Resonant Capital Advisors LLC Raises Position in Blackstone Inc. $BX

Resonant Capital Advisors LLC grew its position in Blackstone Inc. (NYSE:BX) by 42.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 2,386 shares of the asset manager’s stock after buying an additional 707 shares during the period. Resonant Capital Advisors LLC’s holdings in Blackstone were worth $357,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Arcus Capital Partners LLC raised its holdings in shares of Blackstone by 1.2% during the second quarter. Arcus Capital Partners LLC now owns 4,937 shares of the asset manager’s stock valued at $739,000 after purchasing an additional 58 shares during the last quarter. Mattern Wealth Management LLC raised its holdings in shares of Blackstone by 2.8% during the second quarter. Mattern Wealth Management LLC now owns 2,213 shares of the asset manager’s stock valued at $331,000 after purchasing an additional 60 shares during the last quarter. Sage Rhino Capital LLC raised its holdings in shares of Blackstone by 0.8% during the second quarter. Sage Rhino Capital LLC now owns 8,036 shares of the asset manager’s stock valued at $1,202,000 after purchasing an additional 63 shares during the last quarter. Jeppson Wealth Management LLC raised its holdings in shares of Blackstone by 1.0% during the second quarter. Jeppson Wealth Management LLC now owns 6,549 shares of the asset manager’s stock valued at $980,000 after purchasing an additional 66 shares during the last quarter. Finally, McAdam LLC raised its holdings in shares of Blackstone by 4.4% during the first quarter. McAdam LLC now owns 1,762 shares of the asset manager’s stock valued at $246,000 after purchasing an additional 75 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, insider John G. Finley sold 21,500 shares of the firm’s stock in a transaction on Monday, September 8th. The shares were sold at an average price of $171.46, for a total transaction of $3,686,390.00. Following the completion of the transaction, the insider directly owned 453,836 shares of the company’s stock, valued at approximately $77,814,720.56. This trade represents a 4.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joseph Baratta sold 113,000 shares of the firm’s stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $175.69, for a total transaction of $19,852,970.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders bought 2,538,345 shares of company stock valued at $65,046,628 and sold 16,984,634 shares valued at $155,181,346. Insiders own 1.00% of the company’s stock.

Blackstone Stock Performance

Shares of NYSE BX opened at $153.70 on Tuesday. The firm has a fifty day moving average price of $169.89 and a 200-day moving average price of $156.26. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.75 and a quick ratio of 0.74. The stock has a market cap of $113.29 billion, a PE ratio of 43.91, a price-to-earnings-growth ratio of 1.24 and a beta of 1.77. Blackstone Inc. has a 1 year low of $115.66 and a 1 year high of $200.96.

Blackstone (NYSE:BX) last issued its earnings results on Friday, November 22nd. The asset manager reported $0.97 earnings per share for the quarter. The firm had revenue of $2.49 billion during the quarter. Blackstone had a net margin of 20.56% and a return on equity of 22.30%. Equities analysts anticipate that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Investors of record on Monday, November 3rd will be paid a dividend of $1.29 per share. The ex-dividend date of this dividend is Monday, November 3rd. This is a positive change from Blackstone’s previous quarterly dividend of $1.03. This represents a $5.16 annualized dividend and a yield of 3.4%. Blackstone’s dividend payout ratio is 147.43%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. BNP Paribas Exane decreased their price objective on shares of Blackstone from $178.00 to $167.00 and set a “neutral” rating for the company in a report on Friday. TD Cowen cut their target price on shares of Blackstone from $208.00 to $205.00 and set a “buy” rating for the company in a research report on Friday. Evercore ISI cut their target price on shares of Blackstone from $197.00 to $180.00 and set an “outperform” rating for the company in a research report on Wednesday, October 22nd. Barclays cut their target price on shares of Blackstone from $171.00 to $165.00 and set an “equal weight” rating for the company in a research report on Friday. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Blackstone in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $180.26.

Blackstone Company 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.