Welch Capital Partners LLC NY Takes $19.59 Million Position in Blackstone Inc. $BX

Welch Capital Partners LLC NY acquired a new stake in Blackstone Inc. (NYSE:BX) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 166,437 shares of the asset manager’s stock, valued at approximately $19,585,000. Blackstone makes up 3.8% of Welch Capital Partners LLC NY’s portfolio, making the stock its 5th biggest position.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Brighton Jones LLC grew its position 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 buying an additional 2,035 shares during the last quarter. Sivia Capital Partners LLC lifted its stake in shares of Blackstone by 9.3% in the second quarter. Sivia Capital Partners LLC now owns 2,076 shares of the asset manager’s stock worth $310,000 after acquiring an additional 177 shares during the period. United Bank boosted its holdings in Blackstone by 14.7% in the second 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 last quarter. Nebula Research & Development LLC bought a new position in Blackstone during the 2nd quarter worth approximately $1,124,000. Finally, Sei Investments Co. boosted its stake 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 purchasing an additional 8,655 shares during the last quarter. 70.00% of the stock is owned by institutional investors.

Insider Activity at Blackstone

In other news, Director Ruth Porat bought 371 shares of the stock in a transaction on Monday, August 10th. The shares were purchased at an average cost of $137.17 per share, for a total transaction of $50,890.07. Following the completion of the purchase, the director directly owned 42,189 shares in the company, valued at $5,787,065.13. This represents a 0.89% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Private Multi-Asset Blackstone purchased 573,614 shares of the business’s stock in a transaction dated Thursday, July 23rd. The shares were purchased at an average price of $26.15 per share, with a total value of $15,000,006.10. Following the purchase, the insider directly owned 8,455,758 shares in the company, valued at $221,118,071.70. This trade represents a 7.28% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have bought 1,339,180 shares of company stock worth $35,062,433 and have sold 7,562,000 shares worth $40,331,085. 1.00% of the stock is currently owned by company insiders.

Blackstone Price Performance

Blackstone stock opened at $143.56 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.63. The stock has a market cap of $107.76 billion, a P/E ratio of 32.12, a P/E/G ratio of 1.59 and a beta of 1.56. The company’s 50 day moving average price is $128.82 and its two-hundred day moving average price is $122.57. Blackstone Inc. has a 52 week low of $101.73 and a 52 week high of $190.09.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, July 23rd. The asset manager reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.18. Blackstone had a return on equity of 23.77% and a net margin of 21.84%.The business had revenue of $5.04 billion for the quarter, compared to analysts’ expectations of $3.42 billion. During the same quarter in the previous year, the firm earned $0.98 earnings per share. The business’s revenue was up 35.9% on a year-over-year basis. On average, equities analysts predict that Blackstone Inc. will post 5.99 earnings per share for the current year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Monday, August 3rd were given a dividend of $1.29 per share. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $5.16 dividend on an annualized basis and a dividend yield of 3.6%. This is an increase from Blackstone’s previous quarterly dividend of $1.16. Blackstone’s payout ratio is currently 115.44%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BX. Keefe, Bruyette & Woods raised shares of Blackstone to a “hold” rating in a research note on Monday, July 20th. Zacks Research upgraded Blackstone from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Sanford C. Bernstein began coverage on Blackstone in a research note on Monday, June 8th. They issued an “outperform” rating on the stock. Barclays raised their target price on Blackstone from $119.00 to $128.00 and gave the stock an “equal weight” rating in a research note on Friday, July 24th. Finally, Royal Bank Of Canada boosted their price target on Blackstone from $161.00 to $169.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Thirteen equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $147.95.

Blackstone 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.