Blackstone Inc. $BX Shares Bought by Avondale Wealth Management

Key Points

• Avondale Wealth Management increased its stake in Blackstone Inc. by 69%, acquiring a total of 3,550 shares worth approximately $531,000.
• Other significant increases in holdings include Kingstone Capital Partners boosting its stake by 519,669%, bringing its total to over 70 million shares valued at around $10.49 billion.
• Analysts have issued a "Moderate Buy" rating for Blackstone, with a consensus target price of $172.38, reflecting strong investor interest and recent stock price performance.

Avondale Wealth Management raised its stake in shares of Blackstone Inc. (NYSE:BX - Free Report) by 69.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,550 shares of the asset manager's stock after acquiring an additional 1,450 shares during the period. Avondale Wealth Management's holdings in Blackstone were worth $531,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Kingstone Capital Partners Texas LLC boosted its holdings in Blackstone by 519,669.1% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 70,132,441 shares of the asset manager's stock valued at $10,490,411,000 after acquiring an additional 70,118,948 shares during the period. GAMMA Investing LLC boosted its stake in shares of Blackstone by 14,608.6% in the first quarter. GAMMA Investing LLC now owns 1,322,598 shares of the asset manager's stock valued at $184,873,000 after purchasing an additional 1,313,606 shares during the period. Vanguard Group Inc. grew its holdings in shares of Blackstone by 1.6% in the first quarter. Vanguard Group Inc. now owns 67,997,581 shares of the asset manager's stock valued at $9,504,702,000 after purchasing an additional 1,102,949 shares in the last quarter. Nuveen LLC acquired a new stake in Blackstone during the 1st quarter worth approximately $151,524,000. Finally, Amundi grew its stake in shares of Blackstone by 69.3% in the first quarter. Amundi now owns 2,421,502 shares of the asset manager's stock worth $323,000,000 after acquiring an additional 990,947 shares in the last quarter. Hedge funds and other institutional investors own 70.00% of the company's stock.

Insider Transactions at Blackstone

In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of the company's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $6.26, for a total transaction of $104,478,673.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph Baratta sold 113,000 shares of the stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $175.69, for a total transaction of $19,852,970.00. Following the transaction, the director directly owned 695,757 shares of the company's stock, valued at $122,237,547.33. This represents a 13.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 3,727,877 shares of company stock worth $95,046,625 and have sold 16,984,634 shares worth $155,181,346. Insiders own 1.00% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Dbs Bank upgraded Blackstone to a "moderate buy" rating in a research note on Tuesday, August 12th. The Goldman Sachs Group reiterated a "neutral" rating on shares of Blackstone in a research note on Friday, July 25th. Barclays upped their target price on shares of Blackstone from $168.00 to $181.00 and gave the stock an "equal weight" rating in a research note on Friday, July 25th. Keefe, Bruyette & Woods boosted their price target on shares of Blackstone from $168.00 to $180.00 and gave the stock a "market perform" rating in a report on Friday, July 25th. Finally, Piper Sandler raised their price objective on shares of Blackstone from $157.00 to $181.00 and gave the company a "neutral" rating in a report on Monday, July 28th. Nine research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $172.38.

Blackstone Stock Performance

Shares of BX stock opened at $175.40 on Monday. The firm has a market cap of $129.29 billion, a price-to-earnings ratio of 47.15, a PEG ratio of 1.42 and a beta of 1.77. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.74 and a current ratio of 0.74. Blackstone Inc. has a 1 year low of $115.66 and a 1 year high of $200.96. The stock's 50-day moving average is $174.09 and its two-hundred day moving average is $153.01.

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

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 11th. Stockholders of record on Monday, August 4th were issued a $1.03 dividend. The ex-dividend date of this dividend was Monday, August 4th. This is a positive change 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 currently 110.75%.

Blackstone 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.