Private Wealth Partners LLC Has $4.35 Million Holdings in Blackstone Inc. (NYSE:BX)

Private Wealth Partners LLC raised its stake in shares of Blackstone Inc. (NYSE:BX) by 7.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,131 shares of the asset manager’s stock after buying an additional 2,303 shares during the period. Private Wealth Partners LLC’s holdings in Blackstone were worth $4,349,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Norges Bank bought a new stake in Blackstone during the fourth quarter worth approximately $708,859,000. Capital World Investors grew its stake in Blackstone by 7.5% in the 1st quarter. Capital World Investors now owns 36,285,872 shares of the asset manager’s stock valued at $4,766,875,000 after buying an additional 2,546,886 shares during the last quarter. Lone Pine Capital LLC acquired a new position in Blackstone during the 4th quarter worth $290,514,000. Lazard Asset Management LLC grew its position in shares of Blackstone by 19,048.1% in the first quarter. Lazard Asset Management LLC now owns 1,883,409 shares of the asset manager’s stock valued at $247,423,000 after purchasing an additional 1,873,573 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Blackstone by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 64,262,972 shares of the asset manager’s stock worth $8,442,227,000 after purchasing an additional 1,290,324 shares during the last quarter. Institutional investors own 70.00% of the company’s stock.

Blackstone Price Performance

BX opened at $143.27 on Thursday. Blackstone Inc. has a 12 month low of $88.59 and a 12 month high of $145.16. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.60. The stock has a market cap of $103.17 billion, a P/E ratio of 50.63, a P/E/G ratio of 1.18 and a beta of 1.51. The company has a fifty day simple moving average of $135.35 and a 200 day simple moving average of $128.00.

Blackstone (NYSE:BX) last issued its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.03). Blackstone had a net margin of 19.35% and a return on equity of 17.43%. The business had revenue of $3.69 billion during the quarter, compared to analyst estimates of $2.58 billion. During the same quarter in the prior year, the firm posted $0.93 earnings per share. Blackstone’s revenue for the quarter was up 166.9% compared to the same quarter last year. On average, research analysts expect that Blackstone Inc. will post 4.57 EPS for the current year.

Blackstone Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 29th were paid a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date was Monday, July 29th. Blackstone’s payout ratio is presently 115.90%.

Wall Street Analyst Weigh In

Several research analysts have commented on BX shares. Redburn Atlantic assumed coverage on Blackstone in a research report on Tuesday, August 27th. They issued a “neutral” rating and a $134.00 price target on the stock. Barclays increased their price target on shares of Blackstone from $126.00 to $141.00 and gave the company an “equal weight” rating in a report on Friday, July 19th. Piper Sandler upped their price objective on shares of Blackstone from $134.00 to $149.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. TD Cowen lifted their target price on Blackstone from $114.00 to $120.00 and gave the stock a “hold” rating in a research report on Friday, July 19th. Finally, Bank of America lifted their price objective on Blackstone from $130.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Fourteen research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Blackstone has an average rating of “Hold” and an average price target of $128.94.

Insider Buying and Selling at Blackstone

In related news, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $123.00, for a total value of $14,323,104.00. Following the sale, the director now owns 921,184 shares of the company’s stock, valued at approximately $113,305,632. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Joseph Baratta sold 116,448 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $123.00, for a total value of $14,323,104.00. Following the completion of the transaction, the director now owns 921,184 shares of the company’s stock, valued at $113,305,632. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider John G. Finley sold 35,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total value of $4,610,900.00. Following the transaction, the insider now directly owns 429,386 shares of the company’s stock, valued at $56,567,311.64. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

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.