Granite Bay Wealth Management LLC Buys 11,447 Shares of Blackstone Inc. $BX

Granite Bay Wealth Management LLC raised its stake in Blackstone Inc. (NYSE:BX) by 33.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 45,645 shares of the asset manager’s stock after acquiring an additional 11,447 shares during the period. Blackstone makes up 1.1% of Granite Bay Wealth Management LLC’s portfolio, making the stock its 28th largest holding. Granite Bay Wealth Management LLC’s holdings in Blackstone were worth $5,257,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Family CFO Inc bought a new stake in Blackstone in the fourth quarter worth about $28,000. Ares Financial Consulting LLC purchased a new stake in shares of Blackstone in the fourth quarter worth approximately $28,000. Richardson Financial Services Inc. bought a new stake in shares of Blackstone during the 4th quarter worth approximately $29,000. Strive Asset Management LLC bought a new position in Blackstone in the 3rd quarter valued at $30,000. Finally, Palladiem LLC purchased a new stake in Blackstone in the fourth quarter worth $31,000. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Insider Activity at Blackstone

In other news, major shareholder Treasury Holdings I. Blackstone acquired 9,486,795 shares of Blackstone stock in a transaction that occurred on Friday, May 15th. The stock was purchased at an average price of $20.00 per share, for a total transaction of $189,735,900.00. Following the purchase, the insider directly owned 9,111,800 shares in the company, valued at $182,236,000. The trade was a -2,529.85% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Private Multi-Asset Blackstone bought 765,111 shares of the stock in a transaction on Tuesday, June 23rd. The stock was purchased at an average price of $26.14 per share, with a total value of $20,000,001.54. Following the completion of the purchase, the insider owned 7,882,145 shares of the company’s stock, valued at $206,039,270.30. This represents a 10.75% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased 10,252,345 shares of company stock valued at $209,789,893 over the last 90 days. Company insiders own 1.00% of the company’s stock.

Trending Headlines about Blackstone

Here are the key news stories impacting Blackstone this week:

• Positive Sentiment: Citizens JMP lifted its price target on Blackstone to $165 from $190 and kept an “outperform” view, signaling confidence that the shares still have meaningful upside from current levels. Blackstone (NYSE:BX) Given New $165.00 Price Target at Citizens Jmp
• Positive Sentiment: Blackstone and TPG are reportedly seeking more than $4 billion for Hologic’s surgical unit, underscoring continued private-equity dealmaking activity and potential value creation from large asset sales or acquisitions. Blackstone, TPG seek over $4 billion for Hologic’s surgical unit, FT says
• Positive Sentiment: Reports that Barclays is preparing roughly $875 million of debt financing tied to a Blackstone takeover highlight active transaction flow that can support fees and investment returns for the firm. Market Chatter: Barclays Readies $875 Million Debt Sale for Blackstone’s Senior Takeover
• Neutral Sentiment: Barclays cut Blackstone’s price target to $119 from $124 and kept an “equal weight” rating, reflecting a more cautious near-term view even as the target remains close to the current share price. Blackstone (NYSE:BX) Price Target Lowered to $119.00 at Barclays
• Neutral Sentiment: A separate report said Apollo and Blackstone helped turn Broadcom’s and Anthropic’s AI chip financing into debt for other investors, which is notable but not directly a clear positive or negative catalyst for BX shares. Apollo and Blackstone just turned Broadcom, Anthropic’s AI chip bet into somebody else’s debt

Blackstone Trading Up 0.7%

NYSE:BX opened at $122.97 on Friday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a 50-day simple moving average of $119.72 and a 200-day simple moving average of $126.95. Blackstone Inc. has a one year low of $101.73 and a one year high of $190.09. The firm has a market cap of $91.35 billion, a P/E ratio of 31.45, a P/E/G ratio of 1.33 and a beta of 1.58.

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

Blackstone Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were paid a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Monday, May 4th. Blackstone’s dividend payout ratio is 118.67%.

Analyst Ratings Changes

A number of research firms have recently commented on BX. JPMorgan Chase & Co. cut their price target on shares of Blackstone from $142.00 to $136.00 and set a “neutral” rating on the stock in a report on Friday, April 24th. Evercore reissued an “outperform” rating and issued a $150.00 price objective on shares of Blackstone in a research report on Tuesday, April 21st. BMO Capital Markets raised their target price on shares of Blackstone from $126.00 to $132.00 and gave the stock an “outperform” rating in a research report on Monday, April 13th. Barclays lowered their price target on Blackstone from $124.00 to $119.00 and set an “equal weight” rating for the company in a report on Thursday. Finally, Weiss Ratings downgraded Blackstone from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, May 4th. Thirteen analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, Blackstone currently has a consensus rating of “Moderate Buy” and an average target price of $147.10.

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.