Blackstone Inc. $BX Shares Bought by Chung Wu Investment Group LLC

Chung Wu Investment Group LLC increased its holdings in shares of Blackstone Inc. (NYSE:BX) by 15.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,790 shares of the asset manager’s stock after buying an additional 500 shares during the period. Chung Wu Investment Group LLC’s holdings in Blackstone were worth $567,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently added to or reduced their stakes in BX. DAVENPORT & Co LLC grew its position in shares of Blackstone by 2.0% in the second quarter. DAVENPORT & Co LLC now owns 54,767 shares of the asset manager’s stock valued at $8,192,000 after purchasing an additional 1,095 shares during the period. Merit Financial Group LLC boosted its stake in shares of Blackstone by 30.7% in the second quarter. Merit Financial Group LLC now owns 48,798 shares of the asset manager’s stock worth $7,299,000 after acquiring an additional 11,461 shares during the last quarter. Kercheville Advisors LLC grew its holdings in shares of Blackstone by 21.2% during the second quarter. Kercheville Advisors LLC now owns 52,380 shares of the asset manager’s stock worth $7,835,000 after buying an additional 9,150 shares in the last quarter. Marietta Wealth Management LLC grew its stake in Blackstone by 3.8% during the 2nd quarter. Marietta Wealth Management LLC now owns 57,074 shares of the asset manager’s stock valued at $8,537,000 after acquiring an additional 2,079 shares in the last quarter. Finally, Iron Horse Wealth Management LLC grew its position in shares of Blackstone by 9,760.0% in the second quarter. Iron Horse Wealth Management LLC now owns 493 shares of the asset manager’s stock valued at $74,000 after purchasing an additional 488 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BX has been the subject of several recent analyst reports. Piper Sandler raised their price objective on shares of Blackstone from $157.00 to $181.00 and gave the stock a “neutral” rating in a research report on Monday, July 28th. BMO Capital Markets initiated coverage on Blackstone in a research report on Friday. They set an “outperform” rating and a $190.00 price objective for the company. Keefe, Bruyette & Woods upped their target price on shares of Blackstone from $168.00 to $180.00 and gave the company a “market perform” rating in a research report on Friday, July 25th. Bank of America reduced their price target on shares of Blackstone from $200.00 to $199.00 in a research note on Friday. Finally, Dbs Bank upgraded shares of Blackstone to a “moderate buy” rating in a report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Blackstone presently has an average rating of “Moderate Buy” and a consensus target price of $175.53.

Blackstone Price Performance

Shares of NYSE BX opened at $168.40 on Monday. Blackstone Inc. has a 1-year low of $115.66 and a 1-year high of $200.96. The company has a market cap of $124.12 billion, a price-to-earnings ratio of 45.27, a price-to-earnings-growth ratio of 1.37 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. The stock’s 50-day moving average is $173.81 and its two-hundred day moving average is $153.83.

Blackstone (NYSE:BX) last posted 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 company had revenue of $3.07 billion during the quarter, compared to analysts’ expectations of $2.77 billion. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. The firm’s revenue was up 32.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.98 EPS. Analysts forecast that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend was Monday, August 4th. This is an increase from Blackstone’s previous quarterly dividend of $0.93. This represents a $4.12 dividend on an annualized basis and a yield of 2.4%. Blackstone’s dividend payout ratio is 110.75%.

Insider Transactions at Blackstone

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

Blackstone 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.