Granite Bay Wealth Management LLC Has $14.28 Million Position in Blackstone Inc. (NYSE:BX)

Granite Bay Wealth Management LLC lifted its position in Blackstone Inc. (NYSE:BX) by 880.5% in the second quarter, HoldingsChannel.com reports. The firm owned 113,033 shares of the asset manager’s stock after acquiring an additional 101,505 shares during the period. Blackstone comprises 0.5% of Granite Bay Wealth Management LLC’s investment portfolio, making the stock its 10th largest holding. Granite Bay Wealth Management LLC’s holdings in Blackstone were worth $14,276,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Chilton Capital Management LLC bought a new position in Blackstone in the first quarter valued at about $26,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Blackstone in the second quarter valued at about $26,000. EdgeRock Capital LLC bought a new position in Blackstone in the second quarter valued at about $27,000. Bank & Trust Co bought a new position in Blackstone in the second quarter valued at about $29,000. Finally, Ridgewood Investments LLC bought a new position in Blackstone in the second quarter valued at about $31,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider John G. Finley sold 35,000 shares of the company’s 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 directly owns 429,386 shares in the company, valued at approximately $56,567,311.64. The sale was disclosed in a filing with the SEC, which is available through this link. In other Blackstone news, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $123.00, for a total value of $14,323,104.00. Following the sale, the director now directly owns 921,184 shares in the company, valued at $113,305,632. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction dated 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 owns 429,386 shares of the company’s stock, valued at $56,567,311.64. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

Blackstone Stock Down 1.2 %

BX stock opened at $153.09 on Tuesday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $109.41 billion, a PE ratio of 54.10, a PEG ratio of 1.34 and a beta of 1.51. Blackstone Inc. has a 1-year low of $88.59 and a 1-year high of $161.25. The business’s 50 day simple moving average is $141.75 and its 200 day simple moving average is $130.67.

Blackstone (NYSE:BX) last released its earnings results on Thursday, July 18th. The asset manager reported $0.96 earnings per share (EPS) 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 company had revenue of $3.69 billion for the quarter, compared to analyst estimates of $2.58 billion. During the same period last year, the company posted $0.93 earnings per share. The business’s revenue for the quarter was up 166.9% compared to the same quarter last year. As a group, research analysts anticipate that Blackstone Inc. will post 4.57 EPS for the current year.

Blackstone Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 29th were given a dividend of $0.82 per share. The ex-dividend date was Monday, July 29th. This represents a $3.28 annualized dividend and a dividend yield of 2.14%. Blackstone’s dividend payout ratio is currently 115.90%.

Wall Street Analysts Forecast Growth

BX has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft raised their target price on Blackstone from $145.00 to $146.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Bank of America raised their target price on Blackstone from $130.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Piper Sandler raised their target price on Blackstone from $134.00 to $149.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Redburn Atlantic started coverage on Blackstone in a report on Tuesday, August 27th. They set a “neutral” rating and a $134.00 price objective on the stock. Finally, Barclays lifted their price objective on Blackstone from $126.00 to $141.00 and gave the company an “equal weight” rating in a report on Friday, July 19th. Fourteen analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Blackstone has a consensus rating of “Hold” and an average target price of $130.78.

Blackstone 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.