269 Shares in Blackstone Inc. $BX Acquired by RMG Wealth Management LLC

RMG Wealth Management LLC purchased a new position in shares of Blackstone Inc. (NYSE:BX) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 269 shares of the asset manager’s stock, valued at approximately $40,000.

A number of other hedge funds have also recently added to or reduced their stakes in BX. Kingstone Capital Partners Texas LLC lifted its position in Blackstone by 519,669.1% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 70,132,441 shares of the asset manager’s stock worth $10,490,411,000 after acquiring an additional 70,118,948 shares during the period. Vanguard Group Inc. lifted its position in Blackstone by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 67,997,581 shares of the asset manager’s stock worth $9,504,702,000 after acquiring an additional 1,102,949 shares during the period. Nuveen LLC acquired a new stake in Blackstone during the 1st quarter worth approximately $151,524,000. Amundi lifted its position in Blackstone by 69.3% during the 1st quarter. Amundi now owns 2,421,502 shares of the asset manager’s stock worth $323,000,000 after acquiring an additional 990,947 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in Blackstone by 16.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,292,320 shares of the asset manager’s stock worth $739,761,000 after acquiring an additional 742,829 shares during the period. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Evercore ISI increased their price objective on Blackstone from $165.00 to $197.00 and gave the stock an “outperform” rating in a research report on Friday, July 25th. JMP Securities raised their price target on Blackstone from $180.00 to $195.00 and gave the stock a “market outperform” rating in a research report on Friday, July 25th. The Goldman Sachs Group raised their price target on Blackstone from $172.00 to $173.00 and gave the stock a “neutral” rating in a research report on Friday, October 3rd. Keefe, Bruyette & Woods lifted their price objective on Blackstone from $168.00 to $180.00 and gave the company a “market perform” rating in a research report on Friday, July 25th. Finally, Jefferies Financial Group lowered their price objective on Blackstone from $207.00 to $199.00 and set a “buy” rating for the company in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $176.83.

Insider Activity

In other Blackstone news, insider Vikrant Sawhney sold 50,850 shares of the business’s stock in a transaction dated 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 transaction, the insider owned 737,248 shares in the company, valued at $128,015,742.72. The trade was a 6.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John G. Finley sold 21,500 shares of the business’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $171.46, for a total value of $3,686,390.00. Following the transaction, the insider owned 453,836 shares in the company, valued at approximately $77,814,720.56. This represents a 4.52% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 3,727,877 shares of company stock valued at $95,046,625 and have sold 16,984,634 shares valued at $155,181,346. 1.00% of the stock is currently owned by insiders.

Blackstone Price Performance

BX stock opened at $164.83 on Wednesday. The stock has a 50-day moving average price of $173.37 and a two-hundred day moving average price of $154.03. Blackstone Inc. has a 12-month low of $115.66 and a 12-month high of $200.96. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.61. The company has a market cap of $121.50 billion, a PE ratio of 44.31, a price-to-earnings-growth ratio of 1.36 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 (EPS) for the quarter, beating 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 firm had revenue of $3.07 billion during the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter in the previous year, the business earned $0.98 earnings per share. The firm’s quarterly revenue was up 32.7% compared to the same quarter last year. As a group, research analysts predict that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, August 4th were given a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 2.5%. This is a boost from Blackstone’s previous quarterly dividend of $0.93. The ex-dividend date of this dividend was Monday, August 4th. Blackstone’s dividend payout ratio (DPR) is presently 110.75%.

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.