Blackstone Inc. (NYSE:BX) Shares Acquired by 1776 Wealth LLC

1776 Wealth LLC lifted its stake in shares of Blackstone Inc. (NYSE:BX) by 3.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 26,953 shares of the asset manager’s stock after buying an additional 972 shares during the quarter. Blackstone accounts for approximately 1.7% of 1776 Wealth LLC’s holdings, making the stock its 11th largest holding. 1776 Wealth LLC’s holdings in Blackstone were worth $3,767,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Murphy & Mullick Capital Management Corp acquired a new position in shares of Blackstone during the fourth quarter worth approximately $33,000. Bernard Wealth Management Corp. bought a new stake in Blackstone in the 4th quarter valued at approximately $34,000. Putney Financial Group LLC acquired a new position in shares of Blackstone during the 4th quarter worth approximately $34,000. von Borstel & Associates Inc. acquired a new position in Blackstone in the 1st quarter valued at $28,000. Finally, Garde Capital Inc. bought a new stake in shares of Blackstone during the 1st quarter worth $36,000. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Private Credit Stra Blackstone acquired 1,660,000 shares of the firm’s stock in a transaction on Thursday, May 1st. The shares were purchased at an average cost of $15.00 per share, for a total transaction of $24,900,000.00. Following the transaction, the insider owned 1,666,667 shares of the company’s stock, valued at approximately $25,000,005. This represents a 24,898.76% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider John G. Finley sold 25,000 shares of the business’s stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $138.47, for a total transaction of $3,461,750.00. Following the completion of the transaction, the insider directly owned 475,336 shares of the company’s stock, valued at $65,819,775.92. This trade represents a 5.00% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have purchased 2,849,769 shares of company stock worth $54,932,307. 1.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on BX shares. Morgan Stanley reduced their price objective on Blackstone from $222.00 to $150.00 and set an “overweight” rating for the company in a research note on Monday, April 14th. JMP Securities boosted their price objective on shares of Blackstone from $165.00 to $180.00 and gave the stock a “market outperform” rating in a research note on Monday, July 14th. TD Cowen lowered their price target on Blackstone from $233.00 to $147.00 and set a “buy” rating on the stock in a report on Wednesday, April 9th. Bank of America dropped their price target on shares of Blackstone from $219.00 to $207.00 and set a “buy” rating for the company in a research report on Friday, April 4th. Finally, Citigroup reiterated a “market perform” rating on shares of Blackstone in a research report on Saturday. Ten research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $162.18.

Blackstone Stock Down 0.4%

NYSE BX traded down $0.63 on Monday, reaching $168.09. The stock had a trading volume of 236,502 shares, compared to its average volume of 3,841,849. The business has a 50 day moving average price of $146.60 and a 200 day moving average price of $150.39. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.67. Blackstone Inc. has a 1 year low of $115.66 and a 1 year high of $200.96. The company has a market capitalization of $122.65 billion, a price-to-earnings ratio of 50.56, a P/E/G ratio of 1.52 and a beta of 1.65.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, April 17th. The asset manager reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.22 by ($0.13). Blackstone had a return on equity of 19.84% and a net margin of 19.83%. The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.95 billion. During the same period in the prior year, the firm posted $0.98 EPS. On average, analysts forecast that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

About Blackstone

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.