Fund Advisors of America Inc FL Purchases New Position in Blackstone Inc. $BX

Fund Advisors of America Inc FL acquired a new stake in Blackstone Inc. (NYSE:BX) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 6,078 shares of the asset manager’s stock, valued at approximately $715,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BX. Keebeck Wealth Management acquired a new position in shares of Blackstone during the second quarter worth $307,000. Keating Financial Advisory Services Inc. bought a new stake in Blackstone during the 2nd quarter worth $199,000. Alaska Wealth Advisors LLC acquired a new position in Blackstone in the 2nd quarter worth about $235,000. Beckerman Institutional LLC acquired a new stake in shares of Blackstone during the second quarter valued at about $222,000. Finally, OneAscent Financial Services LLC bought a new stake in shares of Blackstone during the second quarter worth about $2,349,000. Institutional investors own 70.00% of the company’s stock.

Blackstone Price Performance

Shares of NYSE BX opened at $143.56 on Friday. The company has a market capitalization of $107.76 billion, a PE ratio of 32.12, a P/E/G ratio of 1.57 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. Blackstone Inc. has a twelve month low of $101.73 and a twelve month high of $190.09. The firm has a fifty day simple moving average of $128.82 and a 200 day simple moving average of $122.57.

Blackstone (NYSE:BX) last issued its quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.18. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The business had revenue of $5.04 billion for the quarter, compared to analysts’ expectations of $3.42 billion. During the same quarter in the prior year, the firm posted $0.98 earnings per share. The business’s quarterly revenue was up 35.9% compared to the same quarter last year. On average, sell-side analysts forecast that Blackstone Inc. will post 5.99 EPS for the current year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Monday, August 3rd were paid a dividend of $1.29 per share. This is an increase from Blackstone’s previous quarterly dividend of $1.16. This represents a $5.16 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Monday, August 3rd. Blackstone’s payout ratio is 115.44%.

Wall Street Analysts Forecast Growth

BX has been the subject of a number of research reports. Royal Bank Of Canada raised their price objective on shares of Blackstone from $161.00 to $169.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Jefferies Financial Group upped 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. Oppenheimer lifted their price target on shares of Blackstone from $139.00 to $140.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. TD Cowen increased their price objective on Blackstone from $133.00 to $145.00 and gave the company a “buy” rating in a report on Friday, July 24th. Finally, The Goldman Sachs Group lifted their target price on Blackstone from $114.00 to $127.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Thirteen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $147.95.

Insider Transactions at Blackstone

In related news, CAO David Payne sold 9,500 shares of the business’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $145.23, for a total transaction of $1,379,685.00. Following the transaction, the chief accounting officer owned 64,448 shares in the company, valued at $9,359,783.04. The trade was a 12.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $3.78, for a total transaction of $28,264,950.00. Following the transaction, the insider directly owned 19,374 shares in the company, valued at approximately $73,233.72. This represents a 99.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders acquired 1,339,180 shares of company stock valued at $35,062,433 and sold 7,562,000 shares valued at $40,331,085. 1.00% of the stock is owned by corporate insiders.

Blackstone 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.