Elevation Point Wealth Partners LLC Boosts Stock Holdings in Blackstone Inc. $BX

Elevation Point Wealth Partners LLC increased its position in Blackstone Inc. (NYSE:BX) by 68.4% in the 1st quarter, HoldingsChannel reports. The fund owned 15,840 shares of the asset manager’s stock after purchasing an additional 6,433 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Blackstone were worth $1,821,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Redwood Financial Network Corp boosted its holdings in shares of Blackstone by 1.8% in the second quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager’s stock worth $537,000 after acquiring an additional 65 shares during the period. Benchmark Financial Wealth Advisors LLC lifted its holdings in shares of Blackstone by 0.9% in the fourth quarter. Benchmark Financial Wealth Advisors LLC now owns 7,748 shares of the asset manager’s stock worth $1,194,000 after buying an additional 69 shares in the last quarter. Parcion Private Wealth LLC increased its holdings in Blackstone by 0.6% during the 4th quarter. Parcion Private Wealth LLC now owns 10,935 shares of the asset manager’s stock worth $1,686,000 after acquiring an additional 70 shares during the period. Trivium Point Advisory LLC lifted its stake in Blackstone by 2.6% in the 4th quarter. Trivium Point Advisory LLC now owns 2,713 shares of the asset manager’s stock worth $418,000 after purchasing an additional 70 shares in the last quarter. Finally, Zacks Investment Management grew its position in shares of Blackstone by 2.1% during the 3rd quarter. Zacks Investment Management now owns 3,453 shares of the asset manager’s stock valued at $590,000 after purchasing an additional 71 shares in the last quarter. Institutional investors own 70.00% of the company’s stock.

Blackstone Stock Down 0.0%

BX opened at $122.73 on Monday. The company has a market cap of $91.17 billion, a P/E ratio of 31.39, a P/E/G ratio of 1.33 and a beta of 1.58. Blackstone Inc. has a 12 month low of $101.73 and a 12 month high of $190.09. The business’s 50-day moving average price is $119.67 and its 200-day moving average price is $127.87. 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.02. The business had revenue of $3.43 billion for the quarter, compared to analyst estimates 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 period last year, the company earned $1.11 EPS. On average, equities analysts expect that Blackstone Inc. will post 5.9 EPS for the current year.

Blackstone Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, May 4th were given 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 dividend payout ratio is presently 118.67%.

Insider Transactions at Blackstone

In other news, major shareholder Private Multi-Asset Blackstone acquired 765,111 shares of the firm’s stock in a transaction on Tuesday, June 23rd. The shares were purchased at an average price of $26.14 per share, for a total transaction of $20,000,001.54. Following the completion of the transaction, the insider owned 7,882,145 shares of the company’s stock, valued at $206,039,270.30. The trade was a 10.75% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ruth Porat bought 355 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were purchased at an average price of $123.04 per share, with a total value of $43,679.20. Following the completion of the acquisition, the director owned 41,818 shares of the company’s stock, valued at $5,145,286.72. This trade represents a 0.86% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders have bought 10,252,345 shares of company stock valued at $209,789,893. Company insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on BX shares. Dbs Bank upgraded Blackstone to a “moderate buy” rating in a research report on Wednesday, May 27th. Barclays dropped their price target on Blackstone from $126.00 to $124.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 8th. Oppenheimer upped their price objective on shares of Blackstone from $154.00 to $156.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Royal Bank Of Canada assumed coverage on shares of Blackstone in a research report on Monday, June 8th. They set an “outperform” rating for the company. Finally, Zacks Research raised shares of Blackstone from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $149.36.

About Blackstone

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.