Accel Wealth Management Sells 212 Shares of Blackstone Inc. $BX

Accel Wealth Management lessened its stake in shares of Blackstone Inc. (NYSE:BX) by 1.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,661 shares of the asset manager’s stock after selling 212 shares during the period. Accel Wealth Management’s holdings in Blackstone were worth $2,043,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in BX. Kingstone Capital Partners Texas LLC boosted its holdings in shares of 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 in the last quarter. Vanguard Group Inc. boosted its holdings in shares of 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 in the last quarter. Nuveen LLC acquired a new stake in shares of Blackstone in the 1st quarter valued at $151,524,000. Amundi boosted its holdings in shares of Blackstone by 69.3% in the 1st quarter. Amundi now owns 2,421,502 shares of the asset manager’s stock valued at $323,000,000 after purchasing an additional 990,947 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of 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 in the last quarter. Institutional investors own 70.00% of the company’s stock.

Insider Transactions at Blackstone

In related news, Director Joseph Baratta sold 113,000 shares of the business’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 sale, the director directly owned 695,757 shares of the company’s stock, valued at $122,237,547.33. The trade was a 13.97% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Holdings I. L.P. Blackstone bought 1,189,532 shares of the firm’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 completion of the transaction, the insider directly owned 4,178,771 shares in the company, valued at $105,388,604.62. This represents a 39.79% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 3,727,877 shares of company stock worth $95,046,625 and sold 16,984,634 shares worth $155,181,346. Insiders own 1.00% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Barclays raised their price objective on Blackstone from $168.00 to $181.00 and gave the company an “equal weight” rating in a report on Friday, July 25th. Piper Sandler raised their price objective on Blackstone from $157.00 to $181.00 and gave the company a “neutral” rating in a report on Monday, July 28th. Keefe, Bruyette & Woods raised their price objective on Blackstone from $168.00 to $180.00 and gave the company a “market perform” rating in a report on Friday, July 25th. BNP Paribas Exane raised their price objective on Blackstone from $166.00 to $178.00 and gave the company a “neutral” rating in a report on Monday, September 29th. Finally, The Goldman Sachs Group raised their price objective on Blackstone from $172.00 to $173.00 and gave the company a “neutral” rating in a report on Friday. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Blackstone has an average rating of “Moderate Buy” and a consensus target price of $175.53.

Blackstone Stock Up 1.1%

Shares of BX opened at $168.40 on Friday. The stock’s 50-day moving average price is $173.81 and its two-hundred day moving average price is $153.80. Blackstone Inc. has a 12 month low of $115.66 and a 12 month 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 company has a market capitalization of $124.12 billion, a PE ratio of 45.27, a PEG ratio of 1.37 and a beta of 1.77.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, July 24th. The asset manager reported $1.21 earnings per share 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 firm had revenue of $3.07 billion during the quarter, compared to analyst estimates of $2.77 billion. During the same period last year, the company posted $0.98 EPS. The business’s quarterly revenue was up 32.7% on a year-over-year basis. On average, analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 11th. Stockholders of record on Monday, August 4th were given a $1.03 dividend. This is a boost 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 annualized dividend and a dividend yield of 2.4%. Blackstone’s dividend payout ratio is 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.