Institute for Wealth Management LLC. Buys 235 Shares of Blackstone Inc. $BX

Institute for Wealth Management LLC. raised its stake in Blackstone Inc. (NYSE:BX) by 1.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 17,548 shares of the asset manager’s stock after buying an additional 235 shares during the period. Institute for Wealth Management LLC.’s holdings in Blackstone were worth $2,625,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Mattern Wealth Management LLC grew its holdings in shares of Blackstone by 2.8% in the second quarter. Mattern Wealth Management LLC now owns 2,213 shares of the asset manager’s stock valued at $331,000 after acquiring an additional 60 shares in the last quarter. Sage Rhino Capital LLC increased its position in Blackstone by 0.8% in the second quarter. Sage Rhino Capital LLC now owns 8,036 shares of the asset manager’s stock worth $1,202,000 after buying an additional 63 shares during the last quarter. Jeppson Wealth Management LLC raised its stake in shares of Blackstone by 1.0% in the second quarter. Jeppson Wealth Management LLC now owns 6,549 shares of the asset manager’s stock valued at $980,000 after buying an additional 66 shares during the period. McAdam LLC raised its stake in shares of Blackstone by 4.4% in the first quarter. McAdam LLC now owns 1,762 shares of the asset manager’s stock valued at $246,000 after buying an additional 75 shares during the period. Finally, Angeles Wealth Management LLC raised its stake in shares of Blackstone by 0.6% in the first quarter. Angeles Wealth Management LLC now owns 11,819 shares of the asset manager’s stock valued at $1,652,000 after buying an additional 76 shares during the period. 70.00% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Blackstone

In other news, Director Joseph Baratta sold 113,000 shares of the company’s stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $175.69, for a total value of $19,852,970.00. Following the completion of the transaction, the director directly owned 695,757 shares in the company, valued at approximately $122,237,547.33. This represents a 13.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Holdings I. L.P. Blackstone acquired 1,189,532 shares of the business’s stock in a transaction dated Friday, July 18th. The stock was purchased at an average price of $25.22 per share, with a total value of $29,999,997.04. Following the completion of the acquisition, the insider directly owned 4,178,771 shares in the company, valued at approximately $105,388,604.62. This represents a 39.79% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders bought 3,727,877 shares of company stock worth $95,046,625 and sold 16,984,634 shares worth $155,181,346. 1.00% of the stock is owned by company insiders.

Blackstone Price Performance

Blackstone stock opened at $170.94 on Wednesday. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $200.96. The business has a 50-day simple moving average of $174.31 and a 200 day simple moving average of $153.38. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61. The stock has a market cap of $126.00 billion, a price-to-earnings ratio of 45.95, a PEG ratio of 1.43 and a beta of 1.77.

Blackstone (NYSE:BX) last posted its earnings results on Thursday, July 24th. The asset manager reported $1.21 EPS for the quarter, topping the consensus estimate of $1.10 by $0.11. Blackstone had a return on equity of 20.47% and a net margin of 20.83%.The business had revenue of $3.07 billion during the quarter, compared to analysts’ expectations of $2.77 billion. During the same period in the previous year, the business earned $0.98 earnings per share. The firm’s revenue was up 32.7% on a year-over-year basis. 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 was paid on Monday, August 11th. Stockholders of record on Monday, August 4th were issued a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Monday, August 4th. This is an increase from Blackstone’s previous quarterly dividend of $0.93. Blackstone’s dividend payout ratio (DPR) is currently 110.75%.

Wall Street Analyst Weigh In

Several analysts have issued reports on BX shares. Keefe, Bruyette & Woods boosted their target price on Blackstone from $168.00 to $180.00 and gave the company a “market perform” rating in a research note on Friday, July 25th. Evercore ISI boosted their target price on Blackstone from $165.00 to $197.00 and gave the company an “outperform” rating in a research note on Friday, July 25th. Piper Sandler boosted their target price on Blackstone from $157.00 to $181.00 and gave the company a “neutral” rating in a research note on Monday, July 28th. BNP Paribas Exane lifted their price target on Blackstone from $166.00 to $178.00 and gave the company a “neutral” rating in a research report on Monday. Finally, The Goldman Sachs Group reiterated a “neutral” rating on shares of Blackstone in a research report on Friday, July 25th. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $172.71.

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.