Northside Capital Management LLC Has $4.38 Million Stake in Blackstone Inc. $BX

Key Points

• Northside Capital Management LLC increased its stake in Blackstone Inc. by 1,234.4% during the 2nd quarter, reaching a total of $4.38 million in holdings.
• Insider activity saw a major shareholder acquire over 2.5 million shares for approximately $65 million, marking a significant increase in their ownership by 51.09%.
• Blackstone announced a quarterly dividend increase to $1.03 per share, up from the previous $0.93, with a dividend yield of 2.2%.

Northside Capital Management LLC raised its stake in Blackstone Inc. (NYSE:BX - Free Report) by 1,234.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 29,263 shares of the asset manager's stock after buying an additional 27,070 shares during the quarter. Northside Capital Management LLC's holdings in Blackstone were worth $4,377,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. 1248 Management LLC acquired a new stake in Blackstone in the 1st quarter valued at approximately $25,000. Wealth Preservation Advisors LLC bought a new position in shares of Blackstone during the 1st quarter worth approximately $28,000. Bernard Wealth Management Corp. bought a new position in shares of Blackstone during the 4th quarter worth approximately $34,000. Anderson Financial Strategies LLC bought a new position in shares of Blackstone during the 1st quarter worth approximately $28,000. Finally, Livelsberger Financial Advisory bought a new stake in Blackstone in the 2nd quarter valued at $30,000. Institutional investors and hedge funds own 70.00% of the company's stock.

Insider Activity at Blackstone

In other news, major shareholder Private Multi-Asset Blackstone bought 2,538,071 shares of the firm's stock in a transaction on Monday, September 22nd. The stock was acquired at an average cost of $25.61 per share, with a total value of $64,999,998.31. Following the transaction, the insider directly owned 7,506,209 shares in the company, valued at approximately $192,234,012.49. This trade represents a 51.09% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joseph Baratta sold 100,000 shares of the business's stock in a transaction on Tuesday, August 5th. The stock was 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 directly owned 808,757 shares of the company's stock, valued at approximately $135,353,571.52. The trade was a 11.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders bought 3,727,877 shares of company stock valued at $95,046,625 and sold 16,871,634 shares valued at $135,328,376. 1.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. The Goldman Sachs Group reaffirmed a "neutral" rating on shares of Blackstone in a report on Friday, July 25th. Barclays increased their target price on shares of 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 increased their price target on Blackstone from $170.00 to $192.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Evercore ISI increased their target price on Blackstone from $165.00 to $197.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Finally, Piper Sandler increased their price target on Blackstone from $157.00 to $181.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. Nine equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat, Blackstone has an average rating of "Moderate Buy" and an average price target of $172.38.

Blackstone Trading Down 0.3%

NYSE BX opened at $185.15 on Wednesday. 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 12 month low of $115.66 and a 12 month high of $200.96. The stock has a market cap of $136.47 billion, a P/E ratio of 49.77, a P/E/G ratio of 1.51 and a beta of 1.77. The stock's fifty day moving average price is $173.66 and its 200-day moving average price is $152.12.

Blackstone (NYSE:BX - Get Free Report) last posted its earnings results on Thursday, July 24th. The asset manager reported $1.21 earnings per share 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 company had revenue of $3.07 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter in the prior year, the company earned $0.98 earnings per share. Blackstone's revenue was up 32.7% on a year-over-year basis. As a group, equities analysts forecast that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

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

About Blackstone

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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