GC Wealth Management RIA LLC Purchases 3,546 Shares of Blackstone Inc. $BX

Key Points

• GC Wealth Management RIA LLC increased its stake in Blackstone Inc. by 226.3% during the second quarter, acquiring an additional 3,546 shares to hold a total of 5,113 shares valued at $765,000.
• Insider John G. Finley sold 21,500 shares of Blackstone at an average price of $171.46, reducing his ownership by 4.52%, while corporate insiders sold a total of nearly 17 million shares in recent transactions.
• Blackstone recently declared a quarterly dividend of $1.03 per share, up from $0.93, indicating a dividend yield of 2.4% amidst a 110.75% payout ratio.

GC Wealth Management RIA LLC raised its position in shares of Blackstone Inc. (NYSE:BX - Free Report) by 226.3% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,113 shares of the asset manager's stock after acquiring an additional 3,546 shares during the period. GC Wealth Management RIA LLC's holdings in Blackstone were worth $765,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of BX. 1248 Management LLC bought a new position in Blackstone during the first quarter valued at $25,000. von Borstel & Associates Inc. bought a new position in shares of Blackstone in the first quarter worth about $28,000. Wealth Preservation Advisors LLC bought a new position in shares of Blackstone in the first quarter worth about $28,000. Anderson Financial Strategies LLC bought a new position in shares of Blackstone in the first quarter worth about $28,000. Finally, Livelsberger Financial Advisory bought a new position in shares of Blackstone in the second quarter worth about $30,000. Institutional investors own 70.00% of the company's stock.

Insider Buying and Selling at Blackstone

In other news, insider John G. Finley sold 21,500 shares of the company's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $171.46, for a total transaction of $3,686,390.00. Following the transaction, the insider owned 453,836 shares in the company, valued at $77,814,720.56. This represents a 4.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of the company's stock in a transaction dated Wednesday, August 13th. The shares were 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 quarter, insiders bought 3,727,877 shares of company stock valued at $95,046,625 and sold 16,984,634 shares valued at $155,181,346. Corporate insiders own 1.00% of the company's stock.

Blackstone Stock Performance

BX stock opened at $170.94 on Wednesday. The firm has a market cap of $126.00 billion, a price-to-earnings ratio of 45.95, a PEG ratio of 1.43 and a beta of 1.77. The firm has a 50-day simple moving average of $174.31 and a two-hundred day simple moving average of $153.38. Blackstone Inc. has a one year low of $115.66 and a one year high of $200.96. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.74 and a current ratio of 0.74.

Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The asset manager reported $1.21 EPS for the quarter, beating the consensus estimate of $1.10 by $0.11. The business 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 quarterly revenue was up 32.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.98 earnings per share. On average, equities analysts forecast that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, August 4th were given a dividend of $1.03 per share. 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. This represents a $4.12 annualized dividend and a dividend yield of 2.4%. Blackstone's payout ratio is currently 110.75%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. BNP Paribas Exane upped their price target on shares of Blackstone from $166.00 to $178.00 and gave the stock a "neutral" rating in a report on Monday. Keefe, Bruyette & Woods upped their price target on shares of Blackstone from $168.00 to $180.00 and gave the stock a "market perform" 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 research note on Friday, July 25th. The Goldman Sachs Group reaffirmed a "neutral" rating on shares of Blackstone in a research note on Friday, July 25th. Finally, Dbs Bank raised shares of Blackstone to a "moderate buy" rating in a research note on Tuesday, August 12th. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $172.71.

Blackstone Company Profile

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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