KMG Fiduciary Partners LLC Raises Stake in Blackstone Inc. $BX

Key Points

• KMG Fiduciary Partners increased its Blackstone stake by 275% in the second quarter, bringing its holdings to 19,079 shares valued at approximately $2.25 million. Institutional investors collectively own 70% of Blackstone.
• Blackstone reported a strong quarter, with earnings of $1.52 per share beating estimates of $1.34 and revenue reaching $5.04 billion, up 35.9% year over year.
• The company raised its quarterly dividend to $1.29 per share, equivalent to an annualized $5.16 payout and a 3.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $147.95.

KMG Fiduciary Partners LLC increased its stake in Blackstone Inc. (NYSE:BX - Free Report) by 275.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,079 shares of the asset manager's stock after buying an additional 13,991 shares during the period. KMG Fiduciary Partners LLC's holdings in Blackstone were worth $2,245,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Redhawk Wealth Advisors Inc. boosted its holdings in shares of Blackstone by 6.9% in the second quarter. Redhawk Wealth Advisors Inc. now owns 2,758 shares of the asset manager's stock valued at $325,000 after purchasing an additional 179 shares during the period. Fulton Bank N.A. increased its holdings in Blackstone by 2.0% during the 2nd quarter. Fulton Bank N.A. now owns 8,847 shares of the asset manager's stock worth $1,041,000 after purchasing an additional 174 shares during the period. Revolve Wealth Partners LLC lifted its holdings in shares of Blackstone by 3.8% in the 2nd quarter. Revolve Wealth Partners LLC now owns 5,431 shares of the asset manager's stock worth $639,000 after buying an additional 200 shares during the period. Wealthcare Capital Partners LLC grew its position in shares of Blackstone by 1.1% during the 2nd quarter. Wealthcare Capital Partners LLC now owns 14,905 shares of the asset manager's stock worth $1,754,000 after buying an additional 159 shares in the last quarter. Finally, Next Level Private LLC raised its holdings in shares of Blackstone by 0.7% in the second quarter. Next Level Private LLC now owns 31,849 shares of the asset manager's stock valued at $3,748,000 after acquiring an additional 219 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Blackstone

In related news, insider Vikrant Sawhney sold 30,000 shares of the firm's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $135.55, for a total transaction of $4,066,500.00. Following the completion of the transaction, the insider owned 869,669 shares of the company's stock, valued at $117,883,632.95. This trade represents a 3.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the business's stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $3.78, for a total value of $28,264,950.00. Following the completion of the transaction, the insider directly owned 19,374 shares of the company's stock, valued at approximately $73,233.72. This trade represents a 99.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders have bought 10,825,520 shares of company stock worth $224,735,908 over the last ninety days. 1.00% of the stock is owned by insiders.

Blackstone Price Performance

Shares of BX opened at $141.43 on Tuesday. The firm has a market capitalization of $105.07 billion, a PE ratio of 31.64, a price-to-earnings-growth ratio of 1.52 and a beta of 1.55. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.72 and a quick ratio of 0.76. The company's fifty day moving average price is $123.96 and its 200-day moving average price is $122.68. 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 data 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 analyst estimates of $3.42 billion. Blackstone had a return on equity of 23.77% and a net margin of 21.84%.The company's revenue was up 35.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.98 earnings per share. On average, equities research analysts predict that Blackstone Inc. will post 6 EPS for the current year.

Blackstone Increases Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on BX shares. BMO Capital Markets raised their price objective on Blackstone from $126.00 to $132.00 and gave the company an "outperform" rating in a research report on Monday, April 13th. Morgan Stanley decreased their price target on shares of Blackstone from $215.00 to $184.00 and set an "overweight" rating for the company in a research report on Tuesday, April 21st. BNP Paribas Exane cut their price objective on shares of Blackstone from $126.00 to $125.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 30th. Rothschild & Co Redburn decreased their target price on shares of Blackstone from $134.00 to $130.00 and set a "neutral" rating for the company in a research report on Tuesday, June 9th. Finally, Oppenheimer lifted their price target on shares of Blackstone from $139.00 to $140.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Thirteen research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $147.95.

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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