Granite Bay Wealth Management LLC Acquires 6,041 Shares of Blackstone Inc. $BX

Granite Bay Wealth Management LLC grew its holdings in Blackstone Inc. (NYSE:BX) by 21.5% during the 4th quarter, Holdings Channel reports. The firm owned 34,198 shares of the asset manager’s stock after purchasing an additional 6,041 shares during the period. Blackstone makes up approximately 1.3% of Granite Bay Wealth Management LLC’s portfolio, making the stock its 27th biggest position. Granite Bay Wealth Management LLC’s holdings in Blackstone were worth $5,271,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of BX. Brighton Jones LLC boosted its stake in shares of Blackstone by 34.6% in the 4th 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 during the last quarter. Sivia Capital Partners LLC raised its position in shares of Blackstone by 9.3% in the 2nd quarter. Sivia Capital Partners LLC now owns 2,076 shares of the asset manager’s stock valued at $310,000 after acquiring an additional 177 shares during the period. United Bank raised its position in shares of Blackstone by 14.7% in the 2nd quarter. United Bank now owns 13,528 shares of the asset manager’s stock valued at $2,024,000 after acquiring an additional 1,729 shares during the period. Nebula Research & Development LLC acquired a new stake in shares of Blackstone in the 2nd quarter valued at approximately $1,124,000. Finally, Sei Investments Co. raised its position in shares of Blackstone by 1.9% in the 2nd quarter. Sei Investments Co. now owns 452,619 shares of the asset manager’s stock valued at $67,703,000 after acquiring an additional 8,655 shares during the period. Institutional investors own 70.00% of the company’s stock.

More Blackstone News

Here are the key news stories impacting Blackstone this week:

• Positive Sentiment: Blackstone’s data center REIT, BXDC, raised $1.75 billion in its U.S. IPO, highlighting strong demand for the firm’s digital infrastructure strategy. Article: Blackstone data center REIT raises $1.75 billion in US IPO
• Positive Sentiment: Blackstone filed and priced the IPO for Blackstone Digital Infrastructure Trust, signaling continued expansion in a high-growth data center segment. Article: Blackstone Digital Infrastructure Trust Announces Pricing of up to $2 Billion Initial Public Offering
• Positive Sentiment: Jefferies reportedly issued a positive forecast and raised its price target on Blackstone, reinforcing the bullish sentiment around the stock. Article: Jefferies Financial Group Issues Positive Forecast for Blackstone (NYSE:BX) Stock Price
• Positive Sentiment: Director Ruth Porat bought additional Blackstone shares, which can be viewed as an insider vote of confidence. Article: Ruth Porat insider trades
• Neutral Sentiment: Blackstone is also raising money for a new long-hold private equity fund, which supports future growth but does not have an immediate earnings impact. Article: Blackstone Builds On $8 Billion Core Private Equity Franchise With New Long-Hold Fund
• Neutral Sentiment: Recent analyst and media coverage remains mixed overall, with some upgrades and some downgrades offsetting each other. Article: Blackstone stock performance and analyst ratings
• Negative Sentiment: Blackstone insiders and major shareholders also disclosed stock sales, which may temper enthusiasm despite the positive IPO news. Article: Holdings L.P. Blackstone Sells 25,000 Shares of Blackstone (NYSE:BX) Stock

Insider Activity

In other Blackstone news, major shareholder Holdings Iv Gp Mana Blackstone bought 2,868,069 shares of the stock in a transaction on Friday, March 20th. The stock was purchased at an average price of $26.15 per share, with a total value of $75,000,004.35. Following the completion of the purchase, the insider owned 18,628,295 shares in the company, valued at $487,129,914.25. The trade was a 18.20% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Holdings I. L.P. Blackstone sold 25,000 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $19.00, for a total value of $475,000.00. Following the transaction, the insider directly owned 125,000 shares of the company’s stock, valued at approximately $2,375,000. The trade was a 16.67% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have acquired 4,015,297 shares of company stock valued at $105,053,996 and have sold 9,128,660 shares valued at $46,457,920. Insiders own 1.00% of the company’s stock.

Blackstone Price Performance

NYSE:BX opened at $122.49 on Friday. The stock has a market capitalization of $90.99 billion, a PE ratio of 31.33, a P/E/G ratio of 1.30 and a beta of 1.63. The firm has a fifty day simple moving average of $117.02 and a 200 day simple moving average of $134.88. Blackstone Inc. has a 1-year low of $101.73 and a 1-year high of $190.09. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.66.

Blackstone (NYSE:BX) last posted its quarterly earnings results on Thursday, April 23rd. The asset manager reported $1.36 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.02. The business had revenue of $3.43 billion during the quarter, compared to the consensus estimate of $3.45 billion. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.Blackstone’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.11 earnings per share. On average, research analysts expect that Blackstone Inc. will post 5.91 EPS for the current fiscal year.

Blackstone Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, May 4th were paid a dividend of $1.16 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $4.64 annualized dividend and a yield of 3.8%. Blackstone’s payout ratio is presently 118.67%.

Analyst Ratings Changes

A number of analysts recently weighed in on BX shares. Piper Sandler increased their price target on shares of Blackstone from $122.00 to $130.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. Rothschild & Co Redburn cut their price target on shares of Blackstone from $138.00 to $134.00 and set a “neutral” rating on the stock in a research report on Friday, April 24th. BMO Capital Markets raised their target price on shares of Blackstone from $126.00 to $132.00 and gave the stock an “outperform” rating in a report on Monday, April 13th. Morgan Stanley dropped their target price on shares of Blackstone from $215.00 to $184.00 and set an “overweight” rating on the stock in a report on Tuesday, April 21st. Finally, Argus dropped their target price on shares of Blackstone from $163.00 to $146.00 and set a “buy” rating on the stock in a report on Tuesday, April 28th. Eleven equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Blackstone has an average rating of “Hold” and a consensus target price of $151.36.

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.