Future Financial Wealth Managment LLC Grows Position in Blackstone Inc. $BX

Future Financial Wealth Managment LLC increased its position in shares of Blackstone Inc. (NYSE:BX) by 11.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,000 shares of the asset manager’s stock after buying an additional 100 shares during the quarter. Future Financial Wealth Managment LLC’s holdings in Blackstone were worth $150,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of BX. Illinois Municipal Retirement Fund grew its position in Blackstone by 105.4% during the 1st quarter. Illinois Municipal Retirement Fund now owns 13,405 shares of the asset manager’s stock worth $1,874,000 after purchasing an additional 6,878 shares during the last quarter. Kera Capital Partners Inc. purchased a new position in shares of Blackstone during the second quarter worth about $273,000. Sandy Cove Advisors LLC grew its holdings in shares of Blackstone by 22.1% during the second quarter. Sandy Cove Advisors LLC now owns 12,042 shares of the asset manager’s stock worth $1,801,000 after buying an additional 2,182 shares during the last quarter. Narwhal Capital Management grew its holdings in shares of Blackstone by 34.3% during the first quarter. Narwhal Capital Management now owns 64,614 shares of the asset manager’s stock worth $9,032,000 after buying an additional 16,486 shares during the last quarter. Finally, Bourgeon Capital Management LLC purchased a new position in shares of Blackstone in the 2nd quarter valued at approximately $423,000. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on BX. BMO Capital Markets began coverage on shares of Blackstone in a research report on Friday. They issued an “outperform” rating and a $190.00 price objective on the stock. Piper Sandler lifted their target price on shares of Blackstone from $157.00 to $181.00 and gave the company a “neutral” rating in a report on Monday, July 28th. JMP Securities lifted their target price on shares of Blackstone from $180.00 to $195.00 and gave the company a “market outperform” rating in a report on Friday, July 25th. Barclays lifted their price objective on Blackstone from $168.00 to $181.00 and gave the company an “equal weight” rating in a report on Friday, July 25th. Finally, Wells Fargo & Company lifted their price objective on Blackstone from $153.00 to $167.00 and gave the company an “equal weight” rating in a report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $176.00.

Blackstone Price Performance

Shares of NYSE:BX opened at $168.40 on Friday. The business’s 50 day simple moving average is $173.81 and its 200-day simple moving average is $153.77. The firm has a market capitalization of $124.12 billion, a price-to-earnings ratio of 45.27, a price-to-earnings-growth ratio of 1.35 and a beta of 1.77. 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 Inc. has a 12 month low of $115.66 and a 12 month high of $200.96.

Blackstone (NYSE:BX) last announced its quarterly earnings results on Thursday, July 24th. The asset manager reported $1.21 EPS for the quarter, topping the consensus estimate of $1.10 by $0.11. The business had revenue of $3.07 billion for the quarter, compared to analyst estimates of $2.77 billion. Blackstone had a return on equity of 20.47% and a net margin of 20.83%.The company’s quarterly revenue was up 32.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.98 EPS. As a group, equities analysts forecast that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, August 4th were given a $1.03 dividend. The ex-dividend date was Monday, August 4th. This represents a $4.12 annualized dividend and a dividend yield of 2.4%. This is a boost from Blackstone’s previous quarterly dividend of $0.93. Blackstone’s payout ratio is presently 110.75%.

Insiders Place Their Bets

In related news, major shareholder Private Multi-Asset Blackstone bought 2,538,071 shares of Blackstone stock in a transaction that occurred on Monday, September 22nd. The shares were purchased at an average price of $25.61 per share, with a total value of $64,999,998.31. Following the purchase, the insider owned 7,506,209 shares in the company, valued at $192,234,012.49. This represents a 51.09% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Joseph Baratta sold 113,000 shares of the company’s stock in a transaction that occurred on Thursday, September 25th. The shares were sold at an average price of $175.69, for a total value of $19,852,970.00. Following the completion of the sale, the director directly owned 695,757 shares in the company, valued at approximately $122,237,547.33. The trade was a 13.97% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders bought 3,727,877 shares of company stock worth $95,046,625 and sold 16,984,634 shares worth $155,181,346. 1.00% of the stock is currently owned by corporate 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.