Payne Capital Management LLC Purchases New Holdings in Blackstone Inc. $BX

Payne Capital Management LLC acquired a new stake in Blackstone Inc. (NYSE:BX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 4,446 shares of the asset manager’s stock, valued at approximately $523,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Redwood Financial Network Corp grew its holdings in Blackstone by 1.8% during the second quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager’s stock worth $537,000 after purchasing an additional 65 shares during the period. Zacks Investment Management boosted its stake in shares of Blackstone by 2.1% during the 3rd quarter. Zacks Investment Management now owns 3,453 shares of the asset manager’s stock worth $590,000 after acquiring an additional 71 shares during the period. Brogan Financial Inc. raised its stake in Blackstone by 2.5% in the 3rd quarter. Brogan Financial Inc. now owns 2,904 shares of the asset manager’s stock valued at $496,000 after acquiring an additional 72 shares during the period. SlateStone Wealth LLC boosted its position in Blackstone by 1.9% during the fourth quarter. SlateStone Wealth LLC now owns 3,997 shares of the asset manager’s stock worth $616,000 after purchasing an additional 75 shares during the period. Finally, Founders Financial Securities LLC boosted its holdings in shares of Blackstone by 4.1% during the 4th quarter. Founders Financial Securities LLC now owns 1,928 shares of the asset manager’s stock worth $297,000 after buying an additional 76 shares during the period. Institutional investors own 70.00% of the company’s stock.

Insider Activity

In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $3.78, for a total transaction of $28,264,950.00. Following the completion of the transaction, the insider owned 19,374 shares in the company, valued at $73,233.72. This trade represents a 99.74% 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, insider Vikrant Sawhney sold 30,000 shares of the business’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $135.55, for a total transaction of $4,066,500.00. Following the sale, the insider directly owned 869,669 shares in the company, valued at $117,883,632.95. The trade was a 3.33% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have bought 1,611,822 shares of company stock worth $42,189,294 and have sold 7,562,000 shares worth $40,331,085. 1.00% of the stock is currently owned by corporate insiders.

Blackstone Trading Down 0.1%

Shares of BX stock opened at $143.25 on Thursday. The company has a market cap of $107.53 billion, a P/E ratio of 32.05, a PEG ratio of 1.57 and a beta of 1.56. Blackstone Inc. has a fifty-two week low of $101.73 and a fifty-two week high of $190.09. The stock has a 50 day simple moving average of $129.88 and a two-hundred day simple moving average of $122.68. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.72 and a current ratio of 0.72.

Blackstone (NYSE:BX) last posted its earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.18. The company had revenue of $5.04 billion for the quarter, compared to analyst estimates of $3.42 billion. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The firm’s revenue was up 35.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.98 EPS. Research analysts forecast that Blackstone Inc. will post 5.99 earnings per share for the current year.

Blackstone Increases Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on BX shares. Citizens Jmp lowered their target price on Blackstone from $190.00 to $165.00 and set a “market outperform” rating on the stock in a research note on Thursday, July 9th. HSBC restated a “hold” rating and set a $135.00 target price on shares of Blackstone in a research note on Monday, July 20th. Rothschild & Co Redburn decreased their target price on Blackstone from $134.00 to $130.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 9th. Royal Bank Of Canada upped their price objective on shares of Blackstone from $161.00 to $169.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Finally, JPMorgan Chase & Co. cut their price objective on Blackstone from $136.00 to $132.00 and set a “neutral” rating on the stock in a report on Thursday, July 16th. Thirteen research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $147.95.

About Blackstone

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.