Sagespring Wealth Partners LLC Purchases 2,470 Shares of Blackstone Inc. (NYSE:BX)

Sagespring Wealth Partners LLC grew its position in shares of Blackstone Inc. (NYSE:BX - Free Report) by 25.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,092 shares of the asset manager's stock after buying an additional 2,470 shares during the quarter. Sagespring Wealth Partners LLC's holdings in Blackstone were worth $1,690,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Great Lakes Retirement Inc. raised its holdings in Blackstone by 3.8% in the 1st quarter. Great Lakes Retirement Inc. now owns 19,537 shares of the asset manager's stock worth $2,731,000 after purchasing an additional 722 shares during the period. Sowell Financial Services LLC increased its stake in Blackstone by 1.6% in the 1st quarter. Sowell Financial Services LLC now owns 12,479 shares of the asset manager's stock worth $1,744,000 after buying an additional 202 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Blackstone by 1.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 628,421 shares of the asset manager's stock worth $87,841,000 after buying an additional 7,523 shares in the last quarter. Mission Wealth Management LP increased its stake in Blackstone by 12.7% in the 1st quarter. Mission Wealth Management LP now owns 8,382 shares of the asset manager's stock worth $1,172,000 after buying an additional 942 shares in the last quarter. Finally, FARMERS & MERCHANTS TRUST Co OF LONG BEACH increased its stake in Blackstone by 14.9% in the 1st quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 1,698 shares of the asset manager's stock worth $237,000 after buying an additional 220 shares in the last quarter. 70.00% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BX. JMP Securities reiterated a "market outperform" rating and issued a $165.00 price target on shares of Blackstone in a research note on Thursday, April 24th. Wells Fargo & Company increased their price target on Blackstone from $139.00 to $153.00 and gave the stock an "equal weight" rating in a research note on Friday, May 23rd. Keefe, Bruyette & Woods cut their price objective on Blackstone from $141.00 to $139.00 and set a "market perform" rating for the company in a research report on Tuesday, April 22nd. TD Cowen cut their price objective on Blackstone from $233.00 to $147.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. Finally, Cowen restated a "buy" rating on shares of Blackstone in a research report on Monday, April 21st. Ten analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $155.65.

Blackstone Stock Up 1.2%

Shares of NYSE BX opened at $138.06 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.67 and a quick ratio of 0.71. The company has a market cap of $100.73 billion, a P/E ratio of 38.03, a PEG ratio of 1.07 and a beta of 1.65. Blackstone Inc. has a 1 year low of $115.66 and a 1 year high of $200.96. The firm has a 50-day simple moving average of $136.88 and a two-hundred day simple moving average of $155.02.

Blackstone (NYSE:BX - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The asset manager reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.22 by ($0.13). The firm had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.95 billion. Blackstone had a return on equity of 19.58% and a net margin of 20.99%. During the same period in the previous year, the business earned $0.98 EPS. Research analysts anticipate that Blackstone Inc. will post 5.87 earnings per share for the current year.

Blackstone Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Monday, April 28th were paid a dividend of $0.93 per share. This represents a $3.72 annualized dividend and a dividend yield of 2.69%. The ex-dividend date of this dividend was Monday, April 28th. Blackstone's dividend payout ratio is presently 112.05%.

Insider Activity

In related news, Director Ruth Porat purchased 237 shares of the firm's stock in a transaction dated Monday, May 5th. The stock was purchased at an average price of $136.33 per share, with a total value of $32,310.21. Following the completion of the purchase, the director now owns 37,067 shares of the company's stock, valued at approximately $5,053,344.11. The trade was a 0.64% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider John G. Finley sold 25,000 shares of Blackstone stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $138.47, for a total transaction of $3,461,750.00. Following the transaction, the insider now directly owns 475,336 shares in the company, valued at approximately $65,819,775.92. The trade was a 5.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company's stock.

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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