Focused Wealth Management Inc Acquires New Shares in Blackstone Inc. $BX

Key Points

• Focused Wealth Management acquired 56,944 Blackstone shares worth approximately $6.7 million in the second quarter, making BX its 25th-largest holding and representing about 0.6% of its portfolio.
• Institutional investors own roughly 70% of Blackstone. A major shareholder increased its position by 765,111 shares, while insider John G. Finley sold 45,000 shares.
• Blackstone reported quarterly EPS of $1.52, beating estimates of $1.34, while revenue rose 35.9% year over year to $5.04 billion. Analysts give the stock a “Moderate Buy” consensus rating with a $147.95 price target, and the company raised its quarterly dividend to $1.29 per share.

Focused Wealth Management Inc bought a new position in Blackstone Inc. (NYSE:BX - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 56,944 shares of the asset manager's stock, valued at approximately $6,701,000. Blackstone makes up approximately 0.6% of Focused Wealth Management Inc's investment portfolio, making the stock its 25th largest holding.

Other institutional investors also recently modified their holdings of the company. Strive Asset Management LLC purchased a new position in Blackstone in the 3rd quarter worth about $30,000. Ares Financial Consulting LLC purchased a new position in shares of Blackstone during the fourth quarter valued at approximately $28,000. Kelleher Financial Advisors purchased a new stake in Blackstone in the third quarter worth approximately $34,000. Palladiem LLC purchased a new stake in Blackstone during the 4th quarter valued at $31,000. Finally, Entrust Financial LLC bought a new stake in shares of Blackstone in the fourth quarter worth $32,000. 70.00% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Blackstone

In related news, major shareholder Private Multi-Asset Blackstone bought 765,111 shares of Blackstone stock in a transaction dated Tuesday, June 23rd. The shares were acquired at an average cost of $26.14 per share, with a total value of $20,000,001.54. Following the completion of the transaction, the insider owned 7,882,145 shares in the company, valued at $206,039,270.30. The trade was a 10.75% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider John G. Finley sold 45,000 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $147.11, for a total value of $6,619,950.00. Following the completion of the sale, the insider owned 516,017 shares of the company's stock, valued at $75,911,260.87. The trade was a 8.02% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders purchased 1,339,180 shares of company stock valued at $35,062,433 and sold 7,562,000 shares valued at $40,331,085. Company insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Rothschild & Co Redburn dropped their target price on Blackstone from $134.00 to $130.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 9th. Evercore reaffirmed an "outperform" rating and issued a $150.00 price objective on shares of Blackstone in a research note on Tuesday, April 21st. Weiss Ratings raised Blackstone from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, July 24th. JPMorgan Chase & Co. reduced their price objective on shares of Blackstone from $136.00 to $132.00 and set a "neutral" rating on the stock in a research report on Thursday, July 16th. Finally, Citizens Jmp lowered their target price on Blackstone from $190.00 to $165.00 and set a "market outperform" rating for the company in a research report on Thursday, July 9th. Thirteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, Blackstone presently has an average rating of "Moderate Buy" and a consensus price target of $147.95.

Blackstone Stock Performance

Shares of NYSE:BX opened at $140.87 on Tuesday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $105.74 billion, a price-to-earnings ratio of 31.51, a PEG ratio of 1.60 and a beta of 1.56. Blackstone Inc. has a 12 month low of $101.73 and a 12 month high of $190.09. The firm's 50-day moving average is $127.05 and its 200 day moving average is $122.45.

Blackstone (NYSE:BX - Get Free Report) last released its earnings results on Thursday, July 23rd. The asset manager reported $1.52 EPS for the quarter, beating analysts' consensus estimates of $1.34 by $0.18. Blackstone had a return on equity of 23.77% and a net margin of 21.84%.The firm had revenue of $5.04 billion for the quarter, compared to analysts' expectations of $3.42 billion. During the same quarter in the prior year, the firm posted $0.98 earnings per share. The company's quarterly revenue was up 35.9% on a year-over-year basis. Research analysts predict that Blackstone Inc. will post 6 EPS for the current year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Monday, August 3rd were given a dividend of $1.29 per share. This represents a $5.16 annualized dividend and a dividend yield of 3.7%. This is a positive change from Blackstone's previous quarterly dividend of $1.16. The ex-dividend date was Monday, August 3rd. Blackstone's dividend payout ratio is 115.44%.

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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