1858 Wealth Management LLC Makes New $204,000 Investment in Blackstone Inc. $BX

1858 Wealth Management LLC bought a new position in Blackstone Inc. (NYSE:BX) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,365 shares of the asset manager’s stock, valued at approximately $204,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Illinois Municipal Retirement Fund boosted its holdings in shares of Blackstone by 105.4% during the first 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 period. Kera Capital Partners Inc. acquired a new stake in shares of Blackstone during the second quarter worth approximately $273,000. Sandy Cove Advisors LLC boosted 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 purchasing an additional 2,182 shares during the period. Bourgeon Capital Management LLC acquired a new stake in shares of Blackstone during the second quarter worth approximately $423,000. Finally, Edmond DE Rothschild Holding S.A. boosted its holdings in shares of Blackstone by 14.5% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 14,708 shares of the asset manager’s stock worth $2,056,000 after purchasing an additional 1,863 shares during the period. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Blackstone

In related news, major shareholder Holdings I. L.P. Blackstone bought 1,189,532 shares of the company’s stock in a transaction that occurred on Friday, July 18th. The shares were acquired at an average price of $25.22 per share, with a total value of $29,999,997.04. Following the completion of the transaction, the insider owned 4,178,771 shares of the company’s stock, valued at $105,388,604.62. The trade was a 39.79% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of the business’s stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $6.26, for a total transaction of $104,478,673.84. The disclosure for this sale can be found here. In the last three months, insiders have purchased 3,727,877 shares of company stock valued at $95,046,625 and have sold 16,984,634 shares valued at $155,181,346. 1.00% of the stock is owned by insiders.

Blackstone Trading Down 4.2%

NYSE:BX opened at $153.88 on Friday. Blackstone Inc. has a 12 month low of $115.66 and a 12 month high of $200.96. The firm has a market cap of $113.42 billion, a price-to-earnings ratio of 41.37, a P/E/G ratio of 1.25 and a beta of 1.77. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61. The company’s 50 day moving average is $172.53 and its 200-day moving average is $154.22.

Blackstone (NYSE:BX) last released its quarterly earnings results on Friday, November 22nd. The asset manager reported $0.97 EPS for the quarter. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. The company had revenue of $2.49 billion for the quarter. Equities analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

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

Analysts Set New Price Targets

BX has been the topic of several recent research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Blackstone in a research report on Wednesday. TD Cowen cut their price objective on shares of Blackstone from $215.00 to $208.00 and set a “buy” rating on the stock in a research report on Wednesday. Jefferies Financial Group cut their price objective on shares of Blackstone from $207.00 to $199.00 and set a “buy” rating on the stock in a research report on Tuesday, October 7th. Evercore ISI raised their price objective on shares of Blackstone from $165.00 to $197.00 and gave the company an “outperform” rating in a research report on Friday, July 25th. Finally, The Goldman Sachs Group raised their price objective on shares of Blackstone from $172.00 to $173.00 and gave the company a “neutral” rating in a research report on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average 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.