Sheets Smith Wealth Management Acquires 5,396 Shares of Blackstone Inc. $BX

Sheets Smith Wealth Management increased its holdings in shares of Blackstone Inc. (NYSE:BX) by 108.1% during the 1st quarter, HoldingsChannel reports. The fund owned 10,388 shares of the asset manager’s stock after buying an additional 5,396 shares during the period. Sheets Smith Wealth Management’s holdings in Blackstone were worth $1,195,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Strive Asset Management LLC purchased a new stake in shares of Blackstone in the 3rd quarter worth approximately $30,000. Family CFO Inc bought a new stake in Blackstone in the fourth quarter worth $28,000. Ares Financial Consulting LLC bought a new position in shares of Blackstone during the fourth quarter valued at $28,000. Richardson Financial Services Inc. purchased a new position in shares of Blackstone in the 4th quarter worth about $29,000. Finally, Kelleher Financial Advisors purchased a new stake in Blackstone during the 3rd quarter valued at about $34,000. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Blackstone Trading Down 0.0%

Shares of NYSE:BX opened at $123.78 on Friday. The stock’s 50-day simple moving average is $121.11 and its two-hundred day simple moving average is $130.35. Blackstone Inc. has a 52-week low of $101.73 and a 52-week high of $190.09. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.76 and a current ratio of 0.76. The stock has a market capitalization of $91.95 billion, a price-to-earnings ratio of 31.66, a PEG ratio of 1.34 and a beta of 1.59.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, April 23rd. The asset manager reported $1.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.02. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The company had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.45 billion. During the same quarter last year, the firm posted $1.11 earnings per share. The firm’s revenue was up 10.0% compared to the same quarter last year. Analysts expect that Blackstone Inc. will post 5.9 EPS for the current year.

Blackstone Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 11th. Stockholders of record on Monday, May 4th were given a dividend of $1.16 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 3.7%. Blackstone’s payout ratio is presently 118.67%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on BX shares. Barclays decreased their target price on shares of Blackstone from $126.00 to $124.00 and set an “equal weight” rating for the company in a report on Wednesday, April 8th. Morgan Stanley decreased their price objective on shares of Blackstone from $215.00 to $184.00 and set an “overweight” rating for the company in a report on Tuesday, April 21st. Oppenheimer increased their target price on Blackstone from $154.00 to $156.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Jefferies Financial Group lifted their target price on Blackstone from $143.00 to $152.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Finally, Royal Bank Of Canada assumed coverage on Blackstone in a research report on Monday, June 8th. They set an “outperform” rating on the stock. Thirteen research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $150.86.

Insider Buying and Selling

In related news, major shareholder Treasury Holdings I. Blackstone acquired 9,486,795 shares of the firm’s stock in a transaction dated Friday, May 15th. The shares were purchased at an average price of $20.00 per share, with a total value of $189,735,900.00. Following the completion of the purchase, the insider directly owned 9,111,800 shares of the company’s stock, valued at $182,236,000. This represents a -2,529.85% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ruth Porat bought 355 shares of Blackstone stock in a transaction that occurred on Monday, May 11th. The stock was purchased at an average cost of $123.04 per share, with a total value of $43,679.20. Following the completion of the acquisition, the director directly owned 41,818 shares in the company, valued at $5,145,286.72. This represents a 0.86% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased a total of 9,487,234 shares of company stock valued at $189,789,892 in the last 90 days. 1.00% of the stock is owned by company insiders.

Blackstone Company Profile

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.