New Wave Wealth Advisors LLC Invests $263,000 in Blackstone Inc. $BX

Key Points

• New Wave Wealth Advisors LLC has invested approximately $263,000 in Blackstone Inc., acquiring 1,759 shares in the 2nd quarter.
• Institutional investors hold 70.00% of Blackstone's stock, with other hedge funds also increasing their positions significantly during the same period.
• Blackstone recently raised its quarterly dividend to $1.03 per share, reflecting a 10.75% increase from the previous dividend, with an annualized yield of 2.4%.

New Wave Wealth Advisors LLC bought a new position in Blackstone Inc. (NYSE:BX - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 1,759 shares of the asset manager's stock, valued at approximately $263,000.

Several other hedge funds also recently made changes to their positions in BX. Kingstone Capital Partners Texas LLC boosted its position in 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 purchasing an additional 70,118,948 shares during the period. Vanguard Group Inc. boosted its position in Blackstone by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 67,997,581 shares of the asset manager's stock valued at $9,504,702,000 after purchasing an additional 1,102,949 shares during the period. Nuveen LLC acquired a new position in Blackstone during the 1st quarter valued at approximately $151,524,000. Amundi boosted its position in Blackstone by 69.3% during the 1st quarter. Amundi now owns 2,421,502 shares of the asset manager's stock valued at $323,000,000 after purchasing an additional 990,947 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in Blackstone by 16.3% during the 1st 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. Institutional investors and hedge funds own 70.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on BX shares. Keefe, Bruyette & Woods boosted their price objective on Blackstone from $168.00 to $180.00 and gave the company a "market perform" rating in a research report on Friday, July 25th. BNP Paribas Exane boosted their price target on Blackstone from $166.00 to $178.00 and gave the stock a "neutral" rating in a research report on Monday. Evercore ISI boosted their price target on Blackstone from $165.00 to $197.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. The Goldman Sachs Group reiterated a "neutral" rating on shares of Blackstone in a research report on Friday, July 25th. Finally, Dbs Bank upgraded Blackstone to a "moderate buy" rating in a research report on Tuesday, August 12th. Nine investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $172.71.

Insider Transactions at Blackstone

In other news, Director Joseph Baratta sold 113,000 shares of the company's stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $175.69, for a total transaction of $19,852,970.00. Following the completion of the sale, the director owned 695,757 shares in the company, valued at approximately $122,237,547.33. This represents a 13.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Holdings I. L.P. Blackstone purchased 1,189,532 shares of the firm's stock in a transaction dated Friday, July 18th. The shares were bought at an average price of $25.22 per share, with a total value of $29,999,997.04. Following the purchase, the insider owned 4,178,771 shares in the company, valued at $105,388,604.62. This represents a 39.79% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 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 company insiders.

Blackstone Stock Down 1.5%

NYSE:BX opened at $168.22 on Thursday. The business's fifty day moving average price is $174.23 and its 200 day moving average price is $153.48. 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 Inc. has a 1-year low of $115.66 and a 1-year high of $200.96. The firm has a market capitalization of $124.00 billion, a price-to-earnings ratio of 45.22, a PEG ratio of 1.39 and a beta of 1.77.

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

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, August 4th were paid a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a yield of 2.4%. This is an increase from Blackstone's previous quarterly dividend of $0.93. The ex-dividend date was Monday, August 4th. Blackstone's dividend 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.

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