C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Boosts Stock Position in Blackstone Inc. (NYSE:BX)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors lifted its position in Blackstone Inc. (NYSE:BX) by 35.8% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 2,740 shares of the asset manager’s stock after buying an additional 722 shares during the quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors’ holdings in Blackstone were worth $391,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC increased its holdings 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 during the period. Townsquare Capital LLC increased its holdings in Blackstone by 4.0% during the 4th quarter. Townsquare Capital LLC now owns 19,097 shares of the asset manager’s stock worth $3,293,000 after purchasing an additional 730 shares during the period. Sagespring Wealth Partners LLC acquired a new position in shares of Blackstone during the 4th quarter worth about $1,659,000. Synovus Financial Corp boosted its position in shares of Blackstone by 2.8% during the 4th quarter. Synovus Financial Corp now owns 32,506 shares of the asset manager’s stock worth $5,605,000 after acquiring an additional 871 shares in the last quarter. Finally, Savvy Advisors Inc. boosted its position in shares of Blackstone by 175.9% during the 4th quarter. Savvy Advisors Inc. now owns 6,012 shares of the asset manager’s stock worth $1,037,000 after acquiring an additional 3,833 shares in the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Insider Transactions at Blackstone

In other news, major shareholder Holdings I. L.P. Blackstone acquired 1,189,532 shares of the company’s stock in a transaction that occurred on Friday, July 18th. The stock was purchased at an average cost of $25.22 per share, with a total value of $29,999,997.04. Following the purchase, the insider directly owned 4,178,771 shares of the company’s stock, valued at approximately $105,388,604.62. This trade represents a 39.79% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO David Payne sold 9,400 shares of the firm’s stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $169.97, for a total value of $1,597,718.00. Following the completion of the transaction, the chief accounting officer directly owned 54,488 shares of the company’s stock, valued at $9,261,325.36. The trade was a 14.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

Wall Street Analyst Weigh In

BX has been the subject of several analyst reports. Keefe, Bruyette & Woods upped their price objective on Blackstone from $168.00 to $180.00 and gave the stock a “market perform” rating in a research report on Friday, July 25th. JMP Securities upped their price objective on Blackstone from $180.00 to $195.00 and gave the stock a “market outperform” rating in a research report on Friday, July 25th. UBS Group lowered their price objective on Blackstone from $180.00 to $175.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. Cowen reissued a “buy” rating on shares of Blackstone in a research report on Monday, April 21st. Finally, Piper Sandler upped their target price on Blackstone from $157.00 to $181.00 and gave the company a “neutral” rating in a research report on Monday, July 28th. Ten investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $170.12.

Blackstone Stock Up 0.7%

Blackstone stock opened at $170.14 on Tuesday. Blackstone Inc. has a twelve month low of $115.66 and a twelve month high of $200.96. The stock has a 50 day moving average of $156.23 and a two-hundred day moving average of $149.92. The company has a current ratio of 0.74, a quick ratio of 0.75 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $124.14 billion, a price-to-earnings ratio of 45.74, a PEG ratio of 1.38 and a beta of 1.71.

Blackstone (NYSE:BX) last issued its earnings results on Thursday, July 24th. The asset manager reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.11. The business had revenue of $3.07 billion during the quarter, compared to the consensus estimate of $2.77 billion. Blackstone had a return on equity of 20.47% and a net margin of 20.83%. The company’s revenue for the quarter was up 32.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.98 EPS. As a group, research analysts expect that Blackstone Inc. will post 5.87 earnings per share for the current year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 11th. Stockholders of record on Monday, August 4th were paid a dividend of $1.03 per share. This is a positive change from Blackstone’s previous quarterly dividend of $0.93. The ex-dividend date of this dividend was Monday, August 4th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.4%. Blackstone’s dividend payout ratio (DPR) is currently 110.75%.

Blackstone Profile

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.