Resonant Capital Advisors LLC Acquires 707 Shares of Blackstone Inc. $BX

Resonant Capital Advisors LLC raised its holdings in shares of Blackstone Inc. (NYSE:BX) by 42.1% in the 2nd quarter, Holdings Channel.com reports. The firm owned 2,386 shares of the asset manager’s stock after buying an additional 707 shares during the quarter. Resonant Capital Advisors LLC’s holdings in Blackstone were worth $357,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in BX. 1248 Management LLC bought a new stake in shares of Blackstone in the 1st quarter worth about $25,000. von Borstel & Associates Inc. bought a new stake in shares of Blackstone in the 1st quarter worth about $28,000. Wealth Preservation Advisors LLC bought a new stake in shares of Blackstone in the 1st quarter worth about $28,000. Anderson Financial Strategies LLC bought a new stake in shares of Blackstone in the 1st quarter worth about $28,000. Finally, Family CFO Inc bought a new stake in shares of Blackstone in the 2nd quarter worth about $28,000. Institutional investors own 70.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Blackstone from $177.00 to $176.00 and set a “neutral” rating for the company in a report on Friday. Wells Fargo & Company lifted their price objective on shares of Blackstone from $153.00 to $167.00 and gave the company an “equal weight” rating in a report on Friday, July 11th. Jefferies Financial Group decreased their price objective on shares of Blackstone from $207.00 to $199.00 and set a “buy” rating for the company in a report on Tuesday, October 7th. Morgan Stanley lifted their price objective on shares of Blackstone from $200.00 to $215.00 and gave the company an “overweight” rating in a report on Tuesday, October 21st. Finally, Piper Sandler decreased their price objective on shares of Blackstone from $173.00 to $168.00 and set a “neutral” rating for the company in a report on Friday. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $180.26.

Blackstone Price Performance

Shares of BX opened at $153.70 on Tuesday. The company has a market cap of $113.29 billion, a price-to-earnings ratio of 43.91, a price-to-earnings-growth ratio of 1.24 and a beta of 1.77. Blackstone Inc. has a twelve month low of $115.66 and a twelve month high of $200.96. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt-to-equity ratio of 0.60. The company has a 50 day moving average of $169.89 and a two-hundred day moving average of $156.26.

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

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Monday, November 3rd will be paid a dividend of $1.29 per share. The ex-dividend date 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 3.4%. Blackstone’s payout ratio is presently 147.43%.

Insider Activity at Blackstone

In other Blackstone news, insider Vikrant Sawhney sold 50,850 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $173.64, for a total transaction of $8,829,594.00. Following the sale, the insider owned 737,248 shares of the company’s stock, valued at approximately $128,015,742.72. The trade was a 6.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph Baratta sold 113,000 shares of the business’s stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $175.69, for a total transaction of $19,852,970.00. Following the sale, the director directly owned 695,757 shares in the company, valued at approximately $122,237,547.33. This represents a 13.97% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 2,538,345 shares of company stock worth $65,046,628 and have sold 16,984,634 shares worth $155,181,346. 1.00% of the stock is currently owned by company insiders.

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.