Royal Capital Wealth Management LLC Makes New Investment in Blackstone Inc. $BX

Royal Capital Wealth Management LLC acquired a new position in shares of Blackstone Inc. (NYSE:BX) in the second quarter, Holdings Channel.com reports. The fund acquired 17,494 shares of the asset manager’s stock, valued at approximately $2,058,000. Blackstone comprises about 1.2% of Royal Capital Wealth Management LLC’s portfolio, making the stock its 21st biggest holding.

Other hedge funds have also recently added to or reduced their stakes in the company. Ares Financial Consulting LLC bought a new position in shares of Blackstone during the 4th quarter valued at about $28,000. Bell Investment Advisors Inc purchased a new position in shares of Blackstone during the second quarter worth approximately $30,000. Addison Advisors LLC purchased a new stake in shares of Blackstone in the 2nd quarter valued at $30,000. Strive Asset Management LLC bought a new stake in Blackstone in the third quarter worth $30,000. Finally, Palladiem LLC purchased a new stake in Blackstone during the fourth quarter valued at about $31,000. Institutional investors own 70.00% of the company’s stock.

Blackstone Stock Performance

Shares of BX stock opened at $143.66 on Tuesday. The firm has a market capitalization of $107.83 billion, a price-to-earnings ratio of 32.14, a PEG ratio of 1.56 and a beta of 1.55. The stock has a fifty day moving average of $129.20 and a 200 day moving average of $122.50. Blackstone Inc. has a 52 week low of $101.73 and a 52 week high of $190.09. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.63.

Blackstone (NYSE:BX) last issued its quarterly earnings data 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. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The business had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $3.42 billion. During the same period in the previous year, the firm earned $0.98 EPS. The company’s quarterly revenue was up 35.9% compared to the same quarter last year. As a group, research analysts expect that Blackstone Inc. will post 5.99 earnings per share for the current year.

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Monday, August 3rd were issued a $1.29 dividend. This represents a $5.16 annualized dividend and a yield of 3.6%. This is a boost from Blackstone’s previous quarterly dividend of $1.16. The ex-dividend date was Monday, August 3rd. Blackstone’s dividend payout ratio (DPR) is 115.44%.

Insider Activity

In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $3.78, for a total value of $28,264,950.00. Following the completion of the transaction, the insider owned 19,374 shares of the company’s stock, valued at approximately $73,233.72. This represents a 99.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Holdings Iv L.P. Blackstone purchased 272,642 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The shares were purchased at an average price of $26.14 per share, for a total transaction of $7,126,861.88. Following the completion of the transaction, the insider directly owned 8,704,419 shares of the company’s stock, valued at $227,533,512.66. This represents a 3.23% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders have bought 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.

Analyst Ratings Changes

Several equities research analysts recently weighed in on BX shares. BNP Paribas Exane dropped their target price on Blackstone from $126.00 to $125.00 and set a “neutral” rating for the company in a report on Tuesday, June 30th. Royal Bank Of Canada boosted their price objective on Blackstone from $161.00 to $169.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. Citizens Jmp decreased their target price on shares of Blackstone from $190.00 to $165.00 and set a “market outperform” rating on the stock in a research note on Thursday, July 9th. Argus increased their price target on shares of Blackstone from $146.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Blackstone in a research 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 given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $147.95.

Blackstone Company 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.