Foguth Wealth Management LLC. Acquires New Stake in Blackstone Inc. $BX

Foguth Wealth Management LLC. purchased a new position in shares of Blackstone Inc. (NYSE:BX) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,456 shares of the asset manager’s stock, valued at approximately $1,025,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in Blackstone by 34.6% during the 4th quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager’s stock worth $1,365,000 after purchasing an additional 2,035 shares in the last quarter. Sivia Capital Partners LLC grew its position in shares of Blackstone by 9.3% during the second quarter. Sivia Capital Partners LLC now owns 2,076 shares of the asset manager’s stock worth $310,000 after buying an additional 177 shares in the last quarter. United Bank raised its holdings in Blackstone by 14.7% in the second quarter. United Bank now owns 13,528 shares of the asset manager’s stock valued at $2,024,000 after acquiring an additional 1,729 shares in the last quarter. Intech Investment Management LLC grew its holdings in Blackstone by 69.2% during the 2nd quarter. Intech Investment Management LLC now owns 11,160 shares of the asset manager’s stock worth $1,669,000 after acquiring an additional 4,564 shares in the last quarter. Finally, Pinnacle Wealth Planning Services Inc. lifted its position in shares of Blackstone by 24.0% during the 2nd quarter. Pinnacle Wealth Planning Services Inc. now owns 2,208 shares of the asset manager’s stock worth $330,000 after purchasing an additional 427 shares during the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Blackstone Stock Performance

Shares of Blackstone stock opened at $113.46 on Friday. The stock has a market capitalization of $84.21 billion, a price-to-earnings ratio of 29.24, a PEG ratio of 0.90 and a beta of 1.79. The firm’s fifty day simple moving average is $131.10 and its 200-day simple moving average is $148.91. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.76 and a quick ratio of 0.76. Blackstone Inc. has a 12 month low of $101.73 and a 12 month high of $190.09.

Blackstone (NYSE:BX) last announced its earnings results on Thursday, January 29th. The asset manager reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.21. The business had revenue of $4.36 billion during the quarter, compared to analysts’ expectations of $3.69 billion. Blackstone had a net margin of 20.89% and a return on equity of 22.17%. The business’s revenue was up 41.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.69 earnings per share. As a group, equities analysts forecast that Blackstone Inc. will post 5.87 earnings per share for the current year.

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 17th. Stockholders of record on Monday, February 9th were paid a dividend of $1.49 per share. This represents a $5.96 annualized dividend and a dividend yield of 5.3%. This is a boost from Blackstone’s previous quarterly dividend of $1.29. The ex-dividend date was Monday, February 9th. Blackstone’s dividend payout ratio (DPR) is currently 153.61%.

Insider Activity at Blackstone

In other news, major shareholder Holdings Iv Gp Mana Blackstone acquired 1,146,789 shares of the business’s stock in a transaction on Monday, February 23rd. The stock was bought at an average price of $26.16 per share, for a total transaction of $30,000,000.24. Following the transaction, the insider owned 16,716,249 shares in the company, valued at $437,297,073.84. This represents a 7.37% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,504 shares of Blackstone stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $3.51, for a total transaction of $26,246,039.04. Following the completion of the sale, the insider directly owned 25,832 shares in the company, valued at approximately $90,670.32. The trade was a 99.66% decrease in their position. The SEC filing for this sale provides additional information. 1.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BX. Jefferies Financial Group dropped their target price on Blackstone from $185.00 to $161.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Barclays dropped their price objective on Blackstone from $164.00 to $126.00 and set an “equal weight” rating on the stock in a report on Monday, March 2nd. BNP Paribas Exane lowered their price target on Blackstone from $167.00 to $156.00 and set a “neutral” rating for the company in a report on Monday, January 12th. Argus reduced their price objective on shares of Blackstone from $195.00 to $163.00 and set a “buy” rating for the company in a research report on Wednesday, February 4th. Finally, The Goldman Sachs Group cut their price target on shares of Blackstone from $166.00 to $158.00 and set a “neutral” rating on the stock in a research note on Friday, January 30th. Eleven analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $165.86.

Blackstone Company 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.