Future Financial Wealth Managment LLC Purchases New Stake in Blackstone Inc. (NYSE:BX)

Future Financial Wealth Managment LLC bought a new stake in Blackstone Inc. (NYSE:BX) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 900 shares of the asset manager’s stock, valued at approximately $138,000.

A number of other hedge funds and other institutional investors have also modified their holdings of BX. Wealth Enhancement Advisory Services LLC increased its stake in Blackstone by 1.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 431,784 shares of the asset manager’s stock worth $53,455,000 after purchasing an additional 7,692 shares in the last quarter. Norden Group LLC increased its position in Blackstone by 2,072.0% in the 1st quarter. Norden Group LLC now owns 36,555 shares of the asset manager’s stock worth $4,802,000 after buying an additional 34,872 shares during the period. Fisher Asset Management LLC increased its position in shares of Blackstone by 10.9% during the fourth quarter. Fisher Asset Management LLC now owns 4,688 shares of the asset manager’s stock valued at $614,000 after purchasing an additional 459 shares during the period. Secured Retirement Advisors LLC bought a new stake in Blackstone in the fourth quarter valued at $1,073,000. Finally, Global Assets Advisory LLC acquired a new position in Blackstone in the first quarter worth $65,050,000. 70.00% of the stock is currently owned by institutional investors.

Insider Activity at Blackstone

In other news, insider John G. Finley sold 35,000 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 429,386 shares of the company’s stock, valued at approximately $56,567,311.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Blackstone news, insider John G. Finley sold 35,000 shares of Blackstone stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total value of $4,610,900.00. Following the transaction, the insider now directly owns 429,386 shares in the company, valued at approximately $56,567,311.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $150.81, for a total value of $17,561,522.88. Following the completion of the sale, the director now owns 799,749 shares in the company, valued at approximately $120,610,146.69. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

BX has been the topic of several analyst reports. Bank of America increased their target price on Blackstone from $130.00 to $145.00 and gave the company a “buy” rating in a research note on Friday, July 19th. TD Cowen increased their price target on Blackstone from $114.00 to $120.00 and gave the company a “hold” rating in a research report on Friday, July 19th. Piper Sandler cut Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 price target for the company. in a report on Wednesday. Morgan Stanley raised their price objective on Blackstone from $144.00 to $164.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 23rd. Finally, Barclays boosted their price objective on Blackstone from $141.00 to $155.00 and gave the stock an “equal weight” rating in a research report on Monday. Twelve analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $133.06.

Blackstone Price Performance

Shares of BX stock opened at $149.44 on Wednesday. The stock’s 50-day simple moving average is $142.95 and its 200-day simple moving average is $131.69. The firm has a market capitalization of $106.80 billion, a price-to-earnings ratio of 52.81, a PEG ratio of 1.34 and a beta of 1.51. Blackstone Inc. has a fifty-two week low of $88.59 and a fifty-two week high of $161.25. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.77 and a current ratio of 0.77.

Blackstone (NYSE:BX) last announced its earnings results on Thursday, July 18th. The asset manager reported $0.96 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $2.58 billion. During the same period in the previous year, the company earned $0.93 earnings per share. The company’s quarterly revenue was up 166.9% compared to the same quarter last year. As a group, equities analysts forecast that Blackstone Inc. will post 4.57 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 29th were issued a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date was Monday, July 29th. Blackstone’s dividend payout ratio is presently 115.90%.

About Blackstone

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.