Kingsview Wealth Management LLC Buys New Shares in Blackstone Inc. $BX

Key Points

• Kingsview Wealth Management purchased 23,303 Blackstone shares during the second quarter, valued at approximately $2.74 million. Institutional investors collectively own 70% of the company.
• Blackstone exceeded quarterly earnings expectations, reporting $1.52 EPS versus the $1.34 consensus and $5.04 billion in revenue, up 35.9% year over year. The company also increased its quarterly dividend to $1.29, implying a 3.6% annualized yield.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $149.43, while recent targets range from $125 to $171.

Kingsview Wealth Management LLC purchased a new stake in Blackstone Inc. (NYSE:BX - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 23,303 shares of the asset manager's stock, valued at approximately $2,742,000.

Several other institutional investors also recently modified their holdings of BX. Bell Investment Advisors Inc acquired a new position in shares of Blackstone in the second quarter valued at $30,000. Addison Advisors LLC acquired a new position in Blackstone in the second quarter worth about $30,000. Strive Asset Management LLC bought a new position in Blackstone during the third quarter worth about $30,000. Palladiem LLC bought a new stake in shares of Blackstone in the 4th quarter valued at approximately $31,000. Finally, West Branch Capital LLC raised its holdings in shares of Blackstone by 26,600.0% in the 2nd quarter. West Branch Capital LLC now owns 267 shares of the asset manager's stock worth $31,000 after buying an additional 266 shares in the last quarter. Institutional investors and hedge funds own 70.00% of the company's stock.

Blackstone Price Performance

Shares of BX opened at $142.63 on Friday. 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 stock has a market cap of $107.06 billion, a P/E ratio of 31.91, a price-to-earnings-growth ratio of 1.55 and a beta of 1.56. The stock's 50-day moving average price is $130.65 and its two-hundred day moving average price is $122.92. Blackstone Inc. has a 1 year low of $101.73 and a 1 year high of $190.09.

Blackstone (NYSE:BX - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share for the quarter, beating analysts' consensus estimates of $1.34 by $0.18. The business had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $3.42 billion. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. Blackstone's revenue for the quarter was up 35.9% on a year-over-year basis. During the same period last year, the company posted $0.98 EPS. On average, equities analysts predict that Blackstone Inc. will post 5.99 earnings per share for the current year.

Blackstone Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Monday, August 3rd were issued a $1.29 dividend. This is a positive change from Blackstone's previous quarterly dividend of $1.16. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $5.16 annualized dividend and a dividend yield of 3.6%. Blackstone's dividend payout ratio (DPR) is presently 115.44%.

Insiders Place Their Bets

In related news, insider Vikrant Sawhney sold 30,000 shares of the firm's stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $135.55, for a total transaction of $4,066,500.00. Following the sale, the insider owned 869,669 shares of the company's stock, valued at approximately $117,883,632.95. This trade represents a 3.33% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO David Payne sold 9,500 shares of the business's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $145.23, for a total value of $1,379,685.00. Following the completion of the transaction, the chief accounting officer directly owned 64,448 shares of the company's stock, valued at approximately $9,359,783.04. The trade was a 12.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have purchased 1,611,822 shares of company stock worth $42,189,294 and have sold 7,562,000 shares worth $40,331,085. Corporate insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on BX. BNP Paribas Exane lowered their price target on Blackstone from $126.00 to $125.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 30th. TD Cowen boosted their target price on shares of Blackstone from $133.00 to $145.00 and gave the company a "buy" rating in a research note on Friday, July 24th. Dbs Bank upgraded shares of Blackstone to a "moderate buy" rating in a research report on Wednesday, May 27th. Citizens Jmp reduced their price target on shares of Blackstone from $190.00 to $165.00 and set a "market outperform" rating on the stock in a research report on Thursday, July 9th. Finally, Oppenheimer raised their price objective on shares of Blackstone from $140.00 to $171.00 and gave the stock an "outperform" rating in a report on Thursday. Thirteen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $149.43.

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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