Laffer Tengler Investments Inc. Invests $565,000 in Blackstone Inc. $BX

Laffer Tengler Investments Inc. purchased a new stake in shares of Blackstone Inc. (NYSE:BX) during the 2nd quarter, Holdings Channel reports. The institutional investor purchased 3,780 shares of the asset manager’s stock, valued at approximately $565,000.

Other hedge funds have also recently modified their holdings of the company. Kingstone Capital Partners Texas LLC increased its stake in shares of Blackstone by 519,669.1% in 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 in the last quarter. Vanguard Group Inc. increased its stake in shares of Blackstone by 1.6% during the first quarter. Vanguard Group Inc. now owns 67,997,581 shares of the asset manager’s stock valued at $9,504,702,000 after purchasing an additional 1,102,949 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Blackstone by 16.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,292,320 shares of the asset manager’s stock valued at $739,761,000 after purchasing an additional 742,829 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Blackstone by 4.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,291,546 shares of the asset manager’s stock worth $599,872,000 after buying an additional 182,526 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Blackstone by 2.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 4,162,867 shares of the asset manager’s stock valued at $581,886,000 after buying an additional 117,724 shares during the last quarter. Institutional investors own 70.00% of the company’s stock.

Wall Street Analyst Weigh In

BX has been the subject of several analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Blackstone in a report on Wednesday, October 8th. 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 note on Friday, October 24th. Bank of America dropped their target price on shares of Blackstone from $200.00 to $199.00 in a research note on Friday, October 3rd. TD Cowen decreased their price objective on shares of Blackstone from $208.00 to $205.00 and set a “buy” rating for the company in a report on Friday, October 24th. Finally, The Goldman Sachs Group increased their target price on Blackstone from $173.00 to $174.00 and gave the company a “neutral” rating in a research note on Friday, October 24th. Eleven investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, Blackstone presently has an average rating of “Moderate Buy” and a consensus price target of $179.74.

Insider Activity at Blackstone

In other Blackstone news, major shareholder Private Multi-Asset Blackstone purchased 2,538,071 shares of the firm’s stock in a transaction on Monday, September 22nd. The shares were acquired at an average cost of $25.61 per share, for a total transaction of $64,999,998.31. Following the completion of the transaction, the insider owned 7,506,209 shares of the company’s stock, valued at approximately $192,234,012.49. The trade was a 51.09% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Vikrant Sawhney sold 50,850 shares of the company’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $173.64, for a total value of $8,829,594.00. Following the completion of the sale, the insider owned 737,248 shares of the company’s stock, valued at $128,015,742.72. This trade represents a 6.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders purchased 2,565,141 shares of company stock valued at $68,991,351 and sold 16,875,234 shares valued at $136,847,628. 1.00% of the stock is owned by corporate insiders.

Blackstone Price Performance

Shares of BX opened at $146.00 on Monday. The firm has a market cap of $107.61 billion, a PE ratio of 41.71, a P/E/G ratio of 1.18 and a beta of 1.76. Blackstone Inc. has a 1-year low of $115.66 and a 1-year high of $200.96. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.60. The firm has a fifty day simple moving average of $165.79 and a two-hundred day simple moving average of $157.61.

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

Blackstone Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Investors of record on Monday, November 3rd will be issued a $1.29 dividend. The ex-dividend date of this dividend is Monday, November 3rd. This is a positive change from Blackstone’s previous quarterly dividend of $1.03. This represents a $5.16 dividend on an annualized basis and a dividend yield of 3.5%. Blackstone’s payout ratio is 147.43%.

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.