Single Point Partners LLC Buys Shares of 1,473 Blackstone Inc. $BX

Single Point Partners LLC bought a new stake in Blackstone Inc. (NYSE:BX) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 1,473 shares of the asset manager’s stock, valued at approximately $220,000.

Other large investors also recently modified their holdings of the company. Illinois Municipal Retirement Fund increased its holdings in shares of Blackstone by 105.4% during the first quarter. Illinois Municipal Retirement Fund now owns 13,405 shares of the asset manager’s stock valued at $1,874,000 after purchasing an additional 6,878 shares during the period. Kera Capital Partners Inc. acquired a new position in shares of Blackstone during the second quarter valued at $273,000. Sandy Cove Advisors LLC increased its holdings in shares of Blackstone by 22.1% during the second quarter. Sandy Cove Advisors LLC now owns 12,042 shares of the asset manager’s stock valued at $1,801,000 after purchasing an additional 2,182 shares during the period. Narwhal Capital Management increased its holdings in shares of Blackstone by 34.3% during the first quarter. Narwhal Capital Management now owns 64,614 shares of the asset manager’s stock valued at $9,032,000 after purchasing an additional 16,486 shares during the period. Finally, Bourgeon Capital Management LLC acquired a new position in Blackstone during the second quarter worth about $423,000. 70.00% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on BX shares. JMP Securities lifted their target price on Blackstone from $180.00 to $195.00 and gave the stock a “market outperform” rating in a report on Friday, July 25th. Citigroup reaffirmed a “market perform” rating on shares of Blackstone in a report on Saturday, July 19th. Piper Sandler lifted their target price on Blackstone from $157.00 to $181.00 and gave the stock a “neutral” rating in a report on Monday, July 28th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Blackstone in a report on Saturday, September 27th. Finally, BNP Paribas Exane lifted their target price on Blackstone from $166.00 to $178.00 and gave the stock a “neutral” rating in a report on Monday, September 29th. Ten investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, Blackstone presently has an average rating of “Moderate Buy” and a consensus price target of $176.00.

Blackstone Trading Up 1.1%

Shares of BX opened at $168.40 on Friday. The business’s 50-day moving average price is $173.81 and its 200 day moving average price is $153.77. The stock has a market capitalization of $124.12 billion, a P/E ratio of 45.27, a P/E/G ratio of 1.35 and a beta of 1.77. Blackstone Inc. has a 1-year low of $115.66 and a 1-year high of $200.96. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.61.

Blackstone (NYSE:BX) last announced its quarterly earnings data on Thursday, July 24th. The asset manager reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.11. Blackstone had a return on equity of 20.47% and a net margin of 20.83%.The firm had revenue of $3.07 billion during the quarter, compared to analyst estimates of $2.77 billion. During the same period last year, the company posted $0.98 EPS. The business’s quarterly revenue was up 32.7% compared to the same quarter last year. Analysts expect that Blackstone Inc. will post 5.87 earnings per share for the current year.

Blackstone Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, August 4th were given a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Monday, August 4th. This is a boost from Blackstone’s previous quarterly dividend of $0.93. Blackstone’s dividend payout ratio is 110.75%.

Insider Activity

In other Blackstone news, Director Joseph Baratta sold 113,000 shares of the firm’s stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $175.69, for a total transaction of $19,852,970.00. Following the completion of the sale, the director directly owned 695,757 shares in the company, valued at approximately $122,237,547.33. This trade represents a 13.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of the firm’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $6.26, for a total value of $104,478,673.84. The disclosure for this sale can be found here. In the last three months, insiders acquired 3,727,877 shares of company stock worth $95,046,625 and sold 16,984,634 shares worth $155,181,346. 1.00% of the stock is owned by insiders.

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.