BIP Wealth LLC Invests $289,000 in Blackstone Inc. $BX

BIP Wealth LLC acquired a new position in Blackstone Inc. (NYSE:BX) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 1,933 shares of the asset manager’s stock, valued at approximately $289,000.

Several other hedge funds have also made changes to their positions in the company. 1248 Management LLC bought a new stake in shares of Blackstone in the 1st quarter valued at about $25,000. von Borstel & Associates Inc. purchased a new position in shares of Blackstone in the 1st quarter valued at $28,000. Wealth Preservation Advisors LLC purchased a new stake in shares of Blackstone during the 1st quarter worth $28,000. Anderson Financial Strategies LLC purchased a new stake in shares of Blackstone during the first quarter valued at about $28,000. Finally, Family CFO Inc purchased a new position in shares of Blackstone in the 2nd quarter worth approximately $28,000. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. JMP Securities reaffirmed a “market outperform” rating and set a $195.00 target price on shares of Blackstone in a research report on Friday. Wells Fargo & Company upped their price target on shares of Blackstone from $153.00 to $167.00 and gave the company an “equal weight” rating in a report on Friday, July 11th. BNP Paribas Exane decreased their target price on shares of Blackstone from $178.00 to $167.00 and set a “neutral” rating for the company in a research note on Friday. Jefferies Financial Group reduced their price target on Blackstone from $207.00 to $199.00 and set a “buy” rating for the company in a report on Tuesday, October 7th. Finally, Morgan Stanley lifted their price objective on Blackstone from $200.00 to $215.00 and gave the stock an “overweight” rating in a report on Tuesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $180.26.

Blackstone Stock Down 0.3%

Shares of NYSE:BX opened at $154.55 on Friday. The firm has a 50 day simple moving average of $170.20 and a 200-day simple moving average of $156.02. The company has a market capitalization of $113.92 billion, a PE ratio of 44.16, a P/E/G ratio of 1.26 and a beta of 1.77. Blackstone Inc. has a twelve month low of $115.66 and a twelve month high of $200.96. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.60.

Blackstone (NYSE:BX) last announced its earnings results on Friday, November 22nd. The asset manager reported $0.97 EPS for the quarter. The business had revenue of $2.49 billion during the quarter. Blackstone had a net margin of 20.56% and a return on equity of 22.30%. On average, equities analysts predict that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Monday, November 3rd will be paid a dividend of $1.29 per share. This is a positive change from Blackstone’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Monday, November 3rd. This represents a $5.16 dividend on an annualized basis and a dividend yield of 3.3%. Blackstone’s dividend payout ratio is 117.71%.

Insiders Place Their Bets

In related news, major shareholder Private Multi-Asset Blackstone acquired 2,538,071 shares of Blackstone stock in a transaction on Monday, September 22nd. The shares were bought at an average price of $25.61 per share, for a total transaction of $64,999,998.31. Following the completion of the purchase, the insider directly owned 7,506,209 shares in the company, valued at $192,234,012.49. This trade represents a 51.09% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of the company’s stock in a transaction that occurred on 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. Over the last three months, insiders bought 2,538,345 shares of company stock valued at $65,046,628 and sold 16,984,634 shares valued at $155,181,346. Insiders own 1.00% of the company’s stock.

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.