Dakota Wealth Management Has $3.93 Million Stake in Blackstone Inc. (NYSE:BX)

Dakota Wealth Management increased its holdings in shares of Blackstone Inc. (NYSE:BX) by 132.1% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 31,741 shares of the asset manager’s stock after purchasing an additional 18,067 shares during the period. Dakota Wealth Management’s holdings in Blackstone were worth $3,930,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BX. Northwest Financial Advisors acquired a new position in shares of Blackstone in the fourth quarter valued at $25,000. Chilton Capital Management LLC acquired a new position in shares of Blackstone in the 1st quarter worth approximately $26,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Blackstone during the 2nd quarter valued at $26,000. Roble Belko & Company Inc bought a new stake in shares of Blackstone during the fourth quarter worth $30,000. Finally, Advantage Trust Co acquired a new position in Blackstone during the 4th quarter worth about $30,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Insider Buying and Selling

In other news, Director Joseph Baratta sold 116,448 shares of the company’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $123.00, for a total transaction of $14,323,104.00. Following the completion of the sale, the director now owns 921,184 shares of the company’s stock, valued at approximately $113,305,632. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider John G. Finley sold 35,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the completion of the transaction, the insider now directly owns 429,386 shares in the company, valued at approximately $56,567,311.64. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $123.00, for a total transaction of $14,323,104.00. Following the sale, the director now directly owns 921,184 shares in the company, valued at approximately $113,305,632. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.

Blackstone Stock Performance

NYSE BX traded down $1.27 on Tuesday, reaching $133.38. The stock had a trading volume of 448,269 shares, compared to its average volume of 3,507,892. Blackstone Inc. has a 1-year low of $88.59 and a 1-year high of $145.16. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.77 and a quick ratio of 0.79. The company has a market cap of $95.32 billion, a P/E ratio of 47.57, a price-to-earnings-growth ratio of 1.17 and a beta of 1.50. The firm has a fifty day moving average of $129.86 and a two-hundred day moving average of $126.49.

Blackstone (NYSE:BX) last issued its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.03). Blackstone had a return on equity of 17.43% and a net margin of 19.35%. The business had revenue of $3.69 billion during the quarter, compared to analyst estimates of $2.58 billion. During the same quarter last year, the firm earned $0.93 EPS. Blackstone’s revenue for the quarter was up 166.9% compared to the same quarter last year. On average, equities research analysts anticipate that Blackstone Inc. will post 4.58 EPS for the current year.

Blackstone Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 29th were given a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date of this dividend was Monday, July 29th. Blackstone’s payout ratio is currently 115.90%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on BX. Barclays increased their price target on shares of Blackstone from $126.00 to $141.00 and gave the company an “equal weight” rating in a research note on Friday, July 19th. TD Cowen boosted their price target on shares of Blackstone from $114.00 to $120.00 and gave the stock a “hold” rating in a research note on Friday, July 19th. Bank of America raised their price target on Blackstone from $130.00 to $145.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Piper Sandler upped their target price on shares of Blackstone from $134.00 to $149.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Blackstone from $145.00 to $146.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Thirteen equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $128.65.

About Blackstone

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.