AssuredPartners Investment Advisors LLC Acquires Shares of 39,798 Blackstone Inc. $BX

Key Points

• AssuredPartners Investment Advisors acquired 39,798 Blackstone shares worth approximately $4.68 million, while institutional investors collectively own 70% of BX stock.
• Blackstone reported quarterly EPS of $1.52, beating estimates by $0.18, and revenue of $5.04 billion, up 35.9% year over year.
• The company raised its quarterly dividend to $1.29, equivalent to an annualized $5.16 and a 3.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $147.95.

AssuredPartners Investment Advisors LLC bought a new position in shares of Blackstone Inc. (NYSE:BX - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 39,798 shares of the asset manager's stock, valued at approximately $4,683,000.

A number of other large investors have also recently modified their holdings of BX. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Blackstone by 9.0% during 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 purchasing an additional 8,321 shares in the last quarter. Matrix Private Capital Group LLC bought a new position in Blackstone in the first quarter worth approximately $1,340,000. Vanguard Group Inc. boosted its position in Blackstone by 1.2% during 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 acquiring an additional 840,258 shares in the last quarter. Marble Wealth LLC purchased a new position in shares of Blackstone in the 4th quarter valued at $7,303,000. Finally, Bank of Nova Scotia raised its position in shares of Blackstone by 92.2% in the 1st quarter. Bank of Nova Scotia now owns 807,184 shares of the asset manager's stock worth $92,817,000 after acquiring an additional 387,109 shares in the last quarter. Hedge funds and other institutional investors own 70.00% of the company's stock.

Blackstone Stock Performance

BX opened at $145.15 on Thursday. The firm's 50-day moving average price is $127.99 and its 200-day moving average price is $122.43. The company has a market cap of $108.95 billion, a P/E ratio of 32.47, a price-to-earnings-growth ratio of 1.56 and a beta of 1.56. 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 Inc. has a 52-week low of $101.73 and a 52-week high of $190.09.

Blackstone (NYSE:BX - Get Free Report) last released its earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.18. The company had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $3.42 billion. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. Blackstone's revenue was up 35.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.98 EPS. As a group, equities analysts anticipate that Blackstone Inc. will post 6 EPS for the current fiscal year.

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Monday, August 3rd were given a $1.29 dividend. This represents a $5.16 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Monday, August 3rd. This is a positive change from Blackstone's previous quarterly dividend of $1.16. Blackstone's payout ratio is currently 115.44%.

Insider Buying and Selling

In related news, insider Vikrant Sawhney sold 30,000 shares of Blackstone stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $135.55, for a total transaction of $4,066,500.00. Following the completion of the sale, the insider owned 869,669 shares of the company's stock, valued at $117,883,632.95. The trade was a 3.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Private Multi-Asset Blackstone purchased 765,111 shares of the business's stock in a transaction that occurred on Tuesday, June 23rd. The stock was acquired at an average price of $26.14 per share, for a total transaction of $20,000,001.54. Following the acquisition, the insider owned 7,882,145 shares in the company, valued at $206,039,270.30. This trade represents a 10.75% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have bought 1,339,180 shares of company stock worth $35,062,433 and have sold 7,562,000 shares worth $40,331,085. Insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on BX shares. Weiss Ratings upgraded Blackstone from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, July 24th. BNP Paribas Exane decreased their price target on shares of Blackstone from $126.00 to $125.00 and set a "neutral" rating for the company in a research report on Tuesday, June 30th. Barclays lifted their price objective on shares of Blackstone from $119.00 to $128.00 and gave the stock an "equal weight" rating in a research report on Friday, July 24th. Piper Sandler increased their target price on shares of Blackstone from $122.00 to $130.00 and gave the company a "neutral" rating in a research report on Monday, April 27th. Finally, Rothschild & Co Redburn cut their price target on shares of Blackstone from $134.00 to $130.00 and set a "neutral" rating on the stock in a report on Tuesday, June 9th. Thirteen research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock 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.

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