Blackstone Inc. $BX Stake Raised by Apollon Wealth Management LLC

Key Points

• Apollon Wealth Management LLC increased its stake in Blackstone Inc. by 3.3%, acquiring an additional 4,155 shares during the second quarter, bringing their total holdings to a value of approximately $19.28 million.
• Blackstone's recent earnings report showed $0.97 earnings per share with a revenue of $2.49 billion, and the firm announced a dividend increase to $1.03 per share, reflecting a yield of 2.7%.
• Shares of Blackstone have a current price of $153.88, with a market cap of $113.42 billion and a price-to-earnings ratio of 41.37, amidst various institutional trades influencing stock ownership.

Apollon Wealth Management LLC boosted its holdings in Blackstone Inc. (NYSE:BX - Free Report) by 3.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 128,899 shares of the asset manager's stock after acquiring an additional 4,155 shares during the quarter. Apollon Wealth Management LLC's holdings in Blackstone were worth $19,281,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BX. 1248 Management LLC purchased a new position in Blackstone in the 1st quarter worth about $25,000. Family CFO Inc purchased a new position in Blackstone in the 2nd quarter worth about $28,000. Wealth Preservation Advisors LLC purchased a new position in Blackstone in the 1st quarter worth about $28,000. Anderson Financial Strategies LLC purchased a new position in Blackstone in the 1st quarter worth about $28,000. Finally, Livelsberger Financial Advisory purchased a new position in Blackstone in the 2nd quarter worth about $30,000. 70.00% of the stock is currently owned by institutional investors.

Blackstone Trading Down 4.2%

Shares of NYSE BX opened at $153.88 on Friday. The stock has a market cap of $113.42 billion, a price-to-earnings ratio of 41.37, a PEG ratio of 1.31 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. The business has a 50 day simple moving average of $172.53 and a 200 day simple moving average of $154.17. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $200.96.

Blackstone (NYSE:BX - Get Free Report) last announced its earnings results on Friday, November 22nd. The asset manager reported $0.97 earnings per share (EPS) for the quarter. The firm had revenue of $2.49 billion during the quarter. Blackstone had a return on equity of 20.47% and a net margin of 20.83%. On average, research analysts predict that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, August 4th were given a dividend of $1.03 per share. The ex-dividend date of this dividend 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 yield of 2.7%. Blackstone's dividend payout ratio (DPR) is currently 110.75%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on BX shares. Bank of America dropped their price target on Blackstone from $200.00 to $199.00 in a research note on Friday, October 3rd. JMP Securities raised their price target on shares of Blackstone from $180.00 to $195.00 and gave the stock a "market outperform" rating in a report on Friday, July 25th. BMO Capital Markets began coverage on shares of Blackstone in a report on Friday, October 3rd. They set an "outperform" rating and a $190.00 price target for the company. Piper Sandler decreased their price target on shares of Blackstone from $181.00 to $173.00 and set a "neutral" rating for the company in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of Blackstone from $194.00 to $188.00 and set a "buy" rating for the company in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Blackstone presently has an average rating of "Moderate Buy" and an average price target of $179.00.

Insider Activity

In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $6.26, for a total transaction of $104,478,673.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Vikrant Sawhney sold 50,850 shares of the company's 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 transaction, the insider owned 737,248 shares of the company's stock, valued at approximately $128,015,742.72. This trade represents a 6.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 3,727,877 shares of company stock valued at $95,046,625 and have sold 16,984,634 shares valued at $155,181,346. Company insiders own 1.00% of the company's stock.

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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