BIP Wealth LLC Invests $289,000 in Blackstone Inc. $BX

Key Points

• BIP Wealth LLC invested approximately $289,000 in Blackstone Inc. by acquiring 1,933 shares during the second quarter.
• Blackstone has announced a quarterly dividend of $1.29, reflecting an increase from the previous dividend of $1.03, with a current dividend yield of 3.3%.
• Analysts have set a new price target for Blackstone, with the average target now at $180.26, indicating a generally positive outlook despite some recent adjustments.

BIP Wealth LLC bought a new stake in Blackstone Inc. (NYSE:BX - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,933 shares of the asset manager's stock, valued at approximately $289,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Brighton Jones LLC increased its holdings in Blackstone by 34.6% in the 4th quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager's stock worth $1,365,000 after acquiring an additional 2,035 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Blackstone by 5.2% in the first quarter. GAMMA Investing LLC now owns 9,462 shares of the asset manager's stock worth $1,323,000 after purchasing an additional 470 shares in the last quarter. PDS Planning Inc lifted its stake in shares of Blackstone by 28.8% during the 1st quarter. PDS Planning Inc now owns 2,711 shares of the asset manager's stock valued at $379,000 after buying an additional 606 shares in the last quarter. Diversified Trust Co increased its stake in Blackstone by 14.4% in the 1st quarter. Diversified Trust Co now owns 10,906 shares of the asset manager's stock worth $1,524,000 after buying an additional 1,372 shares in the last quarter. Finally, Illinois Municipal Retirement Fund raised its holdings in Blackstone by 105.4% during the first quarter. Illinois Municipal Retirement Fund now owns 13,405 shares of the asset manager's stock valued at $1,874,000 after acquiring an additional 6,878 shares during the period. Hedge funds and other institutional investors own 70.00% of the company's stock.

Blackstone Trading Down 0.3%

BX opened at $154.55 on Friday. Blackstone Inc. has a 12 month low of $115.66 and a 12 month high of $200.96. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.60. The stock has a 50-day moving average of $170.20 and a 200 day moving average of $156.02. The firm has a market cap of $113.92 billion, a P/E ratio of 44.16, a P/E/G ratio of 1.26 and a beta of 1.77.

Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings data on Friday, November 22nd. The asset manager reported $0.97 earnings per share (EPS) for the quarter. Blackstone had a return on equity of 22.30% and a net margin of 20.56%.The business had revenue of $2.49 billion during the quarter. As a group, research analysts forecast that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Monday, November 3rd will be paid a $1.29 dividend. This is an increase from Blackstone's previous quarterly dividend of $1.03. This represents a $5.16 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Monday, November 3rd. Blackstone's payout ratio is currently 117.71%.

Analysts Set New Price Targets

BX has been the topic of several recent analyst reports. HSBC lifted their target price on Blackstone from $170.00 to $179.00 in a research note on Wednesday, October 15th. Jefferies Financial Group lowered their target price on shares of Blackstone from $207.00 to $199.00 and set a "buy" rating on the stock in a report on Tuesday, October 7th. Deutsche Bank Aktiengesellschaft set a $166.00 price target on shares of Blackstone and gave the company a "buy" rating in a report on Friday. Piper Sandler cut their price objective on Blackstone from $173.00 to $168.00 and set a "neutral" rating for the company in a research report on Friday. Finally, Dbs Bank upgraded Blackstone to a "moderate buy" rating in a research report on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $180.26.

Insider Activity

In other news, insider Vikrant Sawhney sold 50,850 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $173.64, for a total value of $8,829,594.00. Following the sale, the insider directly owned 737,248 shares in the company, valued at approximately $128,015,742.72. This represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $6.26, for a total value of $104,478,673.84. The disclosure for this sale can be found here. In the last 90 days, insiders bought 2,538,345 shares of company stock worth $65,046,628 and sold 16,984,634 shares worth $155,181,346. 1.00% of the stock is currently owned by company insiders.

Blackstone Company Profile

Blackstone Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.

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