Blackstone Inc. $BX Shares Bought by Princeton Global Asset Management LLC

Princeton Global Asset Management LLC lifted its position in shares of Blackstone Inc. (NYSE:BX) by 5.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 117,921 shares of the asset manager’s stock after purchasing an additional 5,772 shares during the period. Blackstone comprises 2.2% of Princeton Global Asset Management LLC’s portfolio, making the stock its 8th largest position. Princeton Global Asset Management LLC’s holdings in Blackstone were worth $13,560,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Redwood Financial Network Corp grew its stake in shares of Blackstone by 1.8% during the second quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager’s stock valued at $537,000 after acquiring an additional 65 shares in the last quarter. Benchmark Financial Wealth Advisors LLC boosted its holdings in Blackstone by 0.9% in the fourth quarter. Benchmark Financial Wealth Advisors LLC now owns 7,748 shares of the asset manager’s stock valued at $1,194,000 after purchasing an additional 69 shares during the last quarter. Parcion Private Wealth LLC increased its holdings in Blackstone by 0.6% during the 4th quarter. Parcion Private Wealth LLC now owns 10,935 shares of the asset manager’s stock worth $1,686,000 after purchasing an additional 70 shares during the last quarter. Trivium Point Advisory LLC raised its position in shares of Blackstone by 2.6% in the 4th quarter. Trivium Point Advisory LLC now owns 2,713 shares of the asset manager’s stock valued at $418,000 after purchasing an additional 70 shares in the last quarter. Finally, Zacks Investment Management boosted its stake in shares of Blackstone by 2.1% during the 3rd quarter. Zacks Investment Management now owns 3,453 shares of the asset manager’s stock valued at $590,000 after buying an additional 71 shares during the last quarter. Institutional investors and hedge funds own 70.00% of the company’s stock.

Blackstone Trading Up 0.2%

Blackstone stock opened at $115.66 on Monday. Blackstone Inc. has a 1 year low of $101.73 and a 1 year high of $190.09. The firm’s 50-day moving average is $120.62 and its 200-day moving average is $129.07. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.76 and a current ratio of 0.76. The company has a market cap of $85.92 billion, a P/E ratio of 29.58, a PEG ratio of 1.25 and a beta of 1.59.

Blackstone (NYSE:BX) last released its quarterly earnings data on Thursday, April 23rd. The asset manager reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.02. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The firm had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.45 billion. During the same quarter in the prior year, the business earned $1.11 earnings per share. Blackstone’s quarterly revenue was up 10.0% on a year-over-year basis. On average, equities analysts expect that Blackstone Inc. will post 5.9 earnings per share for the current year.

Blackstone Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were issued a $1.16 dividend. The ex-dividend date of this dividend was Monday, May 4th. This represents a $4.64 annualized dividend and a dividend yield of 4.0%. Blackstone’s dividend payout ratio (DPR) is 118.67%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on BX shares. TD Cowen dropped their price target on shares of Blackstone from $140.00 to $133.00 and set a “buy” rating for the company in a research note on Monday, May 18th. Morgan Stanley decreased their price objective on shares of Blackstone from $215.00 to $184.00 and set an “overweight” rating for the company in a report on Tuesday, April 21st. Citizens Jmp cut their target price on shares of Blackstone from $195.00 to $190.00 and set a “market outperform” rating on the stock in a research note on Wednesday, April 22nd. Deutsche Bank Aktiengesellschaft assumed coverage on Blackstone in a research note on Monday, June 8th. They issued a “buy” rating for the company. Finally, Weiss Ratings cut Blackstone from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, May 4th. Thirteen analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $150.86.

Insider Activity

In related news, major shareholder Private Multi-Asset Blackstone bought 765,111 shares of the company’s stock in a transaction on Tuesday, June 23rd. The shares were purchased at an average cost of $26.14 per share, with a total value of $20,000,001.54. Following the completion of the transaction, the insider directly owned 7,882,145 shares of the company’s stock, valued at approximately $206,039,270.30. This represents a 10.75% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Ruth Porat bought 355 shares of the business’s stock in a transaction on Monday, May 11th. The stock was bought at an average price of $123.04 per share, for a total transaction of $43,679.20. Following the completion of the purchase, the director directly owned 41,818 shares of the company’s stock, valued at $5,145,286.72. The trade was a 0.86% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased 10,252,345 shares of company stock worth $209,789,893 over the last 90 days. Insiders own 1.00% of the company’s stock.

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.