Dynasty Wealth Management LLC Acquires Shares of 3,275 Blackstone Inc. $BX

Dynasty Wealth Management LLC bought a new stake in Blackstone Inc. (NYSE:BX) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 3,275 shares of the asset manager’s stock, valued at approximately $560,000.

Several other institutional investors have also recently added to or reduced their stakes in BX. Norges Bank bought a new stake in shares of Blackstone in the 2nd quarter worth about $1,071,348,000. Vanguard Group Inc. increased its holdings in Blackstone by 2.2% in the second quarter. Vanguard Group Inc. now owns 69,492,377 shares of the asset manager’s stock valued at $10,394,670,000 after buying an additional 1,494,796 shares during the last quarter. Lazard Asset Management LLC grew its position in shares of Blackstone by 31.9% in the 2nd quarter. Lazard Asset Management LLC now owns 3,803,344 shares of the asset manager’s stock worth $568,902,000 after acquiring an additional 919,773 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake in Blackstone by 115.4% during the second quarter. Canada Pension Plan Investment Board now owns 1,088,786 shares of the asset manager’s stock worth $162,861,000 after purchasing an additional 583,384 shares during the last quarter. Finally, Amundi increased its stake in Blackstone by 19.9% during the second quarter. Amundi now owns 2,904,030 shares of the asset manager’s stock valued at $444,494,000 after purchasing an additional 482,528 shares during the last quarter. 70.00% of the stock is owned by institutional investors and hedge funds.

Blackstone Trading Down 5.8%

Blackstone stock opened at $153.94 on Wednesday. Blackstone Inc. has a 12-month low of $115.66 and a 12-month high of $190.09. The stock has a market capitalization of $113.68 billion, a PE ratio of 43.98, a price-to-earnings-growth ratio of 1.15 and a beta of 1.75. The firm has a 50 day simple moving average of $151.59 and a 200-day simple moving average of $161.43. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.75 and a quick ratio of 0.75.

Blackstone (NYSE:BX) last issued its quarterly earnings results on Thursday, October 23rd. The asset manager reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.23 by $0.29. The firm had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.14 billion. Blackstone had a return on equity of 22.30% and a net margin of 20.56%.The firm’s quarterly revenue was down 15.7% on a year-over-year basis. During the same period last year, the company posted $1.02 EPS. As a group, equities research analysts expect that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 10th. Shareholders of record on Monday, November 3rd were issued a $1.29 dividend. This represents a $5.16 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Monday, November 3rd. This is a positive change from Blackstone’s previous quarterly dividend of $1.03. Blackstone’s dividend payout ratio is currently 147.43%.

Insider Buying and Selling at Blackstone

In other news, major shareholder Tactical Opportunit Blackstone sold 1,596,142 shares of the stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $10.00, for a total transaction of $15,961,420.00. Following the completion of the sale, the insider owned 2,161 shares in the company, valued at approximately $21,610. This represents a 99.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James Breyer bought 13,900 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The stock was bought at an average price of $143.86 per share, for a total transaction of $1,999,654.00. Following the completion of the acquisition, the director directly owned 68,906 shares in the company, valued at approximately $9,912,817.16. The trade was a 25.27% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired 797,148 shares of company stock valued at $24,050,153 over the last quarter. Company insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. The Goldman Sachs Group lifted their price target on shares of Blackstone from $173.00 to $174.00 and gave the company a “neutral” rating in a report on Friday, October 24th. JPMorgan Chase & Co. dropped their price target on Blackstone from $177.00 to $176.00 and set a “neutral” rating on the stock in a research report on Friday, October 24th. Piper Sandler lowered their price objective on Blackstone from $173.00 to $168.00 and set a “neutral” rating for the company in a research note on Friday, October 24th. Keefe, Bruyette & Woods reduced their price target on shares of Blackstone from $180.00 to $171.00 and set a “market perform” rating for the company in a report on Monday, October 13th. Finally, Morgan Stanley lifted their price objective on shares of Blackstone from $200.00 to $215.00 and gave the company an “overweight” rating in a research report on Tuesday, October 21st. Ten investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $177.25.

About Blackstone

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.