Sax Wealth Advisors LLC Has $1.23 Million Stock Holdings in Blackstone Inc. $BX

Key Points

• Sax Wealth Advisors LLC increased its stake in Blackstone Inc. by 35% during the second quarter, holding a total of 8,199 shares valued at approximately $1.23 million.
• Blackstone recently declared a $1.03 quarterly dividend, reflecting an annualized increase to $4.12 and a dividend yield of 2.5%.
• Analysts have a consensus rating of 'Moderate Buy' on Blackstone, with a target price of $179.67, following various upgrades from investment firms.

Sax Wealth Advisors LLC grew its stake in Blackstone Inc. (NYSE:BX - Free Report) by 35.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,199 shares of the asset manager's stock after buying an additional 2,124 shares during the period. Sax Wealth Advisors LLC's holdings in Blackstone were worth $1,226,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. 1248 Management LLC acquired a new stake in Blackstone during the first quarter worth approximately $25,000. Family CFO Inc acquired a new stake in Blackstone during the second quarter worth approximately $28,000. Wealth Preservation Advisors LLC acquired a new stake in Blackstone during the first quarter worth approximately $28,000. Anderson Financial Strategies LLC acquired a new stake in Blackstone during the first quarter worth approximately $28,000. Finally, Livelsberger Financial Advisory acquired a new stake in Blackstone in the second quarter valued at approximately $30,000. Institutional investors and hedge funds own 70.00% of the company's stock.

Analyst Ratings Changes

BX has been the subject of several recent research reports. Weiss Ratings restated a "hold (c)" rating on shares of Blackstone in a report on Wednesday. Keefe, Bruyette & Woods boosted their price objective on Blackstone from $168.00 to $180.00 and gave the company a "market perform" rating in a report on Friday, July 25th. The Goldman Sachs Group boosted their price objective on Blackstone from $172.00 to $173.00 and gave the company a "neutral" rating in a report on Friday, October 3rd. BMO Capital Markets initiated coverage on Blackstone in a report on Friday, October 3rd. They issued an "outperform" rating and a $190.00 target price on the stock. Finally, Citigroup reaffirmed a "market perform" rating on shares of Blackstone in a research report on Saturday, July 19th. One investment 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. According to data from MarketBeat.com, Blackstone currently has a consensus rating of "Moderate Buy" and a consensus target price of $179.67.

Insider Transactions at Blackstone

In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of the business's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $6.26, for a total value of $104,478,673.84. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John G. Finley sold 21,500 shares of the firm's stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $171.46, for a total value of $3,686,390.00. Following the completion of the transaction, the insider owned 453,836 shares of the company's stock, valued at approximately $77,814,720.56. This represents a 4.52% decrease in their position. The disclosure for this sale can be found here. Over 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. Corporate insiders own 1.00% of the company's stock.

Blackstone Stock Performance

Shares of Blackstone stock opened at $162.48 on Thursday. The business's fifty day simple moving average is $173.11 and its 200 day simple moving average is $154.09. The firm has a market capitalization of $119.76 billion, a P/E ratio of 43.68, a price-to-earnings-growth ratio of 1.34 and a beta of 1.77. Blackstone Inc. has a 12 month low of $115.66 and a 12 month high of $200.96. 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 (NYSE:BX - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The asset manager reported $1.21 EPS for the quarter, topping analysts' consensus estimates of $1.10 by $0.11. The business had revenue of $3.07 billion for the quarter, compared to analyst estimates of $2.77 billion. Blackstone had a return on equity of 20.47% and a net margin of 20.83%.Blackstone's quarterly revenue was up 32.7% compared to the same quarter last year. During the same period last year, the company posted $0.98 earnings per share. As a group, analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, August 4th were issued a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 2.5%. This is an increase from Blackstone's previous quarterly dividend of $0.93. The ex-dividend date was Monday, August 4th. Blackstone's dividend payout ratio is 110.75%.

Blackstone Company 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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