Bourgeon Capital Management LLC Purchases Shares of 2,828 Blackstone Inc. $BX

Key Points

• Bourgeon Capital Management LLC acquired 2,828 shares of Blackstone Inc. at a valuation of approximately $423,000 during the second quarter.
• Major shareholder Private Multi-Asset Blackstone purchased over 2.5 million shares in September, increasing their stake by 51.09%.
• Blackstone's quarterly dividend was raised to $1.03 per share, reflecting a yield of 2.3%, which showcases a positive financial adjustment from the previous dividend of $0.93.

Bourgeon Capital Management LLC purchased a new stake in Blackstone Inc. (NYSE:BX - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,828 shares of the asset manager's stock, valued at approximately $423,000.

Several other institutional investors also recently modified their holdings of the stock. BCU Wealth Advisors LLC bought a new position in shares of Blackstone in the second quarter valued at $583,000. First United Bank & Trust grew its position in Blackstone by 4.5% during the 2nd quarter. First United Bank & Trust now owns 12,715 shares of the asset manager's stock worth $1,902,000 after purchasing an additional 550 shares in the last quarter. Union Bancaire Privee UBP SA grew its position in Blackstone by 17.7% during the 2nd quarter. Union Bancaire Privee UBP SA now owns 8,244 shares of the asset manager's stock worth $1,233,000 after purchasing an additional 1,240 shares in the last quarter. Chicago Capital LLC grew its position in Blackstone by 5.6% during the 2nd quarter. Chicago Capital LLC now owns 33,457 shares of the asset manager's stock worth $5,005,000 after purchasing an additional 1,788 shares in the last quarter. Finally, DiNuzzo Private Wealth Inc. grew its position in Blackstone by 178.5% during the 2nd quarter. DiNuzzo Private Wealth Inc. now owns 337 shares of the asset manager's stock worth $50,000 after purchasing an additional 216 shares in the last quarter. Institutional investors own 70.00% of the company's stock.

Insider Transactions at Blackstone

In other Blackstone news, major shareholder Private Multi-Asset Blackstone purchased 2,538,071 shares of the firm's stock in a transaction on Monday, September 22nd. The stock was purchased at an average cost of $25.61 per share, for a total transaction of $64,999,998.31. Following the transaction, the insider owned 7,506,209 shares in the company, valued at $192,234,012.49. The trade was a 51.09% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of the stock in a transaction 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 disclosure for this sale can be found here. In the last 90 days, insiders acquired 3,727,877 shares of company stock worth $95,046,625 and sold 16,984,634 shares worth $155,181,346. Insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

BX has been the topic of several research analyst reports. Citigroup reiterated a "market perform" rating on shares of Blackstone in a research report on Saturday, July 19th. JMP Securities boosted their price target on shares of Blackstone from $180.00 to $195.00 and gave the company a "market outperform" rating in a report on Friday, July 25th. Barclays boosted their price target on shares of Blackstone from $168.00 to $181.00 and gave the company an "equal weight" rating in a report on Friday, July 25th. Evercore ISI upped their price objective on shares of Blackstone from $165.00 to $197.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Finally, BNP Paribas Exane boosted their target price on shares of Blackstone from $166.00 to $178.00 and gave the stock a "neutral" rating in a research report on Monday. Nine analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $172.71.

Blackstone Trading Up 0.4%

Shares of NYSE BX opened at $175.99 on Tuesday. The company's 50 day simple moving average is $174.28 and its 200 day simple moving average is $153.26. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.74 and a quick ratio of 0.74. The firm has a market capitalization of $129.72 billion, a P/E ratio of 47.31, a P/E/G ratio of 1.42 and a beta of 1.77. Blackstone Inc. has a fifty-two week low of $115.66 and a fifty-two week high of $200.96.

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

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, August 4th were given a dividend of $1.03 per share. The ex-dividend date was Monday, August 4th. This represents a $4.12 dividend on an annualized basis and a yield of 2.3%. This is a positive change from Blackstone's previous quarterly dividend of $0.93. Blackstone's dividend payout ratio is currently 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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