Udine Wealth Management Inc. Purchases New Position in Blackstone Inc. $BX

Udine Wealth Management Inc. purchased a new stake in Blackstone Inc. (NYSE:BX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 15,259 shares of the asset manager’s stock, valued at approximately $2,282,000. Blackstone makes up 1.3% of Udine Wealth Management Inc.’s holdings, making the stock its 22nd biggest holding.

Other large investors have also made changes to their positions in the company. Illinois Municipal Retirement Fund lifted its holdings in Blackstone by 105.4% in the 1st quarter. Illinois Municipal Retirement Fund now owns 13,405 shares of the asset manager’s stock worth $1,874,000 after purchasing an additional 6,878 shares during the last quarter. Kera Capital Partners Inc. acquired a new stake in Blackstone in the 2nd quarter worth approximately $273,000. Sandy Cove Advisors LLC lifted its holdings in Blackstone by 22.1% in the 2nd quarter. Sandy Cove Advisors LLC now owns 12,042 shares of the asset manager’s stock worth $1,801,000 after purchasing an additional 2,182 shares during the last quarter. Bourgeon Capital Management LLC acquired a new stake in Blackstone in the 2nd quarter worth approximately $423,000. Finally, Edmond DE Rothschild Holding S.A. lifted its holdings in Blackstone by 14.5% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 14,708 shares of the asset manager’s stock worth $2,056,000 after purchasing an additional 1,863 shares during the last quarter. Institutional investors own 70.00% of the company’s stock.

Blackstone Stock Down 4.2%

Shares of BX opened at $153.88 on Friday. Blackstone Inc. has a 12 month low of $115.66 and a 12 month high of $200.96. The stock has a market cap of $113.42 billion, a price-to-earnings ratio of 41.37, a P/E/G ratio of 1.25 and a beta of 1.77. The company has a 50-day moving average price of $172.53 and a two-hundred day moving average price of $154.22. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61.

Blackstone (NYSE:BX) last issued its earnings results on Friday, November 22nd. The asset manager reported $0.97 earnings per share (EPS) for the quarter. The business had revenue of $2.49 billion during the quarter. Blackstone had a return on equity of 20.47% and a net margin of 20.83%. Equities analysts predict that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, August 4th were issued a dividend of $1.03 per share. The ex-dividend date of this dividend was Monday, August 4th. This is a boost from Blackstone’s previous quarterly dividend of $0.93. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.7%. Blackstone’s dividend payout ratio (DPR) is 110.75%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. JMP Securities upped their price target on Blackstone from $180.00 to $195.00 and gave the stock a “market outperform” rating in a report on Friday, July 25th. BNP Paribas Exane upped their target price on shares of Blackstone from $166.00 to $178.00 and gave the company a “neutral” rating in a research note on Monday, September 29th. Jefferies Financial Group dropped their price objective on shares of Blackstone from $207.00 to $199.00 and set a “buy” rating on the stock in a report on Tuesday, October 7th. TD Cowen decreased their target price on Blackstone from $215.00 to $208.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Citigroup reaffirmed a “market perform” rating on shares of Blackstone in a report on Saturday, July 19th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $179.00.

Insider Activity at Blackstone

In other Blackstone news, insider Vikrant Sawhney sold 50,850 shares of Blackstone stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $173.64, for a total transaction of $8,829,594.00. Following the completion of the transaction, the insider directly owned 737,248 shares of the company’s stock, valued at approximately $128,015,742.72. This trade represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Holdings I. L.P. Blackstone acquired 1,189,532 shares of the business’s stock in a transaction on Friday, July 18th. The shares were bought at an average cost of $25.22 per share, with a total value of $29,999,997.04. Following the completion of the acquisition, the insider owned 4,178,771 shares of the company’s stock, valued at approximately $105,388,604.62. This trade represents a 39.79% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 3,727,877 shares of company stock valued at $95,046,625 and sold 16,984,634 shares valued at $155,181,346. Insiders own 1.00% of the company’s stock.

Blackstone Company 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.