NewEdge Advisors LLC Has $10.42 Million Stake in Blackstone Inc. $BX

Key Points

• NewEdge Advisors reduced its Blackstone stake by 14.9% in the first quarter, selling 15,863 shares and retaining 90,619 shares valued at approximately $10.42 million. Institutional investors collectively own 70% of Blackstone.
• Blackstone reported quarterly earnings of $1.52 per share, beating estimates of $1.34, while revenue rose 35.9% year over year to $5.04 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $147.95.
• Blackstone increased its quarterly dividend to $1.29 per share, equivalent to an annualized payout of $5.16 and a 3.8% yield.

NewEdge Advisors LLC decreased its position in shares of Blackstone Inc. (NYSE:BX - Free Report) by 14.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 90,619 shares of the asset manager's stock after selling 15,863 shares during the period. NewEdge Advisors LLC's holdings in Blackstone were worth $10,420,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BX. Brighton Jones LLC grew its position in Blackstone by 34.6% in the fourth quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager's stock valued at $1,365,000 after acquiring an additional 2,035 shares during the last quarter. Sivia Capital Partners LLC grew its holdings in shares of Blackstone by 9.3% during the 2nd quarter. Sivia Capital Partners LLC now owns 2,076 shares of the asset manager's stock valued at $310,000 after purchasing an additional 177 shares during the last quarter. United Bank increased its position in Blackstone by 14.7% during the 2nd quarter. United Bank now owns 13,528 shares of the asset manager's stock worth $2,024,000 after purchasing an additional 1,729 shares in the last quarter. Nebula Research & Development LLC acquired a new stake in Blackstone in the second quarter valued at approximately $1,124,000. Finally, Sei Investments Co. increased its holdings in shares of Blackstone by 1.9% during the second quarter. Sei Investments Co. now owns 452,619 shares of the asset manager's stock worth $67,703,000 after buying an additional 8,655 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors.

Insider Activity

In other Blackstone news, major shareholder Private Multi-Asset Blackstone bought 765,111 shares of the business's stock in a transaction dated Tuesday, June 23rd. The shares were purchased at an average price of $26.14 per share, for a total transaction of $20,000,001.54. Following the purchase, the insider directly owned 7,882,145 shares of the company's stock, valued at approximately $206,039,270.30. This represents a 10.75% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the business's stock in a transaction on Tuesday, June 16th. The stock was 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 in the company, valued at approximately $73,233.72. This represents a 99.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders bought 10,825,520 shares of company stock valued at $224,735,908 over the last quarter. 1.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. BMO Capital Markets raised their price objective on Blackstone from $126.00 to $132.00 and gave the company an "outperform" rating in a report on Monday, April 13th. The Goldman Sachs Group lifted their price target on Blackstone from $114.00 to $127.00 and gave the company a "neutral" rating in a research note on Friday, July 24th. HSBC reaffirmed a "hold" rating and issued a $135.00 price objective on shares of Blackstone in a research note on Monday, July 20th. Deutsche Bank Aktiengesellschaft started coverage on shares of Blackstone in a research report on Monday, June 8th. They set a "buy" rating on the stock. Finally, JPMorgan Chase & Co. decreased their price target on shares of Blackstone from $136.00 to $132.00 and set a "neutral" rating for the company in a research report on Thursday, July 16th. Thirteen equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, Blackstone has a consensus rating of "Moderate Buy" and an average price target of $147.95.

Blackstone Trading Down 0.2%

NYSE BX opened at $136.86 on Monday. The company has a market cap of $101.67 billion, a price-to-earnings ratio of 30.62, a P/E/G ratio of 1.52 and a beta of 1.55. The business has a 50 day moving average price of $123.47 and a 200-day moving average price of $122.76. The company has a quick ratio of 0.76, a current ratio of 0.72 and a debt-to-equity ratio of 0.63. Blackstone Inc. has a 52 week low of $101.73 and a 52 week high of $190.09.

Blackstone (NYSE:BX - Get Free Report) last released 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. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The firm had revenue of $5.04 billion for the quarter, compared to analyst estimates of $3.42 billion. During the same period last year, the firm earned $0.98 earnings per share. The business's quarterly revenue was up 35.9% compared to the same quarter last year. As a group, equities analysts expect that Blackstone Inc. will post 6 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 10th. Investors of record on Monday, August 3rd will be given a dividend of $1.29 per share. The ex-dividend date of this dividend is Monday, August 3rd. This is a positive change from Blackstone's previous quarterly dividend of $1.16. This represents a $5.16 annualized dividend and a dividend yield of 3.8%. Blackstone's payout ratio is presently 115.44%.

Blackstone 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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