Elevation Point Wealth Partners LLC Takes $2.81 Million Position in Blackstone Inc. $BX

Elevation Point Wealth Partners LLC bought a new stake in Blackstone Inc. (NYSE:BX) during the second quarter, Holdings Channel reports. The institutional investor bought 23,859 shares of the asset manager’s stock, valued at approximately $2,808,000.

A number of other large investors have also recently bought and sold shares of the business. Ares Financial Consulting LLC acquired a new position in Blackstone in the fourth quarter valued at $28,000. Bell Investment Advisors Inc purchased a new position in shares of Blackstone during the second quarter worth about $30,000. Addison Advisors LLC purchased a new stake in Blackstone during the 2nd quarter valued at approximately $30,000. Strive Asset Management LLC acquired a new stake in Blackstone during the 3rd quarter worth approximately $30,000. Finally, Palladiem LLC acquired a new position in shares of Blackstone in the fourth quarter valued at approximately $31,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Blackstone Stock Performance

Shares of BX opened at $143.56 on Monday. The company has a market capitalization of $107.76 billion, a PE ratio of 32.12, a P/E/G ratio of 1.56 and a beta of 1.56. Blackstone Inc. has a 52-week low of $101.73 and a 52-week high of $190.09. The company has a 50-day simple moving average of $128.82 and a 200-day simple moving average of $122.44. 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 (NYSE:BX) last issued its earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.18. The company had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $3.42 billion. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The firm’s quarterly revenue was up 35.9% compared to the same quarter last year. During the same period last year, the company posted $0.98 earnings per share. Equities research analysts predict that Blackstone Inc. will post 5.99 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Monday, August 3rd were issued a $1.29 dividend. This represents a $5.16 annualized dividend and a yield of 3.6%. This is a positive change from Blackstone’s previous quarterly dividend of $1.16. The ex-dividend date of this dividend was Monday, August 3rd. Blackstone’s dividend payout ratio is currently 115.44%.

Insider Buying and Selling at Blackstone

In other news, CAO David Payne sold 9,500 shares of Blackstone stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $145.23, for a total transaction of $1,379,685.00. Following the completion of the transaction, the chief accounting officer owned 64,448 shares of the company’s stock, valued at $9,359,783.04. The trade was a 12.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Private Multi-Asset Blackstone bought 765,111 shares of the company’s stock in a transaction on Tuesday, June 23rd. The shares were acquired at an average price of $26.14 per share, with a total value of $20,000,001.54. Following the completion of the acquisition, the insider directly owned 7,882,145 shares in the company, valued at $206,039,270.30. This represents a 10.75% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have acquired 1,339,180 shares of company stock worth $35,062,433 and have sold 7,562,000 shares worth $40,331,085. Corporate insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on BX. Sanford C. Bernstein initiated coverage on Blackstone in a report on Monday, June 8th. They set an “outperform” rating for the company. Barclays raised their target price on shares of Blackstone from $119.00 to $128.00 and gave the stock an “equal weight” rating in a research note on Friday, July 24th. The Goldman Sachs Group boosted their price target on shares of Blackstone from $114.00 to $127.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Piper Sandler raised their price objective on shares of Blackstone from $122.00 to $130.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. Finally, Zacks Research upgraded Blackstone from a “strong sell” rating to a “hold” rating in a research report on Monday, June 8th. Thirteen research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, Blackstone presently has an average rating of “Moderate Buy” and an average price target of $147.95.

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.