Blackstone Inc. $BX Shares Purchased by Kingstone Capital Partners Texas LLC

Key Points

• Kingstone Capital Partners Texas LLC has dramatically increased its stake in Blackstone Inc. by acquiring 70,118,948 shares, raising its ownership to approximately 1.4% of the company's stock.
• Insider sales were reported, with Vikrant Sawhney selling 50,850 shares and John G. Finley selling 21,500 shares, indicating a decrease in their ownership stakes in Blackstone.
• Blackstone has recently announced a dividend increase to $1.03 per share, boosting its annualized dividend to $4.12, despite a payout ratio of 110.75%.

Kingstone Capital Partners Texas LLC grew its stake in shares of Blackstone Inc. (NYSE:BX - Free Report) by 519,669.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 70,132,441 shares of the asset manager's stock after acquiring an additional 70,118,948 shares during the quarter. Blackstone comprises approximately 1.4% of Kingstone Capital Partners Texas LLC's portfolio, making the stock its 25th biggest position. Kingstone Capital Partners Texas LLC owned approximately 9.61% of Blackstone worth $10,490,411,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. 1248 Management LLC bought a new stake in Blackstone in the 1st quarter worth about $25,000. von Borstel & Associates Inc. bought a new position in shares of Blackstone in the 1st quarter worth approximately $28,000. Wealth Preservation Advisors LLC bought a new stake in Blackstone during the first quarter valued at approximately $28,000. Anderson Financial Strategies LLC bought a new stake in Blackstone during the first quarter valued at approximately $28,000. Finally, Livelsberger Financial Advisory bought a new position in shares of Blackstone in the second quarter worth about $30,000. 70.00% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BX has been the subject of several recent analyst reports. The Goldman Sachs Group reaffirmed a "neutral" rating on shares of Blackstone in a report on Friday, July 25th. Piper Sandler upped their price objective on Blackstone from $157.00 to $181.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Barclays boosted their target price on Blackstone from $168.00 to $181.00 and gave the company an "equal weight" rating in a research report on Friday, July 25th. Deutsche Bank Aktiengesellschaft boosted their target price on Blackstone from $170.00 to $192.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Finally, Evercore ISI boosted their target price on Blackstone from $165.00 to $197.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Nine analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, Blackstone has a consensus rating of "Moderate Buy" and an average target price of $172.38.

Insider Buying and Selling

In other Blackstone news, Director Joseph Baratta sold 100,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $167.36, for a total value of $16,736,000.00. Following the completion of the transaction, the director owned 808,757 shares of the company's stock, valued at $135,353,571.52. This trade represents a 11.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Vikrant Sawhney sold 50,850 shares of the company's stock in a transaction dated 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 owned 737,248 shares in the company, valued at approximately $128,015,742.72. This trade represents a 6.45% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 1,189,806 shares of company stock valued at $30,046,627 and have sold 16,871,634 shares valued at $135,328,376. 1.00% of the stock is owned by corporate insiders.

Blackstone Price Performance

BX traded down $0.69 during trading on Friday, hitting $187.99. The company's stock had a trading volume of 7,403,015 shares, compared to its average volume of 3,242,008. The firm has a market capitalization of $138.57 billion, a price-to-earnings ratio of 50.53, a P/E/G ratio of 1.52 and a beta of 1.77. The business's fifty day simple moving average is $172.71 and its 200 day simple moving average is $151.57. Blackstone Inc. has a twelve month low of $115.66 and a twelve month high of $200.96. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.61.

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

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, August 4th were issued a $1.03 dividend. This is an increase from Blackstone's previous quarterly dividend of $0.93. The ex-dividend date was Monday, August 4th. This represents a $4.12 annualized dividend and a yield of 2.2%. Blackstone's payout ratio is presently 110.75%.

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.