Blackstone Inc. $BX Shares Acquired by San Luis Wealth Advisors LLC

Key Points

• San Luis Wealth Advisors LLC increased its stake in Blackstone Inc. by 130.5% during the second quarter, now holding 7,430 shares valued at $1,111,000.
• Blackstone's major shareholder, Private Multi-Asset Blackstone, purchased 2,538,071 shares for approximately $65 million, raising their total ownership by over 51%.
• In recent analyst ratings, Barclays raised Blackstone's price target from $168 to $181, while JMP Securities increased it to $195, reflecting overall positive sentiment towards the stock.

San Luis Wealth Advisors LLC grew its position in Blackstone Inc. (NYSE:BX - Free Report) by 130.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,430 shares of the asset manager's stock after acquiring an additional 4,207 shares during the quarter. San Luis Wealth Advisors LLC's holdings in Blackstone were worth $1,111,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of BX. 1248 Management LLC acquired a new position in shares of Blackstone in the 1st quarter valued at approximately $25,000. von Borstel & Associates Inc. purchased a new stake in Blackstone during the first quarter valued at $28,000. Wealth Preservation Advisors LLC bought a new position in shares of Blackstone during the 1st quarter valued at about $28,000. Anderson Financial Strategies LLC bought a new position in shares of Blackstone in the first quarter worth about $28,000. Finally, Livelsberger Financial Advisory acquired a new position in Blackstone during the 2nd quarter valued at about $30,000. Institutional investors own 70.00% of the company's stock.

Insiders Place Their Bets

In related news, major shareholder Private Multi-Asset Blackstone bought 2,538,071 shares of the company's stock in a transaction that occurred on Monday, September 22nd. The stock was bought at an average cost of $25.61 per share, for a total transaction of $64,999,998.31. Following the acquisition, the insider directly owned 7,506,209 shares of the company's stock, valued at $192,234,012.49. The trade was a 51.09% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Vikrant Sawhney sold 50,850 shares of the business's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $173.64, for a total transaction of $8,829,594.00. Following the sale, the insider owned 737,248 shares of the company's stock, valued at approximately $128,015,742.72. This represents a 6.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 3,727,877 shares of company stock valued at $95,046,625 and have sold 16,984,634 shares valued at $155,181,346. Insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BX. Dbs Bank upgraded shares of Blackstone to a "moderate buy" rating in a research note on Tuesday, August 12th. Barclays boosted their price objective on Blackstone from $168.00 to $181.00 and gave the company an "equal weight" rating in a research report on Friday, July 25th. Citigroup reiterated a "market perform" rating on shares of Blackstone in a research note on Saturday, July 19th. Piper Sandler upped their price objective on shares of Blackstone from $157.00 to $181.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Finally, JMP Securities lifted their price target on Blackstone from $180.00 to $195.00 and gave the company a "market outperform" rating in a report on Friday, July 25th. Nine analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $172.38.

Blackstone Stock Down 0.1%

Shares of BX opened at $175.40 on Friday. Blackstone Inc. has a 12 month low of $115.66 and a 12 month high of $200.96. The stock's 50-day moving average price is $174.09 and its two-hundred day moving average price is $152.90. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $129.29 billion, a PE ratio of 47.15, a PEG ratio of 1.42 and a beta of 1.77.

Blackstone (NYSE:BX - Get Free Report) last released its earnings results on Thursday, July 24th. The asset manager reported $1.21 EPS for the quarter, topping analysts' consensus estimates of $1.10 by $0.11. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. The company had revenue of $3.07 billion for the quarter, compared to analysts' expectations of $2.77 billion. During the same quarter last year, the business earned $0.98 EPS. The firm's revenue was up 32.7% compared to the same quarter last year. On average, analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 11th. Stockholders of record on Monday, August 4th were given a dividend of $1.03 per share. The ex-dividend date was Monday, August 4th. This is an increase from Blackstone's previous quarterly dividend of $0.93. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.3%. Blackstone's dividend payout ratio is presently 110.75%.

About Blackstone

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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