Palacios Wealth Management LLC Invests $207,000 in Blackstone Inc. $BX

Key Points

• Palacios Wealth Management LLC invested approximately $207,000 in Blackstone Inc., acquiring 1,382 shares in the asset manager during the 2nd quarter.
• Several analysts have boosted their price targets for Blackstone, with estimates ranging from $172.38 to $197.00, indicating a general consensus of a Moderate Buy rating for the stock.
• Blackstone recently increased its quarterly dividend to $1.03 per share, marking a notable increase from the previous dividend of $0.93, which reflects a positive outlook for the company.

Palacios Wealth Management LLC bought a new stake in shares of Blackstone Inc. (NYSE:BX - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 1,382 shares of the asset manager's stock, valued at approximately $207,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. 1248 Management LLC acquired a new stake in shares of Blackstone during the 1st quarter valued at approximately $25,000. Wealth Preservation Advisors LLC acquired a new stake in shares of Blackstone during the 1st quarter valued at approximately $28,000. Bernard Wealth Management Corp. acquired a new stake in shares of Blackstone during the 4th quarter valued at approximately $34,000. Putney Financial Group LLC acquired a new stake in Blackstone in the fourth quarter worth $34,000. Finally, Anderson Financial Strategies LLC bought a new position in shares of Blackstone during the first quarter worth about $28,000. 70.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on BX. The Goldman Sachs Group restated a "neutral" rating on shares of Blackstone in a research report on Friday, July 25th. Evercore ISI increased their price objective on Blackstone from $165.00 to $197.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Citigroup reaffirmed a "market perform" rating on shares of Blackstone in a research note on Saturday, July 19th. Dbs Bank raised Blackstone to a "moderate buy" rating in a report on Tuesday, August 12th. Finally, Keefe, Bruyette & Woods raised their price target on Blackstone from $168.00 to $180.00 and gave the company a "market perform" rating in a report on Friday, July 25th. Nine research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, Blackstone has a consensus rating of "Moderate Buy" and a consensus target price of $172.38.

Blackstone Price Performance

Shares of NYSE:BX traded down $1.85 during trading hours on Monday, hitting $185.77. 3,037,138 shares of the company's stock traded hands, compared to its average volume of 4,169,716. The company's fifty day simple moving average is $172.71 and its two-hundred day simple moving average is $151.61. The company has a market cap of $136.93 billion, a price-to-earnings ratio of 49.94, a price-to-earnings-growth ratio of 1.52 and a beta of 1.77. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.74 and a current ratio of 0.74. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $200.96.

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

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, August 4th were given 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 is 110.75%.

Insider Activity

In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of Blackstone stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $6.26, for a total value of $104,478,673.84. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ruth Porat acquired 222 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The stock was purchased at an average cost of $170.29 per share, with a total value of $37,804.38. Following the purchase, the director directly owned 38,753 shares in the company, valued at approximately $6,599,248.37. This trade represents a 0.58% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 3,727,877 shares of company stock worth $95,046,625 and have sold 16,871,634 shares worth $135,328,376. 1.00% of the stock is currently owned by corporate insiders.

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.