Elevation Point Wealth Partners LLC Purchases New Stake in Blackstone Inc. $BX

Elevation Point Wealth Partners LLC bought a new stake in Blackstone Inc. (NYSE:BX) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 23,859 shares of the asset manager’s stock, valued at approximately $2,808,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Personalized Indexing Management LLC lifted its position in Blackstone by 9.0% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 100,951 shares of the asset manager’s stock valued at $15,561,000 after buying an additional 8,321 shares during the last quarter. Matrix Private Capital Group LLC purchased a new stake in shares of Blackstone in the 1st quarter valued at approximately $1,340,000. Marble Wealth LLC acquired a new position in shares of Blackstone in the 4th quarter worth approximately $7,303,000. Vanguard Group Inc. increased its holdings in Blackstone by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 71,667,695 shares of the asset manager’s stock valued at $11,046,859,000 after purchasing an additional 840,258 shares during the last quarter. Finally, Bank of Nova Scotia raised its position in Blackstone by 92.2% in the first quarter. Bank of Nova Scotia now owns 807,184 shares of the asset manager’s stock valued at $92,817,000 after purchasing an additional 387,109 shares during the period. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Dbs Bank raised Blackstone to a “moderate buy” rating in a research note on Wednesday, May 27th. Royal Bank Of Canada lifted their target price on Blackstone from $161.00 to $169.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. JPMorgan Chase & Co. lowered their price objective on shares of Blackstone from $136.00 to $132.00 and set a “neutral” rating for the company in a research note on Thursday, July 16th. Rothschild & Co Redburn cut their target price on shares of Blackstone from $134.00 to $130.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 9th. Finally, Keefe, Bruyette & Woods raised shares of Blackstone to a “hold” rating in a research report on Monday, July 20th. Thirteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $147.95.

Blackstone Stock Up 0.1%

Shares of Blackstone stock opened at $143.56 on Monday. Blackstone Inc. has a 52-week low of $101.73 and a 52-week high of $190.09. The company has a 50 day moving average of $128.82 and a 200 day moving average of $122.44. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $107.76 billion, a P/E ratio of 32.12, a P/E/G ratio of 1.56 and a beta of 1.56.

Blackstone (NYSE:BX) last released its quarterly earnings data on Thursday, July 23rd. The asset manager reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.18. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The business had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $3.42 billion. During the same period in the previous year, the company earned $0.98 EPS. The company’s revenue for the quarter was up 35.9% on a year-over-year basis. As a group, research analysts forecast that Blackstone Inc. will post 5.99 EPS for the current fiscal year.

Blackstone Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Monday, August 3rd were issued a $1.29 dividend. This represents a $5.16 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Monday, August 3rd. This is an increase from Blackstone’s previous quarterly dividend of $1.16. Blackstone’s dividend payout ratio (DPR) is currently 115.44%.

Insider Activity

In other Blackstone news, Director Ruth Porat purchased 371 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was purchased at an average cost of $137.17 per share, with a total value of $50,890.07. Following the completion of the acquisition, the director directly owned 42,189 shares of the company’s stock, valued at $5,787,065.13. This trade represents a 0.89% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Private Multi-Asset Blackstone purchased 573,614 shares of the company’s stock in a transaction on Thursday, July 23rd. The stock was bought at an average price of $26.15 per share, for a total transaction of $15,000,006.10. Following the completion of the purchase, the insider directly owned 8,455,758 shares of the company’s stock, valued at $221,118,071.70. The trade was a 7.28% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have bought 1,339,180 shares of company stock valued at $35,062,433 and have sold 7,562,000 shares valued at $40,331,085. 1.00% of the stock is owned by company insiders.

Blackstone Company Profile

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.