Congress Wealth Management LLC DE raised its position in Blackstone Inc. (NYSE:BX – Get Rating) by 277.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,874 shares of the asset manager’s stock after buying an additional 16,073 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Blackstone were worth $1,995,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in the company. Azimuth Capital Investment Management LLC bought a new stake in shares of Blackstone during the 2nd quarter valued at $547,000. Axxcess Wealth Management LLC grew its position in Blackstone by 14.0% during the second quarter. Axxcess Wealth Management LLC now owns 8,628 shares of the asset manager’s stock worth $787,000 after buying an additional 1,062 shares in the last quarter. United Capital Financial Advisers LLC grew its position in Blackstone by 4.0% during the second quarter. United Capital Financial Advisers LLC now owns 95,363 shares of the asset manager’s stock worth $8,700,000 after buying an additional 3,678 shares in the last quarter. Franklin Resources Inc. grew its position in Blackstone by 195.1% during the second quarter. Franklin Resources Inc. now owns 574,417 shares of the asset manager’s stock worth $52,405,000 after buying an additional 379,758 shares in the last quarter. Finally, Rhumbline Advisers grew its position in Blackstone by 2.7% during the second quarter. Rhumbline Advisers now owns 650,833 shares of the asset manager’s stock worth $59,375,000 after buying an additional 17,050 shares in the last quarter. 61.87% of the stock is currently owned by institutional investors.
Blackstone Trading Up 0.8 %
BX opened at $88.52 on Thursday. The business has a 50 day simple moving average of $90.16 and a two-hundred day simple moving average of $97.37. The firm has a market capitalization of $62.12 billion, a price-to-earnings ratio of 25.01, a PEG ratio of 2.13 and a beta of 1.44. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.85 and a quick ratio of 0.85. Blackstone Inc. has a one year low of $79.54 and a one year high of $149.51.
Blackstone Cuts Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, November 7th. Investors of record on Monday, October 31st were paid a $0.90 dividend. The ex-dividend date was Friday, October 28th. This represents a $3.60 annualized dividend and a dividend yield of 4.07%. Blackstone’s payout ratio is currently 101.70%.
Insider Buying and Selling
In related news, insider John G. Finley sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, November 11th. The stock was sold at an average price of $107.21, for a total value of $5,360,500.00. Following the sale, the insider now owns 355,698 shares in the company, valued at approximately $38,134,382.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Blackstone news, major shareholder Holdings L.P. Blackstone III sold 4,200 shares of the stock in a transaction on Tuesday, October 18th. The stock was sold at an average price of $32.62, for a total transaction of $137,004.00. Following the sale, the insider now directly owns 695,446 shares in the company, valued at approximately $22,685,448.52. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider John G. Finley sold 50,000 shares of the stock in a transaction on Friday, November 11th. The shares were sold at an average price of $107.21, for a total value of $5,360,500.00. Following the sale, the insider now owns 355,698 shares in the company, valued at $38,134,382.58. The disclosure for this sale can be found here. Insiders have sold 20,203,671 shares of company stock worth $207,047,536 in the last 90 days. Insiders own 1.00% of the company’s stock.
Wall Street Analyst Weigh In
BX has been the subject of several recent analyst reports. Wells Fargo & Company reduced their target price on Blackstone from $91.00 to $88.00 and set an “equal weight” rating for the company in a research report on Friday, October 21st. Barclays cut their price objective on Blackstone from $120.00 to $104.00 in a report on Monday, October 10th. Deutsche Bank Aktiengesellschaft upped their price objective on Blackstone from $127.00 to $128.00 and gave the stock a “buy” rating in a report on Tuesday, November 15th. Keefe, Bruyette & Woods cut Blackstone from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $127.00 to $115.00 in a report on Wednesday, August 3rd. Finally, Bank of America reiterated a “buy” rating and issued a $125.00 price objective on shares of Blackstone in a report on Thursday, October 6th. Two analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $113.10.
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.
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