Parallel Advisors LLC Buys 85 Shares of Blackstone Inc. $BX

Parallel Advisors LLC boosted its stake in Blackstone Inc. (NYSE:BX) by 0.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,297 shares of the asset manager’s stock after purchasing an additional 85 shares during the period. Parallel Advisors LLC’s holdings in Blackstone were worth $4,681,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in BX. Ascent Group LLC increased its position in Blackstone by 0.9% in the fourth quarter. Ascent Group LLC now owns 8,522 shares of the asset manager’s stock worth $1,469,000 after purchasing an additional 74 shares during the last quarter. McAdam LLC increased its holdings in shares of Blackstone by 4.4% in the 1st quarter. McAdam LLC now owns 1,762 shares of the asset manager’s stock worth $246,000 after buying an additional 75 shares during the last quarter. Angeles Wealth Management LLC lifted its holdings in shares of Blackstone by 0.6% in the 1st quarter. Angeles Wealth Management LLC now owns 11,819 shares of the asset manager’s stock valued at $1,652,000 after acquiring an additional 76 shares during the last quarter. Park National Corp OH increased its stake in Blackstone by 3.4% during the second quarter. Park National Corp OH now owns 2,334 shares of the asset manager’s stock worth $349,000 after acquiring an additional 77 shares during the last quarter. Finally, Nicolet Advisory Services LLC lifted its stake in shares of Blackstone by 0.7% in the 1st quarter. Nicolet Advisory Services LLC now owns 12,075 shares of the asset manager’s stock valued at $1,539,000 after purchasing an additional 78 shares during the last quarter. 70.00% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Blackstone

In related news, Director Ruth Porat bought 222 shares of the business’s stock in a transaction on Monday, August 11th. The shares were bought at an average price of $170.29 per share, for a total transaction of $37,804.38. Following the completion of the purchase, the director directly owned 38,753 shares of the company’s stock, valued at approximately $6,599,248.37. This trade represents a 0.58% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $6.26, for a total transaction of $104,478,673.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have bought 1,189,806 shares of company stock valued at $30,046,627 and have sold 16,871,634 shares valued at $135,328,376. Corporate insiders own 1.00% of the company’s stock.

Blackstone Trading Up 1.4%

Shares of NYSE BX opened at $183.83 on Tuesday. The firm has a market cap of $135.50 billion, a PE ratio of 49.42, a price-to-earnings-growth ratio of 1.47 and a beta of 1.77. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61. Blackstone Inc. has a twelve month low of $115.66 and a twelve month high of $200.96. The business has a fifty day simple moving average of $170.65 and a two-hundred day simple moving average of $150.65.

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

Blackstone Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, August 4th were issued a dividend of $1.03 per share. The ex-dividend date of this dividend was 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 yield of 2.2%. Blackstone’s dividend payout ratio is 110.75%.

Analyst Ratings Changes

BX has been the topic of several recent research reports. Barclays increased their price target on Blackstone from $168.00 to $181.00 and gave the company an “equal weight” rating in a report on Friday, July 25th. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of Blackstone in a research note on Friday, July 25th. Deutsche Bank Aktiengesellschaft boosted their target price on Blackstone from $170.00 to $192.00 and gave the company a “buy” rating in a research report on Friday, July 25th. Dbs Bank raised Blackstone to a “moderate buy” rating in a research note on Tuesday, August 12th. Finally, Piper Sandler upped their price objective on Blackstone from $157.00 to $181.00 and gave the company a “neutral” rating in a research report on Monday, July 28th. Nine analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $172.38.

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.