Pinnacle Wealth Management Advisory Group LLC Has $653,000 Stake in Blackstone Inc. (NYSE:BX)

Pinnacle Wealth Management Advisory Group LLC lifted its stake in shares of Blackstone Inc. (NYSE:BX) by 2.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,672 shares of the asset manager’s stock after buying an additional 97 shares during the period. Pinnacle Wealth Management Advisory Group LLC’s holdings in Blackstone were worth $653,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of BX. von Borstel & Associates Inc. purchased a new position in Blackstone during the first quarter worth about $28,000. Bernard Wealth Management Corp. purchased a new position in shares of Blackstone in the 4th quarter worth approximately $34,000. Putney Financial Group LLC bought a new stake in Blackstone during the fourth quarter worth $34,000. Garde Capital Inc. purchased a new stake in shares of Blackstone during the 1st quarter valued at $36,000. Finally, Wayfinding Financial LLC bought a new position in Blackstone during the first quarter valued at about $36,000. 70.00% of the stock is currently owned by institutional investors.

Blackstone Price Performance

Blackstone stock opened at $176.82 on Tuesday. The business has a 50-day simple moving average of $149.73 and a 200 day simple moving average of $150.43. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $200.96. The stock has a market cap of $129.02 billion, a price-to-earnings ratio of 47.53, a PEG ratio of 1.55 and a beta of 1.65. The company has a quick ratio of 0.75, a current ratio of 0.74 and a debt-to-equity ratio of 0.61.

Blackstone (NYSE:BX) last issued its quarterly earnings results on Thursday, July 24th. The asset manager reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.11. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. The firm had revenue of $3.07 billion for the quarter, compared to analyst estimates of $2.77 billion. During the same quarter in the prior year, the firm earned $0.98 EPS. The business’s revenue for the quarter was up 32.7% compared to the same quarter last year. On average, research analysts forecast that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 11th. Stockholders of record on Monday, August 4th will be given a dividend of $1.03 per share. The ex-dividend date of this dividend is Monday, August 4th. This is a positive change from Blackstone’s previous quarterly dividend of $0.93. This represents a $4.12 annualized dividend and a dividend yield of 2.33%. Blackstone’s dividend payout ratio is 100.00%.

Wall Street Analyst Weigh In

BX has been the topic of a number of research analyst reports. Morgan Stanley dropped their target price on shares of Blackstone from $222.00 to $150.00 and set an “overweight” rating on the stock in a research note on Monday, April 14th. JMP Securities increased their price objective on Blackstone from $180.00 to $195.00 and gave the company a “market outperform” rating in a report on Friday. Deutsche Bank Aktiengesellschaft upped their price target on Blackstone from $170.00 to $192.00 and gave the company a “buy” rating in a research report on Friday. Citizens Jmp raised Blackstone from a “market perform” rating to an “outperform” rating and set a $165.00 price objective for the company in a report on Tuesday, April 8th. Finally, Citigroup reiterated a “market perform” rating on shares of Blackstone in a research report on Saturday, July 19th. Ten equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $170.12.

Insider Transactions at Blackstone

In other Blackstone news, Director Ruth Porat purchased 237 shares of the firm’s stock in a transaction on Monday, May 5th. The shares were purchased at an average cost of $136.33 per share, with a total value of $32,310.21. Following the completion of the purchase, the director owned 37,067 shares of the company’s stock, valued at $5,053,344.11. The trade was a 0.64% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Private Credit Stra Blackstone acquired 1,660,000 shares of the business’s stock in a transaction dated Thursday, May 1st. The stock was acquired at an average cost of $15.00 per share, with a total value of $24,900,000.00. Following the purchase, the insider directly owned 1,666,667 shares in the company, valued at $25,000,005. This represents a 24,898.76% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 2,849,769 shares of company stock worth $54,932,307. 1.00% of the stock is owned by corporate insiders.

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.