LMG Wealth Partners LLC Has $1.54 Million Holdings in Blackstone Inc. $BX

LMG Wealth Partners LLC boosted its stake in Blackstone Inc. (NYSE:BX) by 9.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,305 shares of the asset manager’s stock after purchasing an additional 857 shares during the quarter. LMG Wealth Partners LLC’s holdings in Blackstone were worth $1,541,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of BX. 1248 Management LLC acquired a new position in Blackstone in the first quarter valued at about $25,000. von Borstel & Associates Inc. bought a new position in Blackstone in the first quarter valued at about $28,000. Wealth Preservation Advisors LLC bought a new position in Blackstone in the first quarter valued at about $28,000. Anderson Financial Strategies LLC bought a new position in Blackstone in the first quarter valued at about $28,000. Finally, Family CFO Inc bought a new position in Blackstone in the second quarter valued at about $28,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Insider Activity at Blackstone

In other news, insider John G. Finley sold 21,500 shares of the company’s stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $171.46, for a total transaction of $3,686,390.00. Following the transaction, the insider directly owned 453,836 shares of the company’s stock, valued at $77,814,720.56. This represents a 4.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Private Multi-Asset Blackstone bought 2,538,071 shares of the stock in a transaction dated Monday, September 22nd. The shares were purchased at an average cost of $25.61 per share, for a total transaction of $64,999,998.31. Following the completion of the transaction, the insider directly owned 7,506,209 shares of the company’s stock, valued at $192,234,012.49. This trade represents a 51.09% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 2,538,345 shares of company stock valued at $65,046,628 and sold 16,984,634 shares valued at $155,181,346. Company insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Jefferies Financial Group decreased their target price on Blackstone from $207.00 to $199.00 and set a “buy” rating on the stock in a research report on Tuesday, October 7th. Barclays reduced their price target on Blackstone from $181.00 to $171.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 8th. Wells Fargo & Company boosted their price target on Blackstone from $153.00 to $167.00 and gave the stock an “equal weight” rating in a report on Friday, July 11th. Piper Sandler reduced their price target on Blackstone from $181.00 to $173.00 and set a “neutral” rating on the stock in a report on Thursday, October 9th. Finally, BMO Capital Markets initiated coverage on Blackstone in a research note on Friday, October 3rd. They issued an “outperform” rating and a $190.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $180.26.

Blackstone Price Performance

Shares of BX opened at $156.37 on Monday. Blackstone Inc. has a 52-week low of $115.66 and a 52-week high of $200.96. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.74 and a current ratio of 0.74. The business’s 50 day moving average price is $171.66 and its two-hundred day moving average price is $154.98. The firm has a market cap of $115.26 billion, a PE ratio of 42.03, a price-to-earnings-growth ratio of 1.27 and a beta of 1.77.

Blackstone (NYSE:BX) last issued its quarterly earnings results on Friday, November 22nd. The asset manager reported $0.97 earnings per share (EPS) 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 for the quarter. On average, equities analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 11th. Stockholders of record on Monday, August 4th were given a dividend of $1.03 per share. The ex-dividend date of this dividend was Monday, August 4th. This is a positive change from Blackstone’s previous quarterly dividend of $0.93. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.6%. Blackstone’s payout ratio is currently 110.75%.

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.