Evolve Private Wealth LLC Has $2.16 Million Holdings in Blackstone Inc. $BX

Key Points

• Evolve Private Wealth LLC increased its Blackstone stake by 138% in the first quarter, ending with 18,802 shares worth about $2.16 million.
• Blackstone’s latest quarterly results topped EPS expectations, reporting $1.36 per share versus $1.34 expected, while revenue rose 10% year over year to $3.43 billion.
• The company paid a $1.16 quarterly dividend and currently offers an annualized yield of 3.8%, though its payout ratio is high at 118.67%.

Evolve Private Wealth LLC grew its position in shares of Blackstone Inc. (NYSE:BX - Free Report) by 138.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,802 shares of the asset manager's stock after buying an additional 10,903 shares during the quarter. Evolve Private Wealth LLC's holdings in Blackstone were worth $2,162,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Forbes J M & Co. LLP lifted its stake in shares of Blackstone by 24.5% in the 1st quarter. Forbes J M & Co. LLP now owns 5,084 shares of the asset manager's stock valued at $585,000 after purchasing an additional 1,000 shares during the last quarter. Sheets Smith Wealth Management raised its holdings in Blackstone by 108.1% during the first quarter. Sheets Smith Wealth Management now owns 10,388 shares of the asset manager's stock valued at $1,195,000 after buying an additional 5,396 shares in the last quarter. IVC Wealth Advisors LLC lifted its position in shares of Blackstone by 3.2% in the first quarter. IVC Wealth Advisors LLC now owns 3,204 shares of the asset manager's stock worth $368,000 after buying an additional 99 shares during the last quarter. Triad Wealth Partners LLC boosted its stake in shares of Blackstone by 3.0% during the 1st quarter. Triad Wealth Partners LLC now owns 4,109 shares of the asset manager's stock worth $473,000 after acquiring an additional 118 shares in the last quarter. Finally, Quotient Wealth Partners LLC increased its holdings in shares of Blackstone by 13.7% during the 1st quarter. Quotient Wealth Partners LLC now owns 3,219 shares of the asset manager's stock valued at $370,000 after acquiring an additional 387 shares during the last quarter. Institutional investors own 70.00% of the company's stock.

Blackstone Stock Performance

NYSE:BX opened at $123.18 on Tuesday. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.66. The firm has a 50-day moving average price of $121.23 and a 200 day moving average price of $130.08. The firm has a market capitalization of $91.51 billion, a PE ratio of 31.50, a price-to-earnings-growth ratio of 1.34 and a beta of 1.59. Blackstone Inc. has a 12-month low of $101.73 and a 12-month high of $190.09.

Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The asset manager reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.02. The company had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.45 billion. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.The company's revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the company posted $1.11 EPS. Research analysts anticipate that Blackstone Inc. will post 5.9 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, May 4th were issued a dividend of $1.16 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 3.8%. Blackstone's dividend payout ratio (DPR) is presently 118.67%.

Insider Activity

In other news, Director Ruth Porat bought 355 shares of the stock in a transaction dated Monday, May 11th. The shares were acquired at an average price of $123.04 per share, with a total value of $43,679.20. Following the acquisition, the director owned 41,818 shares in the company, valued at $5,145,286.72. This trade represents a 0.86% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Treasury Holdings I. Blackstone purchased 9,486,795 shares of the business's stock in a transaction that occurred on Friday, May 15th. The shares were purchased at an average cost of $20.00 per share, with a total value of $189,735,900.00. Following the completion of the acquisition, the insider directly owned 9,111,800 shares in the company, valued at $182,236,000. The trade was a -2,529.85% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired a total of 9,487,234 shares of company stock worth $189,789,892 in the last quarter. 1.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft began coverage on Blackstone in a research report on Monday, June 8th. They set a "buy" rating for the company. HSBC reduced their price objective on shares of Blackstone from $164.00 to $131.00 and set a "hold" rating for the company in a research note on Friday, April 10th. Barclays lowered their target price on shares of Blackstone from $126.00 to $124.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 8th. Evercore reissued an "outperform" rating and set a $150.00 target price on shares of Blackstone in a research report on Tuesday, April 21st. Finally, Dbs Bank raised Blackstone to a "moderate buy" rating in a research report on Wednesday, May 27th. Thirteen investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $150.86.

Blackstone Company Profile

Blackstone Inc NYSE: BX is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone's business is organized around several principal investment platforms.

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