White Knight Strategic Wealth Advisors LLC Makes New Investment in Blackstone Inc. $BX

Key Points

• White Knight Strategic Wealth Advisors purchased 17,369 Blackstone shares worth approximately $2.04 million, making BX its 18th-largest holding and representing 1.4% of its portfolio. Institutional investors collectively own about 70% of Blackstone.
• Blackstone reported strong quarterly results, with adjusted EPS of $1.52 versus the $1.34 consensus estimate and revenue of $5.04 billion, up 35.9% year over year.
• The company raised its quarterly dividend to $1.29 per share, equivalent to a $5.16 annualized payout and a 3.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $147.95.

White Knight Strategic Wealth Advisors LLC purchased a new stake in Blackstone Inc. (NYSE:BX - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 17,369 shares of the asset manager's stock, valued at approximately $2,044,000. Blackstone makes up 1.4% of White Knight Strategic Wealth Advisors LLC's holdings, making the stock its 18th largest position.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BX. Redwood Financial Network Corp lifted its position in shares of Blackstone by 1.8% during the 2nd quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager's stock worth $537,000 after buying an additional 65 shares during the last quarter. Zacks Investment Management lifted its holdings in shares of Blackstone by 2.1% during the third quarter. Zacks Investment Management now owns 3,453 shares of the asset manager's stock worth $590,000 after purchasing an additional 71 shares during the period. Brogan Financial Inc. increased its position in Blackstone by 2.5% during the 3rd quarter. Brogan Financial Inc. now owns 2,904 shares of the asset manager's stock valued at $496,000 after purchasing an additional 72 shares during the period. SlateStone Wealth LLC grew its holdings in Blackstone by 1.9% during the 4th quarter. SlateStone Wealth LLC now owns 3,997 shares of the asset manager's stock worth $616,000 after acquiring an additional 75 shares during the period. Finally, Founders Financial Securities LLC increased its stake in shares of Blackstone by 4.1% in the 4th quarter. Founders Financial Securities LLC now owns 1,928 shares of the asset manager's stock valued at $297,000 after acquiring an additional 76 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider John G. Finley sold 45,000 shares of Blackstone stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $147.11, for a total value of $6,619,950.00. Following the completion of the transaction, the insider owned 516,017 shares of the company's stock, valued at $75,911,260.87. The trade was a 8.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Vikrant Sawhney sold 30,000 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $135.55, for a total value of $4,066,500.00. Following the completion of the transaction, the insider directly owned 869,669 shares in the company, valued at $117,883,632.95. This trade represents a 3.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have purchased 1,611,822 shares of company stock valued at $42,189,294 and have sold 7,562,000 shares valued at $40,331,085. 1.00% of the stock is owned by company insiders.

Blackstone Stock Performance

NYSE BX opened at $143.66 on Tuesday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.63. Blackstone Inc. has a 12-month low of $101.73 and a 12-month high of $190.09. The firm has a market cap of $107.83 billion, a price-to-earnings ratio of 32.14, a PEG ratio of 1.56 and a beta of 1.55. The company has a 50-day simple moving average of $129.20 and a two-hundred day simple moving average of $122.50.

Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 EPS for the quarter, beating analysts' consensus estimates of $1.34 by $0.18. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The company had revenue of $5.04 billion during the quarter, compared to analyst estimates of $3.42 billion. During the same period in the prior year, the business posted $0.98 EPS. The firm's revenue was up 35.9% compared to the same quarter last year. On average, equities analysts forecast that Blackstone Inc. will post 5.99 EPS for the current year.

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Monday, August 3rd were given a dividend of $1.29 per share. This is an increase from Blackstone's previous quarterly dividend of $1.16. This represents a $5.16 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Monday, August 3rd. Blackstone's dividend payout ratio is presently 115.44%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Jefferies Financial Group upped their target price on Blackstone from $143.00 to $152.00 and gave the stock a "buy" rating in a research report on Tuesday, May 12th. Dbs Bank upgraded Blackstone to a "moderate buy" rating in a research note on Wednesday, May 27th. Royal Bank Of Canada boosted their target price on Blackstone from $161.00 to $169.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. The Goldman Sachs Group increased their target price on Blackstone from $114.00 to $127.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Blackstone in a report on Monday, June 8th. They issued a "buy" rating for the company. Thirteen equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $147.95.

Blackstone Profile

Blackstone Inc NYSE: BX is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone's business is organized around several principal investment platforms.

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