RKL Wealth Management LLC Has $4.19 Million Stake in Blackstone Inc. $BX

RKL Wealth Management LLC decreased its stake in Blackstone Inc. (NYSE:BX) by 3.8% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 27,992 shares of the asset manager’s stock after selling 1,092 shares during the period. RKL Wealth Management LLC’s holdings in Blackstone were worth $4,187,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. Kingstone Capital Partners Texas LLC raised its position in Blackstone by 519,669.1% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 70,132,441 shares of the asset manager’s stock valued at $10,490,411,000 after purchasing an additional 70,118,948 shares during the last quarter. Vanguard Group Inc. raised its position in Blackstone by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 67,997,581 shares of the asset manager’s stock valued at $9,504,702,000 after purchasing an additional 1,102,949 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Blackstone by 16.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,292,320 shares of the asset manager’s stock valued at $739,761,000 after purchasing an additional 742,829 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Blackstone by 4.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,291,546 shares of the asset manager’s stock valued at $599,872,000 after purchasing an additional 182,526 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Blackstone by 2.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 4,162,867 shares of the asset manager’s stock worth $581,886,000 after acquiring an additional 117,724 shares during the last quarter. Institutional investors own 70.00% of the company’s stock.

Insider Activity at Blackstone

In other news, insider Vikrant Sawhney sold 50,850 shares of the company’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $173.64, for a total transaction of $8,829,594.00. Following the completion of the transaction, the insider directly owned 737,248 shares of the company’s stock, valued at $128,015,742.72. This represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Private Multi-Asset Blackstone acquired 2,538,071 shares of Blackstone stock in a transaction dated Monday, September 22nd. The shares were purchased at an average cost of $25.61 per share, with a total value of $64,999,998.31. Following the completion of the transaction, the insider directly owned 7,506,209 shares of the company’s stock, valued at $192,234,012.49. This trade represents a 51.09% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 3,727,877 shares of company stock valued at $95,046,625 and sold 16,984,634 shares valued at $155,181,346. 1.00% of the stock is currently owned by corporate insiders.

Blackstone Stock Down 1.5%

NYSE:BX opened at $168.22 on Thursday. Blackstone Inc. has a 1 year low of $115.66 and a 1 year high of $200.96. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.61. The stock has a market cap of $124.00 billion, a price-to-earnings ratio of 45.22, a PEG ratio of 1.39 and a beta of 1.77. The stock has a 50-day moving average price of $174.23 and a two-hundred day moving average price of $153.48.

Blackstone (NYSE:BX) last posted its earnings results on Thursday, July 24th. The asset manager reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.11. Blackstone had a return on equity of 20.47% and a net margin of 20.83%.The firm 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 firm earned $0.98 earnings per share. The company’s revenue was up 32.7% on a year-over-year basis. As a group, equities analysts expect that Blackstone Inc. will post 5.87 earnings per share for the current 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 given a dividend of $1.03 per share. This is an increase from Blackstone’s previous quarterly dividend of $0.93. This represents a $4.12 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Monday, August 4th. Blackstone’s payout ratio is currently 110.75%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on BX shares. Deutsche Bank Aktiengesellschaft boosted their target price on Blackstone from $170.00 to $192.00 and gave the stock a “buy” rating in a research report on Friday, July 25th. Piper Sandler boosted their target price on Blackstone from $157.00 to $181.00 and gave the stock a “neutral” rating in a research report on Monday, July 28th. Keefe, Bruyette & Woods boosted their target price on Blackstone from $168.00 to $180.00 and gave the stock a “market perform” rating in a research report on Friday, July 25th. Wells Fargo & Company boosted their target price on Blackstone from $153.00 to $167.00 and gave the stock an “equal weight” rating in a research report on Friday, July 11th. Finally, Citigroup reiterated a “market perform” rating on shares of Blackstone in a report on Saturday, July 19th. Nine investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, Blackstone currently has an average rating of “Moderate Buy” and a consensus price target 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.