Prestige Wealth Management Group LLC Acquires 1,690 Shares of Blackstone Inc. (NYSE:BX)

Prestige Wealth Management Group LLC increased its position in Blackstone Inc. (NYSE:BX) by 1,190.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,832 shares of the asset manager’s stock after buying an additional 1,690 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in Blackstone were worth $227,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in BX. Vanguard Group Inc. raised its stake in Blackstone by 2.0% during the first quarter. Vanguard Group Inc. now owns 64,262,972 shares of the asset manager’s stock valued at $8,442,227,000 after buying an additional 1,290,324 shares during the last quarter. Capital World Investors grew its position in shares of Blackstone by 7.5% during the first quarter. Capital World Investors now owns 36,285,872 shares of the asset manager’s stock valued at $4,766,875,000 after purchasing an additional 2,546,886 shares in the last quarter. Brown Advisory Inc. grew its position in Blackstone by 5.3% in the fourth quarter. Brown Advisory Inc. now owns 6,429,749 shares of the asset manager’s stock worth $841,783,000 after acquiring an additional 322,860 shares in the last quarter. Norges Bank bought a new position in Blackstone during the fourth quarter valued at $708,859,000. Finally, Janus Henderson Group PLC lifted its stake in shares of Blackstone by 0.5% during the 1st quarter. Janus Henderson Group PLC now owns 4,670,645 shares of the asset manager’s stock worth $613,581,000 after acquiring an additional 21,450 shares during the last quarter. 70.00% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Blackstone

In related news, Director Joseph Baratta sold 116,448 shares of the 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 completion of the sale, the director now owns 921,184 shares of the company’s stock, valued at approximately $113,305,632. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider John G. Finley sold 35,000 shares of the company’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 completion of the sale, the insider now owns 429,386 shares of the company’s stock, valued at $56,567,311.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Joseph Baratta sold 116,448 shares of the 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 completion of the sale, the director now directly owns 921,184 shares of the company’s stock, valued at approximately $113,305,632. The disclosure for this sale can be found here. 1.00% of the stock is owned by insiders.

Blackstone Stock Performance

Shares of BX stock traded down $1.15 during mid-day trading on Friday, hitting $137.12. 2,577,891 shares of the stock were exchanged, compared to its average volume of 3,467,962. Blackstone Inc. has a 12-month low of $88.59 and a 12-month high of $145.16. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.77 and a current ratio of 0.77. The stock has a market capitalization of $97.99 billion, a price-to-earnings ratio of 48.45, a P/E/G ratio of 1.22 and a beta of 1.51. The stock’s fifty day simple moving average is $134.22 and its two-hundred day simple moving average is $127.68.

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

Blackstone Cuts Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend was Monday, July 29th. This represents a $3.28 annualized dividend and a dividend yield of 2.39%. Blackstone’s payout ratio is currently 115.90%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BX. 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 on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on Blackstone from $145.00 to $146.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Piper Sandler boosted their price target on shares of Blackstone from $134.00 to $149.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Bank of America raised their price target on shares of Blackstone from $130.00 to $145.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Finally, TD Cowen boosted their target price on shares of Blackstone from $114.00 to $120.00 and gave the company a “hold” rating in a report on Friday, July 19th. Fourteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Blackstone has an average rating of “Hold” and a consensus target price of $128.94.

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.