Bulltick Wealth Management LLC Takes $1.69 Million Position in Blackstone Inc. (NYSE:BX)

Key Points

• Bulltick Wealth Management LLC has taken a new position in Blackstone Inc. valued at approximately $1.69 million, acquiring 12,087 shares in the 1st quarter of the year.
• Blackstone reported a 32.7% year-over-year increase in revenue, totaling $3.07 billion, along with an earnings per share of $1.21, exceeding estimates.
• The company's quarterly dividend was recently increased to $1.03 per share, reflecting a 2.4% dividend yield, up from the previous $0.93.

Bulltick Wealth Management LLC purchased a new position in shares of Blackstone Inc. (NYSE:BX - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 12,087 shares of the asset manager's stock, valued at approximately $1,690,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Capital Research Global Investors bought a new position in Blackstone during the fourth quarter valued at $239,837,000. GAMMA Investing LLC grew its holdings in Blackstone by 14,608.6% during 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. lifted its position in shares of Blackstone by 1.6% during the first quarter. Vanguard Group Inc. now owns 67,997,581 shares of the asset manager's stock worth $9,504,702,000 after acquiring an additional 1,102,949 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Blackstone during the first quarter worth $151,524,000. Finally, Goldman Sachs Group Inc. lifted its position in shares of Blackstone by 16.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,292,320 shares of the asset manager's stock worth $739,761,000 after acquiring an additional 742,829 shares in the last quarter. 70.00% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Blackstone

In other Blackstone news, Director Joseph Baratta sold 100,000 shares of Blackstone stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $167.36, for a total value of $16,736,000.00. Following the completion of the transaction, the director owned 808,757 shares of the company's stock, valued at approximately $135,353,571.52. The trade was a 11.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ruth Porat acquired 222 shares of the business's stock in a transaction on Monday, August 11th. The stock was purchased at an average cost of $170.29 per share, with a total value of $37,804.38. Following the acquisition, the director directly owned 38,753 shares of the company's stock, valued at $6,599,248.37. This represents a 0.58% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders bought 1,189,806 shares of company stock worth $30,046,627. 1.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on BX. UBS Group dropped their target price on Blackstone from $180.00 to $175.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Piper Sandler increased their price objective on Blackstone from $157.00 to $181.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Wells Fargo & Company increased their price objective on Blackstone from $153.00 to $167.00 and gave the stock an "equal weight" rating in a research report on Friday, July 11th. Dbs Bank upgraded Blackstone to a "moderate buy" rating in a research report on Tuesday. Finally, The Goldman Sachs Group restated a "neutral" rating on shares of Blackstone in a research report on Friday, July 25th. Ten investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $170.12.

Blackstone Stock Down 1.8%

Shares of NYSE BX traded down $3.07 during midday trading on Friday, reaching $171.61. 3,210,712 shares of the company's stock traded hands, compared to its average volume of 4,238,091. The company has a quick ratio of 0.75, a current ratio of 0.74 and a debt-to-equity ratio of 0.61. The stock's 50 day simple moving average is $158.42 and its 200-day simple moving average is $150.21. Blackstone Inc. has a one year low of $115.66 and a one year high of $200.96. The company has a market cap of $126.49 billion, a price-to-earnings ratio of 46.13, a P/E/G ratio of 1.44 and a beta of 1.71.

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, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $2.77 billion. During the same period last year, the firm earned $0.98 earnings per share. Blackstone's revenue was up 32.7% compared to the same quarter last year. On average, analysts predict that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, August 4th were issued a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a dividend yield of 2.4%. This is a boost from Blackstone's previous quarterly dividend of $0.93. The ex-dividend date of this dividend was Monday, August 4th. Blackstone's dividend payout ratio is 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.