Blackstone Inc. (NYSE:BX) Stake Raised by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC raised its holdings in shares of Blackstone Inc. (NYSE:BX) by 11.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,607 shares of the asset manager’s stock after acquiring an additional 5,938 shares during the period. Axxcess Wealth Management LLC’s holdings in Blackstone were worth $7,256,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in BX. Chilton Capital Management LLC acquired a new stake in Blackstone in the first quarter worth approximately $26,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Blackstone during the second quarter valued at about $26,000. EdgeRock Capital LLC bought a new stake in Blackstone in the second quarter worth about $27,000. Bank & Trust Co bought a new position in shares of Blackstone during the 2nd quarter valued at about $29,000. Finally, Scarborough Advisors LLC acquired a new stake in Blackstone during the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Analyst Upgrades and Downgrades

BX has been the topic of several recent analyst reports. Wells Fargo & Company started coverage on Blackstone in a report on Thursday, September 12th. They set an “overweight” rating and a $163.00 price objective on the stock. Piper Sandler boosted their price target on Blackstone from $134.00 to $149.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. Morgan Stanley boosted their price target on Blackstone from $144.00 to $164.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd. Redburn Atlantic began coverage on shares of Blackstone in a report on Tuesday, August 27th. They set a “neutral” rating and a $134.00 price objective for the company. Finally, TD Cowen lifted their price target on Blackstone from $114.00 to $120.00 and gave the stock a “hold” rating in a research report on Friday, July 19th. Fourteen analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $130.78.

Insider Buying and Selling

In related news, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the completion of the sale, the insider now directly owns 429,386 shares of the company’s stock, valued at $56,567,311.64. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $123.00, for a total transaction of $14,323,104.00. Following the transaction, the director now owns 921,184 shares of the company’s stock, valued at approximately $113,305,632. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John G. Finley sold 35,000 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the completion of the sale, the insider now owns 429,386 shares in the company, valued at $56,567,311.64. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

Blackstone Trading Up 2.2 %

Shares of BX stock opened at $154.58 on Tuesday. The company has a market capitalization of $111.31 billion, a P/E ratio of 54.62, a P/E/G ratio of 1.23 and a beta of 1.51. The firm has a 50-day moving average price of $137.05 and a 200 day moving average price of $128.53. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.60. Blackstone Inc. has a 12-month low of $88.59 and a 12-month high of $155.18.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.03). Blackstone had a return on equity of 17.43% and a net margin of 19.35%. The business had revenue of $3.69 billion during the quarter, compared to analyst estimates of $2.58 billion. During the same period in the prior year, the firm posted $0.93 EPS. Blackstone’s revenue for the quarter was up 166.9% compared to the same quarter last year. Research analysts forecast that Blackstone Inc. will post 4.57 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 29th were paid a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a dividend yield of 2.12%. The ex-dividend date was Monday, July 29th. Blackstone’s dividend payout ratio (DPR) is presently 115.90%.

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.