Wealth Effects LLC Makes New $3.93 Million Investment in Blackstone Inc. $BX

Wealth Effects LLC bought a new position in Blackstone Inc. (NYSE:BX) in the 2nd quarter, Holdings Channel.com reports. The firm bought 33,379 shares of the asset manager’s stock, valued at approximately $3,928,000. Blackstone comprises approximately 1.1% of Wealth Effects LLC’s holdings, making the stock its 17th biggest holding.

Several other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC boosted its position in Blackstone by 9.0% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 100,951 shares of the asset manager’s stock valued at $15,561,000 after buying an additional 8,321 shares during the period. Matrix Private Capital Group LLC purchased a new position in shares of Blackstone in the first quarter valued at about $1,340,000. Vanguard Group Inc. boosted its holdings in shares of Blackstone by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 71,667,695 shares of the asset manager’s stock worth $11,046,859,000 after purchasing an additional 840,258 shares during the period. Marble Wealth LLC bought a new stake in shares of Blackstone in the fourth quarter worth about $7,303,000. Finally, Bank of Nova Scotia raised its position in Blackstone by 92.2% during the 1st quarter. Bank of Nova Scotia now owns 807,184 shares of the asset manager’s stock valued at $92,817,000 after purchasing an additional 387,109 shares during the last quarter. Institutional investors own 70.00% of the company’s stock.

Blackstone Stock Up 0.0%

BX stock opened at $143.94 on Monday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.63. The business has a 50 day moving average of $126.51 and a 200 day moving average of $122.51. Blackstone Inc. has a twelve month low of $101.73 and a twelve month high of $190.09. The firm has a market cap of $108.04 billion, a PE ratio of 32.20, a price-to-earnings-growth ratio of 1.60 and a beta of 1.55.

Blackstone (NYSE:BX) last released its earnings results on Thursday, July 23rd. The asset manager reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.18. The firm had revenue of $5.04 billion for the quarter, compared to analysts’ expectations of $3.42 billion. Blackstone had a return on equity of 23.77% and a net margin of 21.84%.The company’s quarterly revenue was up 35.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.98 earnings per share. On average, research analysts forecast that Blackstone Inc. will post 6 EPS for the current fiscal year.

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Monday, August 3rd were issued a $1.29 dividend. This represents a $5.16 annualized dividend and a yield of 3.6%. This is a boost from Blackstone’s previous quarterly dividend of $1.16. The ex-dividend date of this dividend was Monday, August 3rd. Blackstone’s dividend payout ratio is presently 115.44%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BX. Royal Bank Of Canada lifted their price objective on Blackstone from $161.00 to $169.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Morgan Stanley dropped their price target on Blackstone from $215.00 to $184.00 and set an “overweight” rating for the company in a research note on Tuesday, April 21st. TD Cowen boosted their price objective on shares of Blackstone from $133.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Keefe, Bruyette & Woods raised shares of Blackstone to a “hold” rating in a research report on Monday, July 20th. Finally, Oppenheimer boosted their price target on shares of Blackstone from $139.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. Thirteen analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat, Blackstone presently has an average rating of “Moderate Buy” and an average price target of $147.95.

Insider Activity

In other Blackstone news, Director Ruth Porat bought 371 shares of the business’s stock in a transaction on Monday, August 10th. The shares were acquired at an average cost of $137.17 per share, for a total transaction of $50,890.07. Following the purchase, the director owned 42,189 shares in the company, valued at approximately $5,787,065.13. This trade represents a 0.89% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Private Multi-Asset Blackstone purchased 573,614 shares of the firm’s stock in a transaction dated Thursday, July 23rd. The stock was acquired at an average price of $26.15 per share, with a total value of $15,000,006.10. Following the purchase, the insider directly owned 8,455,758 shares of the company’s stock, valued at approximately $221,118,071.70. The trade was a 7.28% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have bought 1,339,180 shares of company stock valued at $35,062,433 and have sold 7,562,000 shares valued at $40,331,085. Corporate insiders own 1.00% of the company’s stock.

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.