Apollon Wealth Management LLC Has $9.47 Million Stock Position in Blackstone Inc. $BX

Key Points

• Apollon Wealth Management cut its Blackstone stake by 37.5% in the first quarter, selling 49,538 shares and leaving it with 82,398 shares valued at about $9.47 million.
• Blackstone reported Q1 earnings of $1.36 per share, slightly ahead of estimates, while revenue came in at $3.43 billion versus expectations of $3.45 billion. Revenue still grew 10% year over year.
• The company paid a quarterly dividend of $1.16 per share, equal to a 4.0% yield, though the payout ratio is high at 118.67%.

Apollon Wealth Management LLC lessened its position in Blackstone Inc. (NYSE:BX - Free Report) by 37.5% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 82,398 shares of the asset manager's stock after selling 49,538 shares during the period. Apollon Wealth Management LLC's holdings in Blackstone were worth $9,475,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. Strive Asset Management LLC purchased a new stake in Blackstone during the third quarter worth about $30,000. Family CFO Inc purchased a new stake in Blackstone in the 4th quarter worth about $28,000. Ares Financial Consulting LLC bought a new stake in Blackstone in the 4th quarter valued at about $28,000. Richardson Financial Services Inc. bought a new position in Blackstone during the fourth quarter worth about $29,000. Finally, Kelleher Financial Advisors bought a new stake in shares of Blackstone in the third quarter valued at approximately $34,000. 70.00% of the stock is currently owned by institutional investors.

Blackstone Stock Performance

NYSE:BX opened at $114.87 on Tuesday. Blackstone Inc. has a twelve month low of $101.73 and a twelve month high of $190.09. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.66. The firm's fifty day simple moving average is $120.36 and its 200 day simple moving average is $128.78. The stock has a market cap of $85.33 billion, a P/E ratio of 29.38, a price-to-earnings-growth ratio of 1.25 and a beta of 1.59.

Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.02. The company had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.45 billion. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.The firm's quarterly revenue was up 10.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.11 EPS. As a group, research analysts predict that Blackstone Inc. will post 5.9 EPS for the current year.

Blackstone Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 11th. Stockholders of record on Monday, May 4th were issued a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Monday, May 4th. Blackstone's dividend payout ratio is presently 118.67%.

Insider Transactions at Blackstone

In other news, major shareholder Treasury Holdings I. Blackstone acquired 9,486,795 shares of Blackstone stock in a transaction that occurred on Friday, May 15th. The stock was bought at an average price of $20.00 per share, for a total transaction of $189,735,900.00. Following the completion of the transaction, the insider owned 9,111,800 shares in the company, valued at $182,236,000. The trade was a -2,529.85% increase in their ownership of the stock. The purchase was disclosed in a document filed 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 firm's stock in a transaction that occurred on Tuesday, June 16th. The stock was 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 directly owned 19,374 shares in the company, valued at approximately $73,233.72. The trade was a 99.74% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders bought 10,252,345 shares of company stock worth $209,789,893. Company insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BX. TD Cowen reduced their target price on Blackstone from $140.00 to $133.00 and set a "buy" rating for the company in a report on Monday, May 18th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Blackstone in a report on Monday, June 8th. They set a "buy" rating on the stock. The Goldman Sachs Group reduced their price target on shares of Blackstone from $118.00 to $116.00 and set a "neutral" rating for the company in a research report on Friday, April 24th. Piper Sandler increased their price objective on Blackstone from $122.00 to $130.00 and gave the stock a "neutral" rating in a research report on Monday, April 27th. Finally, Dbs Bank upgraded Blackstone to a "moderate buy" rating in a research note on Wednesday, May 27th. Thirteen analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $150.86.

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.

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