Pure Financial Advisors LLC Invests $657,000 in Blackstone Inc. $BX

Pure Financial Advisors LLC purchased a new position in shares of Blackstone Inc. (NYSE:BX) in the second quarter, HoldingsChannel.com reports. The fund purchased 4,391 shares of the asset manager’s stock, valued at approximately $657,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in BX. 1248 Management LLC bought a new stake in shares of Blackstone during the 1st quarter worth approximately $25,000. von Borstel & Associates Inc. bought a new position in Blackstone in the 1st quarter valued at approximately $28,000. Wealth Preservation Advisors LLC bought a new position in Blackstone in the 1st quarter valued at approximately $28,000. Anderson Financial Strategies LLC bought a new position in Blackstone in the 1st quarter valued at approximately $28,000. Finally, Livelsberger Financial Advisory bought a new position in Blackstone in the 2nd quarter valued at approximately $30,000. Institutional investors own 70.00% of the company’s stock.

Insiders Place Their Bets

In related news, major shareholder Private Multi-Asset Blackstone purchased 2,538,071 shares of Blackstone stock in a transaction on Monday, September 22nd. The stock was acquired at an average cost of $25.61 per share, for a total transaction of $64,999,998.31. Following the completion of the acquisition, the insider owned 7,506,209 shares of the company’s stock, valued at $192,234,012.49. This trade represents a 51.09% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Vikrant Sawhney sold 50,850 shares of the firm’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $173.64, for a total transaction of $8,829,594.00. Following the completion of the sale, the insider owned 737,248 shares of the company’s stock, valued at $128,015,742.72. The trade was a 6.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders acquired 3,727,877 shares of company stock valued at $95,046,625 and sold 16,984,634 shares valued at $155,181,346. Company insiders own 1.00% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on BX. The Goldman Sachs Group increased their price objective on shares of Blackstone from $172.00 to $173.00 and gave the company a “neutral” rating in a research note on Friday. JMP Securities increased their price objective on shares of Blackstone from $180.00 to $195.00 and gave the company a “market outperform” rating in a research note on Friday, July 25th. Dbs Bank raised shares of Blackstone to a “moderate buy” rating in a research note on Tuesday, August 12th. Citigroup reaffirmed a “market perform” rating on shares of Blackstone in a research note on Saturday, July 19th. Finally, Piper Sandler raised their price target on shares of Blackstone from $157.00 to $181.00 and gave the company a “neutral” rating in a research note on Monday, July 28th. Ten analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $176.00.

Blackstone Trading Up 1.1%

BX opened at $168.40 on Friday. Blackstone Inc. has a twelve month low of $115.66 and a twelve month high of $200.96. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61. The company has a fifty day moving average of $173.81 and a 200-day moving average of $153.77. The stock has a market cap of $124.12 billion, a PE ratio of 45.27, a price-to-earnings-growth ratio of 1.35 and a beta of 1.77.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, July 24th. The asset manager reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.11. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. The company had revenue of $3.07 billion during the quarter, compared to analysts’ expectations of $2.77 billion. During the same period in the prior year, the company posted $0.98 earnings per share. Blackstone’s revenue for the quarter was up 32.7% compared to the same quarter last year. On average, sell-side analysts predict that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, August 4th were issued a $1.03 dividend. The ex-dividend date was Monday, August 4th. This is a positive change from Blackstone’s previous quarterly dividend of $0.93. This represents a $4.12 dividend on an annualized basis and a yield of 2.4%. Blackstone’s dividend payout ratio is 110.75%.

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.