Blackstone Inc. $BX Holdings Lifted by SteelPeak Wealth LLC

SteelPeak Wealth LLC boosted its position in shares of Blackstone Inc. (NYSE:BX) by 1.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,406 shares of the asset manager’s stock after buying an additional 420 shares during the quarter. SteelPeak Wealth LLC’s holdings in Blackstone were worth $5,296,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. 1248 Management LLC acquired a new position in shares of Blackstone in the 1st quarter valued at $25,000. von Borstel & Associates Inc. acquired a new position in shares of Blackstone in the 1st quarter valued at $28,000. Wealth Preservation Advisors LLC acquired a new position in shares of Blackstone in the 1st quarter valued at $28,000. Anderson Financial Strategies LLC acquired a new position in shares of Blackstone in the 1st quarter valued at $28,000. Finally, Family CFO Inc acquired a new position in shares of Blackstone in the 2nd quarter valued at $28,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Blackstone Stock Down 1.0%

BX opened at $166.73 on Tuesday. Blackstone Inc. has a fifty-two week low of $115.66 and a fifty-two week high of $200.96. The business has a 50-day moving average of $173.61 and a 200-day moving average of $153.96. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.74 and a quick ratio of 0.74. The company has a market capitalization of $122.90 billion, a PE ratio of 44.82, a price-to-earnings-growth ratio of 1.37 and a beta of 1.77.

Blackstone (NYSE:BX) last posted its quarterly earnings results on Thursday, July 24th. The asset manager reported $1.21 earnings per share 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 company had revenue of $3.07 billion during the quarter, compared to the consensus estimate of $2.77 billion. During the same period last year, the business earned $0.98 EPS. The business’s quarterly revenue was up 32.7% on a year-over-year basis. Equities research analysts forecast 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. Investors of record on Monday, August 4th were paid a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Monday, August 4th. This is a positive change from Blackstone’s previous quarterly dividend of $0.93. Blackstone’s dividend payout ratio (DPR) is 110.75%.

Analysts Set New Price Targets

A number of equities research analysts have commented on BX shares. Bank of America decreased their price objective on Blackstone from $200.00 to $199.00 in a research report on Friday. Piper Sandler raised their price objective on Blackstone from $157.00 to $181.00 and gave the stock a “neutral” rating in a research report on Monday, July 28th. BNP Paribas Exane raised their price objective on Blackstone from $166.00 to $178.00 and gave the stock a “neutral” rating in a research report on Monday, September 29th. Wells Fargo & Company raised their price objective on Blackstone from $153.00 to $167.00 and gave the stock an “equal weight” rating in a research report on Friday, July 11th. Finally, Citigroup restated a “market perform” rating on shares of Blackstone in a research report on Saturday, July 19th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $175.53.

Insiders Place Their Bets

In related news, major shareholder Holdings I. L.P. Blackstone acquired 1,189,532 shares of the business’s stock in a transaction that occurred on Friday, July 18th. The shares were acquired at an average cost of $25.22 per share, with a total value of $29,999,997.04. Following the purchase, the insider owned 4,178,771 shares of the company’s stock, valued at approximately $105,388,604.62. The trade was a 39.79% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Private Multi-Asset Blackstone acquired 2,538,071 shares of the business’s stock in a transaction that occurred on Monday, September 22nd. The stock was bought at an average cost 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 represents a 51.09% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders purchased 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 currently owned by insiders.

About Blackstone

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.