8,680 Shares in Blackstone Inc. $BX Acquired by Gen Wealth Partners Inc

Gen Wealth Partners Inc bought a new stake in Blackstone Inc. (NYSE:BX) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 8,680 shares of the asset manager’s stock, valued at approximately $973,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Wellington Altus USA Inc. bought a new position in Blackstone during the second quarter worth about $26,000. Addison Advisors LLC acquired a new position in shares of Blackstone in the 2nd quarter worth approximately $30,000. NBH Bank bought a new position in shares of Blackstone during the 2nd quarter worth approximately $30,000. Bell Investment Advisors Inc acquired a new stake in Blackstone in the 2nd quarter valued at $30,000. Finally, West Branch Capital LLC grew its position in Blackstone by 26,600.0% in the second quarter. West Branch Capital LLC now owns 267 shares of the asset manager’s stock valued at $31,000 after acquiring an additional 266 shares during the period. Institutional investors own 70.00% of the company’s stock.

Analyst Upgrades and Downgrades

BX has been the subject of a number of analyst reports. Morgan Stanley reissued an “overweight” rating and set a $165.00 price objective on shares of Blackstone in a report on Friday, October 16th. Piper Sandler set a $126.00 target price on shares of Blackstone in a research report on Friday, October 23rd. Wells Fargo & Company initiated coverage on shares of Blackstone in a report on Friday, October 2nd. They set an “equal weight” rating and a $122.00 price target for the company. Credit Suisse Group set a $165.00 price target on shares of Blackstone in a research report on Friday, October 23rd. Finally, Royal Bank Of Canada upped their price objective on shares of Blackstone from $161.00 to $169.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $144.57.

Insider Activity at Blackstone

In related news, Director Joseph Baratta sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $123.80, for a total value of $12,380,000.00. Following the completion of the sale, the director owned 771,599 shares of the company’s stock, valued at $95,523,956.20. This trade represents a 11.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 3,767,776 shares of the business’s stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $2.94, for a total transaction of $11,077,261.44. Following the completion of the transaction, the insider owned 16,120 shares of the company’s stock, valued at $47,392.80. This trade represents a 99.57% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 3,992,776 shares of company stock valued at $25,507,509. Insiders own 1.00% of the company’s stock.

Blackstone Price Performance

Blackstone stock opened at $122.58 on Wednesday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.72 and a current ratio of 0.71. The firm has a market cap of $92.07 billion, a P/E ratio of 27.24, a P/E/G ratio of 1.58 and a beta of 1.52. The business’s fifty day moving average is $119.59 and its two-hundred day moving average is $123.20. Blackstone Inc. has a 52 week low of $101.73 and a 52 week high of $165.14.

Blackstone (NYSE:BX) last announced its earnings results on Thursday, October 22nd. The asset manager reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.06. The company had revenue of $3.06 billion during the quarter, compared to analyst estimates of $3.27 billion. Blackstone had a return on equity of 23.16% and a net margin of 22.11%. The firm’s quarterly revenue was down .8% compared to the same quarter last year. During the same period last year, the company posted $0.80 earnings per share. Equities research analysts forecast that Blackstone Inc. will post 5.89 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 9th. Shareholders of record on Monday, November 2nd were given a $1.12 dividend. This represents a $4.48 annualized dividend and a yield of 3.7%. The ex-dividend date was Monday, November 2nd. This is a drop from Blackstone’s previous quarterly dividend of $1.29. Blackstone’s dividend payout ratio is 99.56%.

Blackstone Company Profile

Blackstone Inc. is a global alternative asset manager that invests on behalf of institutional and individual investors. Its businesses span private equity, real estate, credit and insurance, infrastructure, and multi-asset investing, with strategies that include private funds and investment products for a range of clients. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson, the firm initially focused on mergers and acquisitions advisory work before expanding into investment management.