Independent Solutions Wealth Management LLC Has $2.91 Million Stock Position in Blackstone Inc. $BX

Key Points

• Independent Solutions Wealth Management LLC increased its stake in Blackstone Inc. by 24.0%, now owning shares valued at approximately $2.91 million.
• Prominent institutional investors like Kingstone Capital Partners and Vanguard Group have also significantly boosted their holdings in Blackstone, indicating strong institutional confidence.
• Blackstone recently raised its quarterly dividend to $1.03 per share, an increase from the previous $0.93, yielding 2.5% annually.

Independent Solutions Wealth Management LLC boosted its position in shares of Blackstone Inc. (NYSE:BX - Free Report) by 24.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 19,449 shares of the asset manager's stock after purchasing an additional 3,761 shares during the quarter. Independent Solutions Wealth Management LLC's holdings in Blackstone were worth $2,909,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Kingstone Capital Partners Texas LLC raised its position in shares of Blackstone by 519,669.1% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 70,132,441 shares of the asset manager's stock valued at $10,490,411,000 after acquiring an additional 70,118,948 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Blackstone by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 67,997,581 shares of the asset manager's stock worth $9,504,702,000 after buying an additional 1,102,949 shares during the period. Goldman Sachs Group Inc. grew its holdings in Blackstone by 16.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,292,320 shares of the asset manager's stock valued at $739,761,000 after purchasing an additional 742,829 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Blackstone by 4.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,291,546 shares of the asset manager's stock valued at $599,872,000 after purchasing an additional 182,526 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Blackstone by 2.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,162,867 shares of the asset manager's stock valued at $581,886,000 after buying an additional 117,724 shares during the period. 70.00% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on BX shares. Deutsche Bank Aktiengesellschaft upped their price objective on Blackstone from $170.00 to $192.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Weiss Ratings restated a "hold (c)" rating on shares of Blackstone in a research report on Saturday, September 27th. The Goldman Sachs Group increased their price objective on Blackstone from $172.00 to $173.00 and gave the stock a "neutral" rating in a research report on Friday. Bank of America cut their price objective on shares of Blackstone from $200.00 to $199.00 in a report on Friday. Finally, Dbs Bank upgraded Blackstone to a "moderate buy" rating in a research note on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $175.53.

Insider Buying and Selling at Blackstone

In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of Blackstone stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $6.26, for a total value of $104,478,673.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Vikrant Sawhney sold 50,850 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $173.64, for a total value of $8,829,594.00. Following the sale, the insider directly owned 737,248 shares of the company's stock, valued at $128,015,742.72. This represents a 6.45% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 3,727,877 shares of company stock valued at $95,046,625 and have sold 16,984,634 shares valued at $155,181,346. 1.00% of the stock is owned by insiders.

Blackstone Stock Down 1.0%

Shares of NYSE BX opened at $166.73 on Tuesday. Blackstone Inc. has a 1 year low of $115.66 and a 1 year high of $200.96. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.74 and a quick ratio of 0.74. The firm has a market cap of $122.90 billion, a PE ratio of 44.82, a price-to-earnings-growth ratio of 1.37 and a beta of 1.77. The company has a 50 day simple moving average of $173.61 and a 200 day simple moving average of $153.96.

Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The asset manager reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.11. The firm had revenue of $3.07 billion during the quarter, compared to the consensus estimate of $2.77 billion. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. The company's revenue for the quarter was up 32.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.98 earnings per share. On average, research analysts forecast that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, August 4th were paid a dividend of $1.03 per share. This is a boost from Blackstone's previous quarterly dividend of $0.93. This represents a $4.12 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Monday, August 4th. Blackstone's payout ratio is 110.75%.

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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