Uniting Wealth Partners LLC Invests $1.42 Million in Blackstone Inc. $BX

Uniting Wealth Partners LLC acquired a new stake in Blackstone Inc. (NYSE:BX) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 12,056 shares of the asset manager’s stock, valued at approximately $1,419,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Brighton Jones LLC lifted its stake in shares of Blackstone by 34.6% in the fourth quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager’s stock worth $1,365,000 after buying an additional 2,035 shares during the last quarter. Sivia Capital Partners LLC raised its holdings in Blackstone by 9.3% in the 2nd quarter. Sivia Capital Partners LLC now owns 2,076 shares of the asset manager’s stock worth $310,000 after acquiring an additional 177 shares during the period. United Bank lifted its position in Blackstone by 14.7% during the 2nd quarter. United Bank now owns 13,528 shares of the asset manager’s stock worth $2,024,000 after acquiring an additional 1,729 shares during the last quarter. Nebula Research & Development LLC acquired a new stake in shares of Blackstone in the second quarter valued at about $1,124,000. Finally, Sei Investments Co. lifted its position in shares of Blackstone by 1.9% during the 2nd quarter. Sei Investments Co. now owns 452,619 shares of the asset manager’s stock worth $67,703,000 after purchasing an additional 8,655 shares during the last quarter. Institutional investors and hedge funds own 70.00% of the company’s stock.

Insider Activity at Blackstone

In related news, Director Ruth Porat purchased 371 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The shares were acquired at an average price of $137.17 per share, with a total value of $50,890.07. Following the purchase, the director directly owned 42,189 shares in the company, valued at $5,787,065.13. This represents a 0.89% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider John G. Finley sold 45,000 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $147.11, for a total value of $6,619,950.00. Following the transaction, the insider owned 516,017 shares of the company’s stock, valued at $75,911,260.87. This represents a 8.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders acquired 1,339,180 shares of company stock valued at $35,062,433 and sold 7,562,000 shares valued at $40,331,085. Company insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Piper Sandler raised their target price on Blackstone from $122.00 to $130.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Morgan Stanley lowered their price objective on shares of Blackstone from $215.00 to $184.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 21st. JPMorgan Chase & Co. cut their target price on shares of Blackstone from $136.00 to $132.00 and set a “neutral” rating for the company in a research note on Thursday, July 16th. Jefferies Financial Group increased their price target on shares of Blackstone from $143.00 to $152.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Finally, Citizens Jmp dropped their price objective on shares of Blackstone from $190.00 to $165.00 and set a “market outperform” rating on the stock in a report on Thursday, July 9th. Thirteen equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $147.95.

Blackstone Stock Performance

Shares of NYSE BX opened at $143.94 on Monday. Blackstone Inc. has a one year low of $101.73 and a one year high of $190.09. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.63. The business has a fifty day simple moving average of $126.51 and a 200 day simple moving average of $122.51. The firm has a market capitalization of $108.04 billion, a price-to-earnings ratio of 32.20, a PEG ratio of 1.60 and a beta of 1.55.

Blackstone (NYSE:BX) last announced its quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.18. The firm had revenue of $5.04 billion for the quarter, compared to analyst estimates of $3.42 billion. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The business’s revenue for the quarter was up 35.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.98 EPS. Sell-side analysts expect that Blackstone Inc. will post 6 EPS for the current year.

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Monday, August 3rd were given a $1.29 dividend. This represents a $5.16 annualized dividend and a yield of 3.6%. This is a boost from Blackstone’s previous quarterly dividend of $1.16. The ex-dividend date of this dividend was Monday, August 3rd. Blackstone’s dividend payout ratio (DPR) is currently 115.44%.

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.