Provenance Wealth Advisors LLC Buys 8,626 Shares of Blackstone Inc. $BX

Provenance Wealth Advisors LLC raised its stake in Blackstone Inc. (NYSE:BX) by 9,275.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,719 shares of the asset manager’s stock after acquiring an additional 8,626 shares during the quarter. Provenance Wealth Advisors LLC’s holdings in Blackstone were worth $977,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Associated Banc Corp acquired a new stake in Blackstone during the 3rd quarter worth approximately $273,000. Oregon Public Employees Retirement Fund grew its holdings in Blackstone by 0.9% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 92,250 shares of the asset manager’s stock valued at $10,340,000 after buying an additional 830 shares in the last quarter. Stiles Financial Services Inc increased its position in Blackstone by 6.2% during the 3rd quarter. Stiles Financial Services Inc now owns 25,408 shares of the asset manager’s stock worth $2,848,000 after buying an additional 1,484 shares during the period. Hopwood Financial Services Inc. lifted its holdings in shares of Blackstone by 7.5% during the third quarter. Hopwood Financial Services Inc. now owns 2,032 shares of the asset manager’s stock worth $228,000 after buying an additional 142 shares in the last quarter. Finally, Summit Wealth Group LLC Co. lifted its holdings in shares of Blackstone by 73.5% during the third quarter. Summit Wealth Group LLC Co. now owns 4,338 shares of the asset manager’s stock worth $486,000 after buying an additional 1,837 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BX. Oppenheimer lifted their price objective on shares of Blackstone from $164.00 to $168.00 and gave the stock an “outperform” rating in a research note on Friday, October 23rd. Citizens Jmp lowered their target price on shares of Blackstone from $190.00 to $165.00 and set a “market outperform” rating on the stock in a report on Thursday, July 9th. TD Cowen dropped their price target on shares of Blackstone from $154.00 to $144.00 and set a “buy” rating for the company in a research report on Monday, October 12th. Piper Sandler set a $126.00 price target on Blackstone in a research note on Friday, October 23rd. Finally, Argus increased their price target on Blackstone from $146.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, Blackstone currently has an average rating of “Moderate Buy” and an average price target of $144.57.

Insider Buying and Selling

In related news, major shareholder Bx Buzz Ml-1 Gp Llc sold 3,767,776 shares of the firm’s stock in a transaction on Monday, September 28th. The stock was sold at an average price of $2.94, for a total transaction of $11,077,261.44. Following the sale, the insider owned 16,120 shares of the company’s stock, valued at $47,392.80. This trade represents a 99.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Holdings Iv L.P. Blackstone acquired 191,695 shares of Blackstone stock in a transaction that occurred on Wednesday, September 23rd. The shares were purchased at an average price of $26.17 per share, for a total transaction of $5,016,658.15. Following the transaction, the insider directly owned 8,895,478 shares in the company, valued at $232,794,659.26. The trade was a 2.20% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders acquired 464,792 shares of company stock worth $12,205,945 and sold 4,047,276 shares worth $33,507,144. 1.00% of the stock is currently owned by company insiders.

Blackstone Stock Performance

NYSE BX opened at $125.61 on Thursday. The firm’s 50 day simple moving average is $121.32 and its 200 day simple moving average is $123.91. The firm has a market capitalization of $94.29 billion, a price-to-earnings ratio of 27.91, a P/E/G ratio of 1.50 and a beta of 1.52. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.68. Blackstone Inc. has a 1 year low of $101.73 and a 1 year high of $165.14.

Blackstone (NYSE:BX) last issued its earnings results on Thursday, October 22nd. The asset manager reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.06. The firm had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $3.27 billion. Blackstone had a return on equity of 23.16% and a net margin of 22.11%. The company’s revenue was down .8% compared to the same quarter last year. During the same quarter last year, the business posted $0.80 EPS. As a group, research analysts expect that Blackstone Inc. will post 5.89 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 9th. Stockholders of record on Monday, November 2nd will be issued a $1.12 dividend. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.6%. This is a decrease from Blackstone’s previous quarterly dividend of $1.29. The ex-dividend date of this dividend is Monday, November 2nd. Blackstone’s dividend payout ratio (DPR) is currently 99.56%.

Blackstone Profile

Blackstone Inc (NYSE:BX) is a global alternative asset management firm that provides investment and advisory services to institutional investors, companies, and qualified individual investors. The company manages capital across private equity, real estate, credit and insurance, infrastructure, hedge fund solutions, secondaries, and growth-oriented investments.

Blackstone invests in and manages portfolios of businesses, properties, infrastructure assets, and credit instruments across a range of industries.