Focused Wealth Management Inc Invests $6.70 Million in Blackstone Inc. $BX

Focused Wealth Management Inc purchased a new stake in Blackstone Inc. (NYSE:BX) during the second quarter, Holdings Channel.com reports. The firm purchased 56,944 shares of the asset manager’s stock, valued at approximately $6,701,000. Blackstone comprises 0.6% of Focused Wealth Management Inc’s portfolio, making the stock its 25th biggest position.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Ares Financial Consulting LLC purchased a new position in Blackstone in the fourth quarter worth $28,000. Bell Investment Advisors Inc acquired a new position in shares of Blackstone in the second quarter valued at about $30,000. Strive Asset Management LLC acquired a new stake in Blackstone during the 3rd quarter valued at approximately $30,000. Palladiem LLC purchased a new stake in Blackstone in the fourth quarter valued at $31,000. Finally, West Branch Capital LLC boosted its stake in shares of Blackstone by 26,600.0% in the second quarter. West Branch Capital LLC now owns 267 shares of the asset manager’s stock worth $31,000 after buying an additional 266 shares during the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Oppenheimer boosted their target price on shares of Blackstone from $139.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Piper Sandler boosted their price target on Blackstone from $122.00 to $130.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. The Goldman Sachs Group raised their target price on shares of Blackstone from $114.00 to $127.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Jefferies Financial Group boosted their price target on shares of Blackstone from $143.00 to $152.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Finally, Royal Bank Of Canada increased their price objective on Blackstone from $161.00 to $169.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Thirteen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, Blackstone has a consensus rating of “Moderate Buy” and a consensus target price of $147.95.

Blackstone Stock Performance

NYSE:BX opened at $140.87 on Tuesday. Blackstone Inc. has a 52 week low of $101.73 and a 52 week high of $190.09. The company has a market cap of $105.74 billion, a price-to-earnings ratio of 31.51, a price-to-earnings-growth ratio of 1.60 and a beta of 1.56. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.63. The company has a fifty day simple moving average of $127.05 and a two-hundred day simple moving average of $122.45.

Blackstone (NYSE:BX) last issued its quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.18. Blackstone had a return on equity of 23.77% and a net margin of 21.84%.The company had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $3.42 billion. During the same quarter in the prior year, the business earned $0.98 EPS. Blackstone’s revenue was up 35.9% on a year-over-year basis. As a group, equities analysts anticipate that Blackstone Inc. will post 6 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Monday, August 3rd were given a dividend of $1.29 per share. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $5.16 annualized dividend and a dividend yield of 3.7%. This is an increase from Blackstone’s previous quarterly dividend of $1.16. Blackstone’s payout ratio is currently 115.44%.

Insider Buying and Selling

In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $3.78, for a total value of $28,264,950.00. Following the completion of the sale, the insider directly owned 19,374 shares of the company’s stock, valued at approximately $73,233.72. The trade was a 99.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Vikrant Sawhney sold 30,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $135.55, for a total value of $4,066,500.00. Following the completion of the sale, the insider directly owned 869,669 shares of the company’s stock, valued at $117,883,632.95. The trade was a 3.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders bought 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.

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.