Summit Place Financial Advisors LLC Boosts Stake in Blackstone Inc. $BX

Summit Place Financial Advisors LLC increased its position in Blackstone Inc. (NYSE:BX) by 4.3% in the 2nd quarter, Holdings Channel reports. The firm owned 23,372 shares of the asset manager’s stock after buying an additional 971 shares during the period. Blackstone makes up 1.8% of Summit Place Financial Advisors LLC’s holdings, making the stock its 22nd biggest holding. Summit Place Financial Advisors LLC’s holdings in Blackstone were worth $3,496,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. 1248 Management LLC purchased a new stake in Blackstone during the 1st quarter valued at approximately $25,000. Family CFO Inc acquired a new stake in Blackstone during the 2nd quarter worth approximately $28,000. Wealth Preservation Advisors LLC acquired a new stake in Blackstone during the 1st quarter worth approximately $28,000. Anderson Financial Strategies LLC acquired a new stake in Blackstone during the 1st quarter worth approximately $28,000. Finally, Livelsberger Financial Advisory acquired a new stake in Blackstone during the 2nd quarter worth approximately $30,000. 70.00% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Blackstone news, insider Vikrant Sawhney sold 50,850 shares of the stock in a transaction on Thursday, August 14th. The stock was 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 in the company, valued at approximately $128,015,742.72. This represents a 6.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John G. Finley sold 21,500 shares of the stock in a transaction on Monday, September 8th. The shares were sold at an average price of $171.46, for a total value of $3,686,390.00. Following the sale, the insider owned 453,836 shares in the company, valued at approximately $77,814,720.56. This trade represents a 4.52% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 3,727,877 shares of company stock worth $95,046,625 and have sold 16,984,634 shares worth $155,181,346. Corporate insiders own 1.00% of the company’s stock.

Blackstone Stock Performance

NYSE BX opened at $153.88 on Friday. Blackstone Inc. has a 1-year low of $115.66 and a 1-year high of $200.96. The company has a market capitalization of $113.42 billion, a P/E ratio of 41.37, a PEG ratio of 1.31 and a beta of 1.77. The business has a 50 day moving average price of $172.53 and a 200 day moving average price of $154.17. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.74 and a quick ratio of 0.74.

Blackstone (NYSE:BX) last released its quarterly earnings data on Friday, November 22nd. The asset manager reported $0.97 earnings per share for the quarter. Blackstone had a return on equity of 20.47% and a net margin of 20.83%.The firm had revenue of $2.49 billion during the quarter. Sell-side analysts expect that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, August 4th were issued a dividend of $1.03 per share. This is a boost from Blackstone’s previous quarterly dividend of $0.93. The ex-dividend date was Monday, August 4th. This represents a $4.12 dividend on an annualized basis and a yield of 2.7%. Blackstone’s payout ratio is currently 110.75%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BX. Bank of America decreased their price objective on Blackstone from $200.00 to $199.00 in a research report on Friday, October 3rd. Keefe, Bruyette & Woods increased their target price on Blackstone from $168.00 to $180.00 and gave the stock a “market perform” rating in a research note on Friday, July 25th. Weiss Ratings reissued a “hold (c)” rating on shares of Blackstone in a research note on Wednesday. JMP Securities increased their target price on Blackstone from $180.00 to $195.00 and gave the stock a “market outperform” rating in a research note on Friday, July 25th. Finally, Citigroup reissued a “market perform” rating on shares of Blackstone in a research note on Saturday, July 19th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, Blackstone has an average rating of “Moderate Buy” and a consensus target price of $179.00.

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.