Kingsview Wealth Management LLC Makes New $2.74 Million Investment in Blackstone Inc. $BX

Kingsview Wealth Management LLC purchased a new stake in Blackstone Inc. (NYSE:BX) during the second quarter, HoldingsChannel reports. The institutional investor purchased 23,303 shares of the asset manager’s stock, valued at approximately $2,742,000.

A number of other hedge funds have also modified their holdings of BX. Brighton Jones LLC grew its stake in shares of Blackstone by 34.6% during the 4th quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager’s stock worth $1,365,000 after acquiring an additional 2,035 shares in the last quarter. Sivia Capital Partners LLC boosted its stake in shares of Blackstone by 9.3% during the 2nd quarter. Sivia Capital Partners LLC now owns 2,076 shares of the asset manager’s stock worth $310,000 after buying an additional 177 shares during the last quarter. United Bank increased its position in shares of Blackstone by 14.7% in the second quarter. United Bank now owns 13,528 shares of the asset manager’s stock valued at $2,024,000 after acquiring an additional 1,729 shares during the last quarter. Nebula Research & Development LLC bought a new stake in Blackstone during the second quarter worth about $1,124,000. Finally, Sei Investments Co. grew its stake in Blackstone by 1.9% in the second quarter. Sei Investments Co. now owns 452,619 shares of the asset manager’s stock valued at $67,703,000 after purchasing an additional 8,655 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on BX shares. JPMorgan Chase & Co. dropped their price objective on Blackstone from $136.00 to $132.00 and set a “neutral” rating on the stock in a research note on Thursday, July 16th. Jefferies Financial Group boosted their target price on shares of Blackstone from $143.00 to $152.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. TD Cowen increased their price target on shares of Blackstone from $133.00 to $145.00 and gave the company a “buy” rating in a research note on Friday, July 24th. HSBC reissued a “hold” rating and issued a $135.00 price objective on shares of Blackstone in a research report on Monday, July 20th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Blackstone in a report on Monday, June 8th. They issued a “buy” rating on the stock. Thirteen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $149.43.

Blackstone Stock Performance

Shares of NYSE BX opened at $142.63 on Friday. Blackstone Inc. has a one year low of $101.73 and a one year high of $190.09. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.72 and a quick ratio of 0.72. The firm has a market cap of $107.06 billion, a price-to-earnings ratio of 31.91, a P/E/G ratio of 1.55 and a beta of 1.56. The stock’s fifty day moving average price is $130.65 and its two-hundred day moving average price is $122.92.

Blackstone (NYSE:BX) last announced its 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. The company had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $3.42 billion. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. Blackstone’s quarterly revenue was up 35.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.98 earnings per share. On average, equities analysts forecast that Blackstone Inc. will post 5.99 EPS for the current year.

Blackstone Increases Dividend

The business 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. This represents a $5.16 annualized dividend and a dividend yield of 3.6%. This is an increase from Blackstone’s previous quarterly dividend of $1.16. The ex-dividend date was Monday, August 3rd. Blackstone’s dividend payout ratio is presently 115.44%.

Insider Activity

In related news, insider John G. Finley sold 45,000 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $147.11, for a total value of $6,619,950.00. Following the transaction, the insider owned 516,017 shares in the company, valued at approximately $75,911,260.87. This trade represents a 8.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Holdings Iv L.P. Blackstone acquired 272,642 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The shares were purchased at an average cost of $26.14 per share, with a total value of $7,126,861.88. Following the transaction, the insider directly owned 8,704,419 shares of the company’s stock, valued at $227,533,512.66. This trade represents a 3.23% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have purchased 1,611,822 shares of company stock worth $42,189,294 and have sold 7,562,000 shares worth $40,331,085. Insiders own 1.00% of the company’s stock.

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.