Allworth Financial LP Acquires New Position in Blackstone Inc. $BX

Allworth Financial LP bought a new position in shares of Blackstone Inc. (NYSE:BX - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 35,067 shares of the asset manager's stock, valued at approximately $4,126,000.

Several other hedge funds and other institutional investors have also made changes to their positions in BX. Ares Financial Consulting LLC bought a new position in Blackstone during the 4th quarter worth approximately $28,000. Bell Investment Advisors Inc bought a new stake in Blackstone in the second quarter valued at approximately $30,000. Addison Advisors LLC acquired a new stake in Blackstone in the second quarter worth $30,000. Strive Asset Management LLC acquired a new position in shares of Blackstone in the 3rd quarter valued at $30,000. Finally, Palladiem LLC bought a new stake in shares of Blackstone in the 4th quarter valued at $31,000. 70.00% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CAO David Payne sold 9,500 shares of the business's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $145.23, for a total transaction of $1,379,685.00. Following the transaction, the chief accounting officer directly owned 64,448 shares in the company, valued at approximately $9,359,783.04. The trade was a 12.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the stock in a transaction on 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 sale, the insider owned 19,374 shares of the company's stock, valued at approximately $73,233.72. This represents a 99.74% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have acquired 1,339,180 shares of company stock worth $35,062,433 and have sold 7,562,000 shares worth $40,331,085. Company insiders own 1.00% of the company's stock.

Blackstone Stock Performance

Shares of BX stock opened at $141.50 on Friday. The firm has a market cap of $106.21 billion, a PE ratio of 31.66, a P/E/G ratio of 1.61 and a beta of 1.56. Blackstone Inc. has a 12 month low of $101.73 and a 12 month high of $190.09. The company's fifty day simple moving average is $128.40 and its 200-day simple moving average is $122.42. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.63.

Blackstone (NYSE:BX - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.18. The firm 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 company's revenue was up 35.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.98 EPS. Equities research analysts expect that Blackstone Inc. will post 6 EPS for the current fiscal year.

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Monday, August 3rd were paid a $1.29 dividend. This is a positive change 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 was Monday, August 3rd. Blackstone's dividend payout ratio is 115.44%.

Wall Street Analysts Forecast Growth

BX has been the subject of a number of research analyst reports. Dbs Bank raised Blackstone to a "moderate buy" rating in a research note on Wednesday, May 27th. 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. Rothschild & Co Redburn decreased their price objective on Blackstone from $134.00 to $130.00 and set a "neutral" rating for the company in a research report on Tuesday, June 9th. Deutsche Bank Aktiengesellschaft started coverage on shares of Blackstone in a report on Monday, June 8th. They set a "buy" rating on the stock. Finally, Sanford C. Bernstein began coverage on shares of Blackstone in a report on Monday, June 8th. They issued an "outperform" rating for the company. Thirteen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $147.95.

Blackstone 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.

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