HB Wealth Management LLC Purchases 8,047 Shares of Blackstone Inc. $BX

HB Wealth Management LLC boosted its holdings in shares of Blackstone Inc. (NYSE:BX) by 18.8% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 50,885 shares of the asset manager’s stock after buying an additional 8,047 shares during the period. HB Wealth Management LLC’s holdings in Blackstone were worth $5,988,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of BX. Nilsine Partners LLC increased its position in shares of Blackstone by 5.6% in the second quarter. Nilsine Partners LLC now owns 2,255 shares of the asset manager’s stock worth $265,000 after purchasing an additional 119 shares during the last quarter. Saudi Central Bank grew its stake in Blackstone by 90.6% in the 2nd quarter. Saudi Central Bank now owns 51,953 shares of the asset manager’s stock worth $6,113,000 after buying an additional 24,696 shares in the last quarter. Hutchens & Kramer Investment Management Group LLC lifted its holdings in shares of Blackstone by 5.3% during the 2nd quarter. Hutchens & Kramer Investment Management Group LLC now owns 3,679 shares of the asset manager’s stock worth $433,000 after acquiring an additional 184 shares during the last quarter. Advisory Solutions Group LLC bought a new position in Blackstone in the second quarter valued at $223,000. Finally, Rose Capital Advisors LLC purchased a new stake in Blackstone during the second quarter valued at about $1,469,000. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Weiss Ratings raised Blackstone from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, July 24th. JPMorgan Chase & Co. lowered their price objective on shares of Blackstone from $136.00 to $132.00 and set a “neutral” rating for the company in a report on Thursday, July 16th. TD Cowen increased their target price on shares of Blackstone from $133.00 to $145.00 and gave the company a “buy” rating in a report on Friday, July 24th. HSBC restated a “hold” rating and set a $135.00 price target on shares of Blackstone in a research report on Monday, July 20th. Finally, Dbs Bank raised Blackstone to a “moderate buy” rating in a research note on Wednesday, May 27th. Thirteen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $149.43.

Insiders Place Their Bets

In other Blackstone news, insider John Finley sold 45,000 shares of the business’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $147.11, for a total transaction of $6,619,950.00. Following the transaction, the insider directly owned 516,017 shares of the company’s stock, valued at approximately $75,911,260.87. The trade was a 8.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Holdings Iv L.P. Blackstone bought 272,642 shares of the company’s stock in a transaction dated Friday, August 21st. The stock was bought at an average cost of $26.14 per share, with a total value of $7,126,861.88. Following the completion of the transaction, the insider owned 8,704,419 shares in the company, valued at approximately $227,533,512.66. This trade represents a 3.23% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have purchased 1,611,822 shares of company stock valued at $42,189,294 and have sold 7,562,000 shares valued at $40,331,085. 1.00% of the stock is currently owned by insiders.

Blackstone Price Performance

BX stock opened at $136.07 on Tuesday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.63. The firm’s 50-day moving average price is $133.17 and its two-hundred day moving average price is $123.13. The stock has a market capitalization of $102.14 billion, a price-to-earnings ratio of 30.44, a PEG ratio of 1.53 and a beta of 1.56. Blackstone Inc. has a 12-month low of $101.73 and a 12-month high of $190.09.

Blackstone (NYSE:BX) last announced its quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.18. Blackstone had a return on equity of 23.77% and a net margin of 21.84%.The company had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $3.42 billion. During the same quarter in the previous year, the business earned $0.98 EPS. Blackstone’s revenue was up 35.9% compared to the same quarter last year. As a group, equities analysts predict that Blackstone Inc. will post 5.99 earnings per share for the current year.

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Monday, August 3rd were paid a $1.29 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This is a positive change from Blackstone’s previous quarterly dividend of $1.16. This represents a $5.16 dividend on an annualized basis and a yield of 3.8%. Blackstone’s payout ratio is 115.44%.

Blackstone Profile

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.