Palumbo Wealth Management LLC Has $543,000 Stake in Blackstone Inc. $BX

Palumbo Wealth Management LLC lessened its holdings in shares of Blackstone Inc. (NYSE:BX) by 2.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,633 shares of the asset manager’s stock after selling 74 shares during the quarter. Palumbo Wealth Management LLC’s holdings in Blackstone were worth $543,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Kingstone Capital Partners Texas LLC lifted its holdings in shares of Blackstone by 519,669.1% in the second 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 Blackstone by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 67,997,581 shares of the asset manager’s stock worth $9,504,702,000 after acquiring an additional 1,102,949 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Blackstone by 16.3% in the first 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 during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Blackstone by 4.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,291,546 shares of the asset manager’s stock worth $599,872,000 after purchasing an additional 182,526 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Blackstone by 2.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,162,867 shares of the asset manager’s stock valued at $581,886,000 after buying an additional 117,724 shares during the last quarter. Institutional investors and hedge funds own 70.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft upped their target price on Blackstone from $170.00 to $192.00 and gave the company a “buy” rating in a report on Friday, July 25th. Citigroup reiterated a “market perform” rating on shares of Blackstone in a research note on Saturday, July 19th. Piper Sandler raised their price objective on shares of Blackstone from $157.00 to $181.00 and gave the stock a “neutral” rating in a report on Monday, July 28th. Wells Fargo & Company boosted their target price on shares of Blackstone from $153.00 to $167.00 and gave the company an “equal weight” rating in a research note on Friday, July 11th. Finally, Barclays lifted their price target on shares of Blackstone from $168.00 to $181.00 and gave the stock an “equal weight” rating in a report on Friday, July 25th. Nine research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $172.38.

Insiders Place Their Bets

In other Blackstone news, Director Ruth Porat purchased 222 shares of Blackstone stock in a transaction that occurred on Monday, August 11th. The shares were bought at an average price of $170.29 per share, for a total transaction of $37,804.38. Following the acquisition, the director directly owned 38,753 shares in the company, valued at approximately $6,599,248.37. This trade represents a 0.58% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of Blackstone stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $6.26, for a total value of $104,478,673.84. The disclosure for this sale can be found here. Over the last three months, insiders purchased 3,727,877 shares of company stock valued at $95,046,625 and sold 16,871,634 shares valued at $135,328,376. Company insiders own 1.00% of the company’s stock.

Blackstone Stock Performance

NYSE:BX opened at $178.21 on Thursday. Blackstone Inc. has a 52-week low of $115.66 and a 52-week high of $200.96. The business’s fifty day moving average is $173.90 and its 200 day moving average is $152.30. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a market cap of $131.36 billion, a price-to-earnings ratio of 47.91, a PEG ratio of 1.50 and a beta of 1.77.

Blackstone (NYSE:BX) last posted its earnings results on Thursday, July 24th. The asset manager reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.11. The business had revenue of $3.07 billion during the quarter, compared to analyst estimates of $2.77 billion. Blackstone had a return on equity of 20.47% and a net margin of 20.83%.The company’s quarterly revenue was up 32.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.98 EPS. Research analysts predict that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, August 4th were issued a dividend of $1.03 per share. The ex-dividend date of this dividend was Monday, August 4th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.3%. This is a positive change from Blackstone’s previous quarterly dividend of $0.93. Blackstone’s payout ratio is 110.75%.

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.