Burling Wealth Partners LLC Grows Stake in Blackstone Inc. $BX

Burling Wealth Partners LLC increased its holdings in Blackstone Inc. (NYSE:BX) by 0.4% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 97,196 shares of the asset manager’s stock after purchasing an additional 366 shares during the quarter. Blackstone comprises about 2.7% of Burling Wealth Partners LLC’s portfolio, making the stock its 7th biggest holding. Burling Wealth Partners LLC’s holdings in Blackstone were worth $14,539,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of BX. Arcus Capital Partners LLC lifted its holdings in Blackstone by 1.2% in the second quarter. Arcus Capital Partners LLC now owns 4,937 shares of the asset manager’s stock worth $739,000 after purchasing an additional 58 shares during the period. Mattern Wealth Management LLC boosted its holdings in shares of Blackstone by 2.8% in the second quarter. Mattern Wealth Management LLC now owns 2,213 shares of the asset manager’s stock valued at $331,000 after acquiring an additional 60 shares in the last quarter. GHP Investment Advisors Inc. raised its holdings in Blackstone by 3.5% during the second quarter. GHP Investment Advisors Inc. now owns 1,784 shares of the asset manager’s stock worth $267,000 after purchasing an additional 61 shares in the last quarter. Sage Rhino Capital LLC lifted its position in Blackstone by 0.8% in the second quarter. Sage Rhino Capital LLC now owns 8,036 shares of the asset manager’s stock worth $1,202,000 after purchasing an additional 63 shares during the period. Finally, WNY Asset Management LLC increased its position in shares of Blackstone by 1.7% during the 2nd quarter. WNY Asset Management LLC now owns 3,852 shares of the asset manager’s stock valued at $576,000 after purchasing an additional 64 shares during the period. Institutional investors own 70.00% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on BX shares. Citigroup decreased their target price on Blackstone from $185.00 to $170.00 and set a “neutral” rating for the company in a research note on Monday, October 13th. JPMorgan Chase & Co. reduced their price objective on shares of Blackstone from $177.00 to $176.00 and set a “neutral” rating for the company in a research report on Friday, October 24th. Piper Sandler cut their target price on shares of Blackstone from $173.00 to $168.00 and set a “neutral” rating for the company in a research note on Friday, October 24th. Bank of America decreased their price target on shares of Blackstone from $200.00 to $199.00 in a research report on Friday, October 3rd. Finally, HSBC reduced their price objective on Blackstone from $179.00 to $178.00 in a research note on Monday, October 27th. Eleven equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $179.74.

Blackstone Trading Down 3.4%

NYSE BX opened at $139.44 on Friday. The firm’s 50 day moving average price is $163.69 and its two-hundred day moving average price is $157.54. The stock has a market cap of $102.97 billion, a price-to-earnings ratio of 39.84, a PEG ratio of 1.18 and a beta of 1.76. Blackstone Inc. has a twelve month low of $115.66 and a twelve month high of $200.96. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.74 and a current ratio of 0.75.

Blackstone (NYSE:BX) last issued its quarterly earnings results on Friday, November 22nd. The asset manager reported $0.97 earnings per share for the quarter. The business had revenue of $2.49 billion for the quarter. Blackstone had a return on equity of 22.30% and a net margin of 20.56%. Equities analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 10th. Stockholders of record on Monday, November 3rd were given a $1.29 dividend. This represents a $5.16 dividend on an annualized basis and a dividend yield of 3.7%. This is a positive change from Blackstone’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend was Monday, November 3rd. Blackstone’s payout ratio is currently 147.43%.

Insider Activity

In other news, major shareholder Private Multi-Asset Blackstone acquired 2,538,071 shares of Blackstone stock in a transaction that occurred on Monday, September 22nd. The stock was purchased at an average price of $25.61 per share, with a total value of $64,999,998.31. Following the completion of the transaction, the insider owned 7,506,209 shares in the company, valued at approximately $192,234,012.49. This trade represents a 51.09% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider John G. Finley sold 21,500 shares of the firm’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 sale, the insider directly owned 453,836 shares of the company’s stock, valued at $77,814,720.56. This trade represents a 4.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders bought a total of 2,565,543 shares of company stock valued at $69,050,139 in the last three months. 1.00% of the stock is currently owned by insiders.

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.