Destiny Wealth Partners LLC Makes New Investment in Blackstone Inc. $BX

Key Points

• Destiny Wealth Partners LLC invested approximately $304,000 in Blackstone Inc. by purchasing 2,032 shares in the 2nd quarter, according to a recent 13F filing.
• Major shareholders increased their ownership stakes significantly, with Holdings I. L.P. acquiring over 1.1 million shares, reflecting a 39.79% increase in their ownership.
• Blackstone recently declared a quarterly dividend of $1.03 per share, up from $0.93, representing a yield of 2.3%, despite having a high dividend payout ratio of 110.75%.

Destiny Wealth Partners LLC purchased a new stake in Blackstone Inc. (NYSE:BX - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,032 shares of the asset manager's stock, valued at approximately $304,000.

Several other hedge funds and other institutional investors have also made changes to their positions in BX. Illinois Municipal Retirement Fund lifted its position in Blackstone by 105.4% during the 1st quarter. Illinois Municipal Retirement Fund now owns 13,405 shares of the asset manager's stock worth $1,874,000 after acquiring an additional 6,878 shares in the last quarter. Parallel Advisors LLC lifted its holdings in Blackstone by 6.6% in the 1st quarter. Parallel Advisors LLC now owns 31,212 shares of the asset manager's stock worth $4,363,000 after buying an additional 1,943 shares in the last quarter. Kera Capital Partners Inc. purchased a new stake in shares of Blackstone during the second quarter worth about $273,000. Sandy Cove Advisors LLC increased its holdings in Blackstone by 22.1% during the 2nd quarter. Sandy Cove Advisors LLC now owns 12,042 shares of the asset manager's stock worth $1,801,000 after purchasing an additional 2,182 shares during the last quarter. Finally, Narwhal Capital Management boosted its stake in shares of Blackstone by 34.3% during the 1st quarter. Narwhal Capital Management now owns 64,614 shares of the asset manager's stock valued at $9,032,000 after buying an additional 16,486 shares during the last quarter. Institutional investors and hedge funds own 70.00% of the company's stock.

Insider Buying and Selling

In other Blackstone news, major shareholder Holdings I. L.P. Blackstone bought 1,189,532 shares of the company's stock in a transaction that occurred on Friday, July 18th. The shares were acquired at an average cost of $25.22 per share, for a total transaction of $29,999,997.04. Following the acquisition, the insider directly owned 4,178,771 shares of the company's stock, valued at $105,388,604.62. This trade represents a 39.79% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Private Multi-Asset Blackstone bought 2,538,071 shares of the business's stock in a transaction dated Monday, September 22nd. The shares were bought at an average cost of $25.61 per share, for a total transaction of $64,999,998.31. Following the completion of the transaction, the insider directly owned 7,506,209 shares of the company's stock, valued at $192,234,012.49. This trade represents a 51.09% increase in their ownership of the stock. The disclosure for this purchase 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 16,871,634 shares worth $135,328,376. 1.00% of the stock is currently owned by company insiders.

Blackstone Stock Down 1.2%

Blackstone stock opened at $175.86 on Friday. The company's 50-day moving average price is $173.96 and its two-hundred day moving average price is $152.55. The stock has a market cap of $129.63 billion, a price-to-earnings ratio of 47.28, a PEG ratio of 1.45 and a beta of 1.77. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $200.96. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.61.

Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The asset manager reported $1.21 EPS for the quarter, beating analysts' consensus estimates of $1.10 by $0.11. The business had revenue of $3.07 billion for 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 business's revenue for the quarter was up 32.7% on a year-over-year basis. During the same quarter last year, the business earned $0.98 earnings per share. On average, analysts expect that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, August 4th were issued a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a yield of 2.3%. 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. Blackstone's dividend payout ratio is currently 110.75%.

Wall Street Analyst Weigh In

A number of research firms have commented on BX. Citigroup reiterated a "market perform" rating on shares of Blackstone in a research note on Saturday, July 19th. Piper Sandler boosted their price target on Blackstone from $157.00 to $181.00 and gave the company a "neutral" rating in a report on Monday, July 28th. The Goldman Sachs Group reaffirmed a "neutral" rating on shares of Blackstone in a report on Friday, July 25th. Keefe, Bruyette & Woods lifted their price target on shares of Blackstone from $168.00 to $180.00 and gave the company a "market perform" rating in a report on Friday, July 25th. Finally, Evercore ISI raised their target price on shares of Blackstone from $165.00 to $197.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Nine research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $172.38.

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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