Element Pointe Advisors LLC Invests $760,000 in Blackstone Inc. $BX

Element Pointe Advisors LLC purchased a new position in shares of Blackstone Inc. (NYSE:BX) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 6,456 shares of the asset manager’s stock, valued at approximately $760,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of BX. BlackRock Inc. acquired a new position in shares of Blackstone in the 2nd quarter worth approximately $6,112,162,000. Norges Bank acquired a new position in Blackstone in the fourth quarter worth $1,275,747,000. Bank of New York Mellon Corp acquired a new stake in shares of Blackstone during the second quarter worth $514,736,000. Capital Research Global Investors lifted its position in shares of Blackstone by 99.2% in the 4th quarter. Capital Research Global Investors now owns 6,381,767 shares of the asset manager’s stock worth $983,690,000 after buying an additional 3,178,133 shares during the last quarter. Finally, Deutsche Bank AG bought a new stake in shares of Blackstone during the 2nd quarter valued at about $270,380,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Insider Buying and Selling at Blackstone

In related news, insider John G. Finley sold 45,000 shares of Blackstone stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $147.11, for a total transaction of $6,619,950.00. Following the transaction, the insider directly owned 516,017 shares of the company’s stock, valued at $75,911,260.87. The trade was a 8.02% decrease in their ownership of the stock. 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 firm’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $3.78, for a total transaction of $28,264,950.00. Following the transaction, the insider owned 19,374 shares of the company’s stock, valued at approximately $73,233.72. This trade represents a 99.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have purchased 1,339,180 shares of company stock valued at $35,062,433 and have sold 7,562,000 shares valued at $40,331,085. Corporate insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

BX has been the topic of a number of recent research reports. Sanford C. Bernstein began coverage on shares of Blackstone in a report on Monday, June 8th. They issued an “outperform” rating on the stock. Piper Sandler raised their price target on Blackstone from $122.00 to $130.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Jefferies Financial Group raised their target price on Blackstone from $143.00 to $152.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. TD Cowen increased their price objective on shares of Blackstone from $133.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, July 24th. Finally, Zacks Research raised shares of Blackstone from a “strong sell” rating to a “hold” rating in a research note on Monday, June 8th. Thirteen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $147.95.

Blackstone Stock Performance

BX stock opened at $140.62 on Wednesday. Blackstone Inc. has a fifty-two week low of $101.73 and a fifty-two week high of $190.09. The company has a market capitalization of $105.56 billion, a P/E ratio of 31.46, a PEG ratio of 1.60 and a beta of 1.55. The company has a 50-day simple moving average of $127.46 and a 200 day simple moving average of $122.41. 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 quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share for the quarter, topping 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 company had revenue of $5.04 billion during the quarter, compared to analyst estimates of $3.42 billion. During the same period in the prior year, the business posted $0.98 EPS. The business’s revenue for the quarter was up 35.9% compared to the same quarter last year. Sell-side analysts predict that Blackstone Inc. will post 6 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Monday, August 3rd were paid a $1.29 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $5.16 dividend on an annualized basis and a dividend yield of 3.7%. This is a boost from Blackstone’s previous quarterly dividend of $1.16. Blackstone’s dividend payout ratio (DPR) is presently 115.44%.

Blackstone Company 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.