 23rd. The asset manager reported $1.36 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.02. The business had revenue of $3.43 billion for the quarter, compared to analysts’ expectations of $3.45 billion. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The business’s revenue was up 10.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.11 earnings per share. As a group, sell-side analysts anticipate that Blackstone Inc. will post 5.89 earnings per share 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. This represents a $4.64 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Monday, May 4th. Blackstone’s payout ratio is currently 118.67%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Weiss Ratings downgraded shares of Blackstone from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, May 4th. Sanford C. Bernstein assumed coverage on shares of Blackstone in a report on Monday, June 8th. They issued an “outperform” rating on the stock. Deutsche Bank Aktiengesellschaft began coverage on shares of Blackstone in a research note on Monday, June 8th. They set a “buy” rating for the company. Piper Sandler raised their target price on Blackstone from $122.00 to $130.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. Finally, Dbs Bank raised Blackstone to a “moderate buy” rating in a research report on Wednesday, May 27th. Thirteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $146.52.

Blackstone Company Profile

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.