Eagle Wealth Strategies LLC Makes New Investment in Blackstone Inc. (NYSE:BX)

Eagle Wealth Strategies LLC acquired a new position in Blackstone Inc. (NYSE:BX) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 3,484 shares of the asset manager’s stock, valued at approximately $456,000.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Blackstone by 30.2% during the 3rd quarter. Vanguard Group Inc. now owns 62,091,903 shares of the asset manager’s stock valued at $6,652,526,000 after acquiring an additional 14,396,655 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Blackstone by 13.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 14,825,769 shares of the asset manager’s stock valued at $1,588,433,000 after acquiring an additional 1,744,652 shares during the period. Northern Trust Corp grew its position in shares of Blackstone by 43.9% during the 3rd quarter. Northern Trust Corp now owns 6,877,288 shares of the asset manager’s stock valued at $736,833,000 after acquiring an additional 2,098,150 shares during the period. Brown Advisory Inc. grew its position in shares of Blackstone by 1.5% during the 3rd quarter. Brown Advisory Inc. now owns 6,106,889 shares of the asset manager’s stock valued at $654,292,000 after acquiring an additional 92,112 shares during the period. Finally, Legal & General Group Plc lifted its stake in shares of Blackstone by 2.1% during the 3rd quarter. Legal & General Group Plc now owns 5,246,005 shares of the asset manager’s stock valued at $562,058,000 after buying an additional 106,251 shares in the last quarter. 70.00% of the stock is owned by institutional investors.

Blackstone Trading Up 1.1 %

Shares of BX opened at $123.88 on Monday. The company’s fifty day simple moving average is $125.96 and its 200-day simple moving average is $118.57. The company has a current ratio of 0.79, a quick ratio of 0.80 and a debt-to-equity ratio of 0.61. The company has a market cap of $88.53 billion, a P/E ratio of 43.28, a P/E/G ratio of 1.02 and a beta of 1.51. Blackstone Inc. has a twelve month low of $79.92 and a twelve month high of $133.56.

Blackstone (NYSE:BX) last issued its quarterly earnings data on Thursday, April 18th. The asset manager reported $0.98 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.98. Blackstone had a net margin of 20.84% and a return on equity of 17.33%. The firm had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter in the previous year, the firm earned $0.97 EPS. The company’s quarterly revenue was up 166.9% compared to the same quarter last year. As a group, analysts expect that Blackstone Inc. will post 4.77 EPS for the current year.

Blackstone Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, May 6th. Investors of record on Monday, April 29th will be issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 2.68%. The ex-dividend date of this dividend is Friday, April 26th. Blackstone’s payout ratio is presently 117.31%.

Insider Transactions at Blackstone

In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of the company’s stock in a transaction on Sunday, March 3rd. The shares were sold at an average price of $11.10, for a total transaction of $27,853,407.60. Following the completion of the sale, the insider now owns 12,802 shares of the company’s stock, valued at $142,102.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of the stock in a transaction dated Sunday, March 3rd. The shares were sold at an average price of $11.10, for a total transaction of $27,853,407.60. Following the sale, the insider now owns 12,802 shares of the company’s stock, valued at $142,102.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ruth Porat purchased 232 shares of Blackstone stock in a transaction dated Monday, February 12th. The shares were acquired at an average cost of $127.08 per share, for a total transaction of $29,482.56. Following the transaction, the director now directly owns 34,225 shares of the company’s stock, valued at approximately $4,349,313. The disclosure for this purchase can be found here. Insiders sold 2,587,168 shares of company stock valued at $37,816,476 over the last 90 days. 1.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Piper Sandler dropped their price target on shares of Blackstone from $150.00 to $146.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 10th. TD Cowen lowered their target price on shares of Blackstone from $117.00 to $114.00 and set a “hold” rating on the stock in a research note on Friday, April 19th. Argus increased their target price on shares of Blackstone from $133.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. JMP Securities restated a “market perform” rating on shares of Blackstone in a research report on Tuesday, April 9th. Finally, Morgan Stanley raised their price objective on shares of Blackstone from $144.00 to $145.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. Thirteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $123.65.

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.