Premier Path Wealth Partners LLC Raises Stock Position in Blackstone Inc. (NYSE:BX)

Premier Path Wealth Partners LLC raised its stake in shares of Blackstone Inc. (NYSE:BX) by 4.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,525 shares of the asset manager’s stock after purchasing an additional 258 shares during the quarter. Premier Path Wealth Partners LLC’s holdings in Blackstone were worth $912,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Blackstone by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 66,894,632 shares of the asset manager’s stock valued at $11,533,972,000 after purchasing an additional 889,286 shares during the last quarter. Geode Capital Management LLC lifted its position in Blackstone by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 15,341,300 shares of the asset manager’s stock valued at $2,637,266,000 after purchasing an additional 444,887 shares during the last quarter. Northern Trust Corp lifted its position in Blackstone by 10.8% during the fourth quarter. Northern Trust Corp now owns 7,016,046 shares of the asset manager’s stock valued at $1,209,707,000 after purchasing an additional 681,512 shares during the last quarter. Invesco Ltd. lifted its position in Blackstone by 6.6% during the fourth quarter. Invesco Ltd. now owns 5,987,702 shares of the asset manager’s stock valued at $1,032,400,000 after purchasing an additional 371,677 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Blackstone in the 4th quarter worth approximately $974,448,000. 70.00% of the stock is currently owned by institutional investors.

Insider Transactions at Blackstone

In other news, insider Private Credit Stra Blackstone acquired 1,660,000 shares of the business’s stock in a transaction that occurred on Thursday, May 1st. The shares were bought at an average cost of $15.00 per share, with a total value of $24,900,000.00. Following the transaction, the insider now owns 1,666,667 shares of the company’s stock, valued at $25,000,005. This trade represents a 24,898.76% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John G. Finley sold 25,000 shares of the stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $138.47, for a total transaction of $3,461,750.00. Following the sale, the insider now directly owns 475,336 shares in the company, valued at $65,819,775.92. This trade represents a 5.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on BX. Barclays boosted their price objective on shares of Blackstone from $129.00 to $136.00 and gave the stock an “equal weight” rating in a report on Monday, April 21st. Cowen restated a “buy” rating on shares of Blackstone in a report on Monday, April 21st. Morgan Stanley lowered their price objective on shares of Blackstone from $222.00 to $150.00 and set an “overweight” rating for the company in a report on Monday, April 14th. Wells Fargo & Company boosted their price objective on shares of Blackstone from $139.00 to $153.00 and gave the stock an “equal weight” rating in a report on Friday, May 23rd. Finally, Citizens Jmp upgraded shares of Blackstone from a “market perform” rating to an “outperform” rating and set a $165.00 price objective for the company in a report on Tuesday, April 8th. Ten equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Blackstone presently has a consensus rating of “Hold” and a consensus target price of $155.65.

Blackstone Stock Up 1.2%

Shares of Blackstone stock opened at $137.28 on Friday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.67. The company’s fifty day simple moving average is $137.03 and its two-hundred day simple moving average is $154.42. The company has a market cap of $100.16 billion, a P/E ratio of 41.35, a PEG ratio of 1.26 and a beta of 1.65. Blackstone Inc. has a 12-month low of $115.66 and a 12-month high of $200.96.

Blackstone (NYSE:BX) last issued its quarterly earnings data on Thursday, April 17th. The asset manager reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.13). The company had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.95 billion. Blackstone had a net margin of 19.83% and a return on equity of 19.84%. During the same period in the previous year, the firm posted $0.98 earnings per share. Research analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Monday, April 28th were given a $0.93 dividend. This represents a $3.72 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date was Monday, April 28th. Blackstone’s dividend payout ratio is presently 112.05%.

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.