Blackstone Inc. $BX Shares Bought by Greenup Street Wealth Management LLC

Greenup Street Wealth Management LLC grew its position in Blackstone Inc. (NYSE:BX) by 47.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,496 shares of the asset manager’s stock after acquiring an additional 6,556 shares during the quarter. Greenup Street Wealth Management LLC’s holdings in Blackstone were worth $2,357,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Redwood Financial Network Corp grew its position in Blackstone by 1.8% during the 2nd quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager’s stock worth $537,000 after purchasing an additional 65 shares during the last quarter. Benchmark Financial Wealth Advisors LLC boosted its stake in shares of Blackstone by 0.9% during the fourth quarter. Benchmark Financial Wealth Advisors LLC now owns 7,748 shares of the asset manager’s stock worth $1,194,000 after buying an additional 69 shares during the period. Parcion Private Wealth LLC grew its holdings in shares of Blackstone by 0.6% during the fourth quarter. Parcion Private Wealth LLC now owns 10,935 shares of the asset manager’s stock worth $1,686,000 after buying an additional 70 shares during the last quarter. Trivium Point Advisory LLC increased its position in Blackstone by 2.6% in the 4th quarter. Trivium Point Advisory LLC now owns 2,713 shares of the asset manager’s stock valued at $418,000 after acquiring an additional 70 shares during the period. Finally, Zacks Investment Management lifted its position in Blackstone by 2.1% during the 3rd quarter. Zacks Investment Management now owns 3,453 shares of the asset manager’s stock worth $590,000 after acquiring an additional 71 shares during the period. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Insider Activity at Blackstone

In other Blackstone news, major shareholder Treasury Holdings I. Blackstone acquired 9,486,795 shares of the firm’s stock in a transaction dated Friday, May 15th. The shares were acquired at an average price of $20.00 per share, for a total transaction of $189,735,900.00. Following the completion of the acquisition, the insider directly owned 9,111,800 shares of the company’s stock, valued at $182,236,000. This trade represents a -2,529.85% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Private Multi-Asset Blackstone bought 765,111 shares of the company’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was acquired at an average price of $26.14 per share, with a total value of $20,000,001.54. Following the completion of the purchase, the insider directly owned 7,882,145 shares of the company’s stock, valued at approximately $206,039,270.30. The trade was a 10.75% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have bought 10,252,345 shares of company stock worth $209,789,893. Company insiders own 1.00% of the company’s stock.

Blackstone Stock Performance

NYSE:BX opened at $112.90 on Thursday. The firm’s fifty day simple moving average is $121.16 and its 200-day simple moving average is $129.59. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.66. The stock has a market cap of $83.87 billion, a PE ratio of 28.87, a price-to-earnings-growth ratio of 1.30 and a beta of 1.59. Blackstone Inc. has a fifty-two week low of $101.73 and a fifty-two week high of $190.09.

Blackstone (NYSE:BX) last released its quarterly earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.02. The company had revenue of $3.43 billion for the quarter, compared to analysts’ expectations of $3.45 billion. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The firm’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period last year, the company earned $1.11 EPS. Analysts expect that Blackstone Inc. will post 5.9 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, May 4th were paid a $1.16 dividend. This represents a $4.64 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Monday, May 4th. Blackstone’s payout ratio is presently 118.67%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BX. The Goldman Sachs Group dropped their target price on Blackstone from $118.00 to $116.00 and set a “neutral” rating on the stock in a report on Friday, April 24th. Oppenheimer boosted their price objective on shares of Blackstone from $154.00 to $156.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Argus cut their price objective on shares of Blackstone from $163.00 to $146.00 and set a “buy” rating for the company in a research report on Tuesday, April 28th. HSBC dropped their price target on shares of Blackstone from $164.00 to $131.00 and set a “hold” rating on the stock in a research note on Friday, April 10th. Finally, Barclays reduced their price objective on shares of Blackstone from $126.00 to $124.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 8th. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $150.86.

About Blackstone

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.