Independent Financial Group LLC Acquires Shares of 21,116 Blackstone Inc. $BX

Key Points

• Independent Financial Group LLC disclosed a new stake in Blackstone, buying 21,116 shares worth about $2.43 million in the first quarter.
• Blackstone reported better-than-expected quarterly earnings of $1.36 per share, topping estimates by $0.02, while revenue rose 10% year over year to $3.43 billion.
• The company recently paid a quarterly dividend of $1.16 per share, equal to an annualized yield of about 3.7%, though the payout ratio is high at 118.67%.

Independent Financial Group LLC purchased a new stake in Blackstone Inc. (NYSE:BX - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 21,116 shares of the asset manager's stock, valued at approximately $2,428,000.

Several other institutional investors also recently bought and sold shares of BX. Redwood Financial Network Corp grew its stake in Blackstone by 1.8% in the 2nd quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager's stock valued at $537,000 after acquiring an additional 65 shares during the period. Benchmark Financial Wealth Advisors LLC grew its position in shares of Blackstone by 0.9% in the fourth quarter. Benchmark Financial Wealth Advisors LLC now owns 7,748 shares of the asset manager's stock valued at $1,194,000 after purchasing an additional 69 shares in the last quarter. Parcion Private Wealth LLC grew its holdings in shares of Blackstone by 0.6% in the fourth quarter. Parcion Private Wealth LLC now owns 10,935 shares of the asset manager's stock valued at $1,686,000 after purchasing an additional 70 shares during the period. Trivium Point Advisory LLC increased its stake in Blackstone by 2.6% during the fourth quarter. Trivium Point Advisory LLC now owns 2,713 shares of the asset manager's stock worth $418,000 after acquiring an additional 70 shares during the last quarter. Finally, Zacks Investment Management increased its position in shares of Blackstone by 2.1% during the third quarter. Zacks Investment Management now owns 3,453 shares of the asset manager's stock valued at $590,000 after acquiring an additional 71 shares during the last quarter. 70.00% of the stock is owned by institutional investors and hedge funds.

Blackstone Stock Down 1.6%

Blackstone stock opened at $126.96 on Friday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a market capitalization of $94.32 billion, a price-to-earnings ratio of 32.47, a price-to-earnings-growth ratio of 1.37 and a beta of 1.58. The stock's fifty day moving average is $119.92 and its two-hundred day moving average is $125.90. Blackstone Inc. has a fifty-two week low of $101.73 and a fifty-two week high of $190.09.

Blackstone (NYSE:BX - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.02. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The company had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.45 billion. During the same quarter in the prior year, the firm earned $1.11 earnings per share. The company's revenue for the quarter was up 10.0% compared to the same quarter last year. Analysts predict that Blackstone Inc. will post 5.89 EPS for the current fiscal year.

Blackstone Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were paid a dividend of $1.16 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $4.64 annualized dividend and a dividend yield of 3.7%. Blackstone's dividend payout ratio is presently 118.67%.

More Blackstone News

Here are the key news stories impacting Blackstone this week:

• Positive Sentiment: Blackstone is expanding its alternatives platform in Asia-Pacific by launching a new India infrastructure platform and hiring Ami Momaya from KKR to lead the effort, a move that could support long-term growth in the region. Blackstone creates new APAC infrastructure platform, hires Momaya from KKR
• Positive Sentiment: Blackstone is also tied to the launch of Ode, an AI services company developed with Anthropic and other investors, which reinforces the firm’s exposure to AI and infrastructure investing themes. Is Blackstone (BX) Quietly Rewriting Its AI and Infrastructure Playbook With Ode and India?
• Positive Sentiment: Several commentary pieces say Blackstone remains positioned to beat upcoming earnings estimates, with Wall Street expecting earnings growth and the company cited for strong earnings and price momentum. Why Blackstone Inc. (BX) is Poised to Beat Earnings Estimates Again
• Neutral Sentiment: JPMorgan lowered its price target on Blackstone to $132 from $136 but kept a neutral rating, signaling a more cautious near-term outlook rather than a bearish call. Blackstone price target lowered by JPMorgan
• Neutral Sentiment: Oppenheimer also cut its price target to $139 from $156, though it maintained an outperform rating, suggesting analysts still see upside from current levels despite trimming expectations. Blackstone price target lowered by Oppenheimer
• Negative Sentiment: The recent target cuts from major brokers may be weighing on sentiment today, even though both firms still see upside and have not turned outright bearish on Blackstone.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BX. Weiss Ratings downgraded Blackstone from a "hold (c)" rating to a "hold (c-)" rating in a research report on Monday, May 4th. Oppenheimer reduced their price target on Blackstone from $156.00 to $139.00 and set an "outperform" rating on the stock in a research report on Friday. Deutsche Bank Aktiengesellschaft initiated coverage on Blackstone in a research report on Monday, June 8th. They set a "buy" rating for the company. Royal Bank Of Canada decreased their price objective on shares of Blackstone from $173.00 to $161.00 and set an "outperform" rating for the company in a research note on Monday, July 13th. Finally, The Goldman Sachs Group lowered their price objective on shares of Blackstone from $116.00 to $114.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 30th. Thirteen equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $145.52.

Insider Transactions at Blackstone

In other Blackstone news, insider Vikrant Sawhney sold 30,014 shares of the firm's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $125.79, for a total value of $3,775,461.06. Following the sale, the insider directly owned 899,669 shares of the company's stock, valued at approximately $113,169,363.51. This trade represents a 3.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ruth Porat acquired 355 shares of the stock in a transaction dated Monday, May 11th. The shares were bought at an average cost of $123.04 per share, with a total value of $43,679.20. Following the completion of the purchase, the director directly owned 41,818 shares in the company, valued at approximately $5,145,286.72. This trade represents a 0.86% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired 10,252,345 shares of company stock worth $209,789,893 in the last quarter. 1.00% of the stock is currently owned by corporate insiders.

Blackstone 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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