3,780 Shares in Blackstone Inc. $BX Bought by Laffer Tengler Investments Inc.

Laffer Tengler Investments Inc. acquired a new position in shares of Blackstone Inc. (NYSE:BX) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 3,780 shares of the asset manager’s stock, valued at approximately $565,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Arcus Capital Partners LLC boosted its stake in shares of Blackstone by 1.2% in the 2nd quarter. Arcus Capital Partners LLC now owns 4,937 shares of the asset manager’s stock worth $739,000 after buying an additional 58 shares during the last quarter. Mattern Wealth Management LLC boosted its position in Blackstone by 2.8% in the second quarter. Mattern Wealth Management LLC now owns 2,213 shares of the asset manager’s stock worth $331,000 after purchasing an additional 60 shares during the last quarter. GHP Investment Advisors Inc. increased its position in shares of Blackstone by 3.5% during the 2nd quarter. GHP Investment Advisors Inc. now owns 1,784 shares of the asset manager’s stock valued at $267,000 after purchasing an additional 61 shares during the last quarter. Sage Rhino Capital LLC boosted its holdings in shares of Blackstone by 0.8% in the 2nd quarter. Sage Rhino Capital LLC now owns 8,036 shares of the asset manager’s stock worth $1,202,000 after buying an additional 63 shares during the last quarter. Finally, WNY Asset Management LLC grew its position in Blackstone by 1.7% during the second quarter. WNY Asset Management LLC now owns 3,852 shares of the asset manager’s stock valued at $576,000 after buying an additional 64 shares during the period. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BX has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft set a $166.00 target price on shares of Blackstone and gave the company a “buy” rating in a research report on Friday, October 24th. BMO Capital Markets decreased their target price on Blackstone from $190.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, October 27th. HSBC cut their price target on Blackstone from $179.00 to $178.00 in a research note on Monday, October 27th. JPMorgan Chase & Co. dropped their price objective on shares of Blackstone from $177.00 to $176.00 and set a “neutral” rating on the stock in a report on Friday, October 24th. Finally, TD Cowen reduced their target price on shares of Blackstone from $208.00 to $205.00 and set a “buy” rating for the company in a research note on Friday, October 24th. Eleven investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Blackstone has an average rating of “Moderate Buy” and an average price target of $179.74.

Blackstone Price Performance

Blackstone stock opened at $146.00 on Monday. The business has a 50-day simple moving average of $165.79 and a 200 day simple moving average of $157.61. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $200.96. The stock has a market cap of $107.61 billion, a price-to-earnings ratio of 41.71, a PEG ratio of 1.18 and a beta of 1.76. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt-to-equity ratio of 0.60.

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

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Monday, November 3rd will be issued a $1.29 dividend. This is a positive change from Blackstone’s previous quarterly dividend of $1.03. This represents a $5.16 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Monday, November 3rd. Blackstone’s dividend payout ratio (DPR) is 147.43%.

Insider Buying and Selling

In other news, major shareholder Private Multi-Asset Blackstone bought 2,538,071 shares of the company’s stock in a transaction dated Monday, September 22nd. The stock was bought at an average cost of $25.61 per share, for a total transaction of $64,999,998.31. Following the completion of the acquisition, the insider owned 7,506,209 shares in the company, valued at approximately $192,234,012.49. This trade represents a 51.09% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Vikrant Sawhney sold 50,850 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $173.64, for a total value of $8,829,594.00. Following the completion of the sale, the insider owned 737,248 shares of the company’s stock, valued at approximately $128,015,742.72. This trade represents a 6.45% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders bought 2,565,141 shares of company stock valued at $68,991,351 and sold 16,875,234 shares valued at $136,847,628. Corporate insiders own 1.00% of the company’s stock.

About Blackstone

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.