Sagespring Wealth Partners LLC Has $1.50 Million Stock Position in Blackstone Inc. $BX

Key Points

• Sagespring Wealth Partners LLC reduced its stake in Blackstone Inc. by 16.9% to 10,045 shares, worth approximately $1.50 million at the end of Q2, after selling 2,047 shares during the period.
• Insider Vikrant Sawhney sold 50,850 shares of Blackstone at an average price of $173.64, totaling about $8.83 million, reducing their ownership by 6.45%.
• Blackstone recently increased its quarterly dividend from $0.93 to $1.03, yielding 2.5%, with an annualized rate of $4.12, despite a payout ratio of 110.75%.

Sagespring Wealth Partners LLC decreased its position in shares of Blackstone Inc. (NYSE:BX - Free Report) by 16.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,045 shares of the asset manager's stock after selling 2,047 shares during the period. Sagespring Wealth Partners LLC's holdings in Blackstone were worth $1,503,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Mattern Wealth Management LLC boosted its holdings in Blackstone by 2.8% during the second quarter. Mattern Wealth Management LLC now owns 2,213 shares of the asset manager's stock valued at $331,000 after acquiring an additional 60 shares during the period. Sage Rhino Capital LLC boosted its holdings in Blackstone by 0.8% during the second quarter. Sage Rhino Capital LLC now owns 8,036 shares of the asset manager's stock valued at $1,202,000 after acquiring an additional 63 shares during the period. Jeppson Wealth Management LLC grew its position in Blackstone by 1.0% in the 2nd quarter. Jeppson Wealth Management LLC now owns 6,549 shares of the asset manager's stock worth $980,000 after purchasing an additional 66 shares during the last quarter. McAdam LLC grew its position in Blackstone by 4.4% in the 1st quarter. McAdam LLC now owns 1,762 shares of the asset manager's stock worth $246,000 after purchasing an additional 75 shares during the last quarter. Finally, Angeles Wealth Management LLC grew its position in Blackstone by 0.6% in the 1st quarter. Angeles Wealth Management LLC now owns 11,819 shares of the asset manager's stock worth $1,652,000 after purchasing an additional 76 shares during the last quarter. 70.00% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Blackstone news, insider Vikrant Sawhney sold 50,850 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $173.64, for a total value of $8,829,594.00. Following the completion of the transaction, the insider directly owned 737,248 shares of the company's stock, valued at approximately $128,015,742.72. The trade was a 6.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $6.26, for a total transaction of $104,478,673.84. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 3,727,877 shares of company stock valued at $95,046,625 and sold 16,984,634 shares valued at $155,181,346. Insiders own 1.00% of the company's stock.

Blackstone Trading Up 3.7%

Shares of BX stock opened at $164.04 on Wednesday. Blackstone Inc. has a 12-month low of $115.66 and a 12-month high of $200.96. The company has a market capitalization of $120.91 billion, a P/E ratio of 44.10, a P/E/G ratio of 1.29 and a beta of 1.77. The firm has a 50-day moving average price of $172.22 and a 200 day moving average price of $154.49. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61.

Blackstone (NYSE:BX - Get Free Report) last announced its quarterly earnings results on Friday, November 22nd. The asset manager reported $0.97 earnings per share (EPS) for the quarter. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. The firm had revenue of $2.49 billion during the quarter. Research analysts forecast that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The business 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 is a boost from Blackstone's previous quarterly dividend of $0.93. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Monday, August 4th. Blackstone's payout ratio is presently 110.75%.

Wall Street Analysts Forecast Growth

BX has been the topic of several research analyst reports. The Goldman Sachs Group raised their price target on shares of Blackstone from $172.00 to $173.00 and gave the stock a "neutral" rating in a research report on Friday, October 3rd. Citigroup decreased their price target on shares of Blackstone from $185.00 to $170.00 and set a "neutral" rating on the stock in a research report on Monday. Wells Fargo & Company lifted their target price on shares of Blackstone from $153.00 to $167.00 and gave the company an "equal weight" rating in a research report on Friday, July 11th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Blackstone from $194.00 to $188.00 and set a "buy" rating on the stock in a research report on Thursday, October 9th. Finally, BNP Paribas Exane lifted their target price on shares of Blackstone from $166.00 to $178.00 and gave the company a "neutral" rating in a research report on Monday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, Blackstone has a consensus rating of "Moderate Buy" and a consensus target price of $180.33.

Blackstone 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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