1858 Wealth Management LLC Takes $209,000 Position in Blackstone Inc. (NYSE:BX)

1858 Wealth Management LLC acquired a new stake in Blackstone Inc. (NYSE:BX) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 1,365 shares of the asset manager’s stock, valued at approximately $209,000.

A number of other institutional investors also recently modified their holdings of BX. Wealth Enhancement Advisory Services LLC raised its holdings in Blackstone by 1.8% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 431,784 shares of the asset manager’s stock worth $53,455,000 after purchasing an additional 7,692 shares during the last quarter. Norden Group LLC boosted its stake in Blackstone by 2,072.0% in the first quarter. Norden Group LLC now owns 36,555 shares of the asset manager’s stock valued at $4,802,000 after acquiring an additional 34,872 shares during the last quarter. Fisher Asset Management LLC grew its holdings in Blackstone by 10.9% during the 4th quarter. Fisher Asset Management LLC now owns 4,688 shares of the asset manager’s stock worth $614,000 after acquiring an additional 459 shares during the period. Blue Trust Inc. lifted its stake in shares of Blackstone by 936.2% in the 2nd quarter. Blue Trust Inc. now owns 5,958 shares of the asset manager’s stock valued at $783,000 after purchasing an additional 5,383 shares during the period. Finally, Chesley Taft & Associates LLC increased its holdings in Blackstone by 17.6% in the first quarter. Chesley Taft & Associates LLC now owns 89,072 shares of the asset manager’s stock valued at $11,701,000 after purchasing an additional 13,360 shares during the last quarter. 70.00% of the stock is owned by institutional investors.

Blackstone Stock Down 0.5 %

Shares of NYSE:BX traded down $0.84 during midday trading on Monday, reaching $171.52. The company had a trading volume of 1,602,325 shares, compared to its average volume of 3,443,596. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.60. The business’s 50 day moving average price is $147.01 and its 200 day moving average price is $133.31. The stock has a market cap of $122.58 billion, a PE ratio of 60.90, a P/E/G ratio of 1.24 and a beta of 1.51. Blackstone Inc. has a 1-year low of $88.59 and a 1-year high of $175.94.

Blackstone (NYSE:BX) last released its earnings results on Thursday, July 18th. The asset manager reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.03). Blackstone had a net margin of 19.35% and a return on equity of 17.43%. The firm had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $2.58 billion. During the same period in the prior year, the business posted $0.93 earnings per share. Blackstone’s quarterly revenue was up 166.9% compared to the same quarter last year. Research analysts forecast that Blackstone Inc. will post 4.46 EPS for the current fiscal year.

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Monday, October 28th will be issued a dividend of $0.86 per share. The ex-dividend date is Monday, October 28th. This represents a $3.44 dividend on an annualized basis and a yield of 2.01%. This is a boost from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s dividend payout ratio (DPR) is presently 121.55%.

Insiders Place Their Bets

In related news, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the transaction, the insider now directly owns 429,386 shares of the company’s stock, valued at approximately $56,567,311.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Blackstone news, insider John G. Finley sold 35,000 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total value of $4,610,900.00. Following the transaction, the insider now directly owns 429,386 shares of the company’s stock, valued at $56,567,311.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total value of $17,561,522.88. Following the sale, the director now owns 799,749 shares of the company’s stock, valued at approximately $120,610,146.69. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

BX has been the topic of a number of analyst reports. Wells Fargo & Company increased their price target on shares of Blackstone from $169.00 to $188.00 and gave the company an “overweight” rating in a research report on Friday. The Goldman Sachs Group lifted their price target on shares of Blackstone from $135.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday. TD Cowen raised their price objective on Blackstone from $133.00 to $149.00 and gave the stock a “hold” rating in a research note on Friday. Redburn Atlantic started coverage on Blackstone in a report on Tuesday, August 27th. They issued a “neutral” rating and a $134.00 price target for the company. Finally, Morgan Stanley boosted their price objective on Blackstone from $164.00 to $177.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Thirteen research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Blackstone presently has an average rating of “Hold” and an average target price of $155.38.

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.