Allworth Financial LP Buys 6,366 Shares of Blackstone Inc. $BX

Allworth Financial LP grew its stake in Blackstone Inc. (NYSE:BX) by 17.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 42,285 shares of the asset manager’s stock after acquiring an additional 6,366 shares during the quarter. Allworth Financial LP’s holdings in Blackstone were worth $7,224,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC lifted its position in Blackstone by 34.6% during the fourth quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager’s stock valued at $1,365,000 after purchasing an additional 2,035 shares in the last quarter. Sivia Capital Partners LLC lifted its position in shares of Blackstone by 9.3% during the 2nd quarter. Sivia Capital Partners LLC now owns 2,076 shares of the asset manager’s stock valued at $310,000 after buying an additional 177 shares in the last quarter. United Bank increased its holdings in Blackstone by 14.7% in the 2nd quarter. United Bank now owns 13,528 shares of the asset manager’s stock worth $2,024,000 after acquiring an additional 1,729 shares in the last quarter. Intech Investment Management LLC raised its stake in Blackstone by 69.2% during the 2nd quarter. Intech Investment Management LLC now owns 11,160 shares of the asset manager’s stock worth $1,669,000 after acquiring an additional 4,564 shares during the period. Finally, Portside Wealth Group LLC lifted its holdings in Blackstone by 13.9% during the second quarter. Portside Wealth Group LLC now owns 1,492 shares of the asset manager’s stock valued at $223,000 after purchasing an additional 182 shares in the last quarter. 70.00% of the stock is owned by hedge funds and other institutional investors.

Blackstone Stock Performance

Shares of BX stock opened at $110.40 on Friday. The company’s 50 day moving average is $130.16 and its 200 day moving average is $148.49. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.61. The firm has a market cap of $81.94 billion, a price-to-earnings ratio of 28.45, a PEG ratio of 0.90 and a beta of 1.79. Blackstone Inc. has a 52-week low of $101.73 and a 52-week high of $190.09.

Blackstone (NYSE:BX) last issued its quarterly earnings data on Thursday, January 29th. The asset manager reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.21. Blackstone had a return on equity of 22.17% and a net margin of 20.89%.The firm had revenue of $4.36 billion during the quarter, compared to analysts’ expectations of $3.69 billion. During the same period in the prior year, the business posted $1.69 EPS. The firm’s quarterly revenue was up 41.4% on a year-over-year basis. On average, sell-side analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 17th. Stockholders of record on Monday, February 9th were issued a dividend of $1.49 per share. The ex-dividend date was Monday, February 9th. This represents a $5.96 annualized dividend and a dividend yield of 5.4%. This is a boost from Blackstone’s previous quarterly dividend of $1.29. Blackstone’s dividend payout ratio (DPR) is currently 153.61%.

Insider Buying and Selling

In related news, major shareholder Holdings Iv Gp Mana Blackstone bought 1,146,789 shares of the company’s stock in a transaction on Monday, February 23rd. The shares were bought at an average price of $26.16 per share, with a total value of $30,000,000.24. Following the transaction, the insider owned 16,716,249 shares in the company, valued at approximately $437,297,073.84. This trade represents a 7.37% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,504 shares of the firm’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $3.51, for a total value of $26,246,039.04. Following the completion of the transaction, the insider owned 25,832 shares of the company’s stock, valued at $90,670.32. This trade represents a 99.66% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

BX has been the subject of a number of analyst reports. Piper Sandler cut their price target on Blackstone from $168.00 to $158.00 and set a “neutral” rating for the company in a research note on Monday, February 2nd. JPMorgan Chase & Co. dropped their price objective on Blackstone from $158.00 to $122.00 and set a “neutral” rating for the company in a research note on Tuesday, March 3rd. Citigroup reissued a “market outperform” rating on shares of Blackstone in a research note on Friday, January 30th. Citizens Jmp reaffirmed a “market outperform” rating and set a $195.00 price objective on shares of Blackstone in a report on Friday, January 30th. Finally, Royal Bank Of Canada began coverage on shares of Blackstone in a report on Monday, February 23rd. They issued an “outperform” rating and a $179.00 target price on the stock. Eleven research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $165.86.

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.