Blue Zone Wealth Advisors LLC Acquires 13,424 Shares of Blackstone Inc. $BX

Blue Zone Wealth Advisors LLC lifted its holdings in shares of Blackstone Inc. (NYSE:BX) by 33.0% during the 2nd quarter, Holdings Channel.com reports. The firm owned 54,045 shares of the asset manager’s stock after purchasing an additional 13,424 shares during the period. Blackstone comprises 2.0% of Blue Zone Wealth Advisors LLC’s portfolio, making the stock its 12th largest holding. Blue Zone Wealth Advisors LLC’s holdings in Blackstone were worth $8,084,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the company. PDS Planning Inc boosted its holdings in Blackstone by 6.6% in the second quarter. PDS Planning Inc now owns 2,891 shares of the asset manager’s stock valued at $432,000 after acquiring an additional 180 shares during the last quarter. Thompson Investment Management Inc. boosted its holdings in Blackstone by 220.6% in the second quarter. Thompson Investment Management Inc. now owns 2,244 shares of the asset manager’s stock valued at $336,000 after acquiring an additional 1,544 shares during the last quarter. Robertson Stephens Wealth Management LLC boosted its holdings in Blackstone by 27.3% in the second quarter. Robertson Stephens Wealth Management LLC now owns 7,167 shares of the asset manager’s stock valued at $1,072,000 after acquiring an additional 1,539 shares during the last quarter. Shikiar Asset Management Inc. bought a new position in Blackstone in the second quarter valued at about $3,579,000. Finally, Cyndeo Wealth Partners LLC boosted its holdings in Blackstone by 10.2% in the second quarter. Cyndeo Wealth Partners LLC now owns 31,048 shares of the asset manager’s stock valued at $4,644,000 after acquiring an additional 2,874 shares during the last quarter. Institutional investors own 70.00% of the company’s stock.

Blackstone Trading Down 4.2%

NYSE BX opened at $153.88 on Friday. The firm has a market cap of $113.42 billion, a P/E ratio of 41.37, a P/E/G ratio of 1.31 and a beta of 1.77. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.74 and a quick ratio of 0.74. The stock’s 50-day moving average is $172.53 and its 200-day moving average is $154.17. Blackstone Inc. has a one year low of $115.66 and a one year high of $200.96.

Blackstone (NYSE:BX) last released its quarterly earnings results on Friday, November 22nd. The asset manager reported $0.97 EPS for the quarter. The company had revenue of $2.49 billion for the quarter. Blackstone had a return on equity of 20.47% and a net margin of 20.83%. Sell-side analysts anticipate that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, August 4th were given a $1.03 dividend. The ex-dividend date of this dividend was Monday, August 4th. This represents a $4.12 dividend on an annualized basis and a yield of 2.7%. This is a boost from Blackstone’s previous quarterly dividend of $0.93. Blackstone’s payout ratio is 110.75%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Jefferies Financial Group decreased their price target on Blackstone from $207.00 to $199.00 and set a “buy” rating on the stock in a report on Tuesday. TD Cowen cut their target price on Blackstone from $215.00 to $208.00 and set a “buy” rating on the stock in a research note on Wednesday. BMO Capital Markets initiated coverage on Blackstone in a research note on Friday, October 3rd. They issued an “outperform” rating and a $190.00 target price on the stock. Bank of America cut their target price on Blackstone from $200.00 to $199.00 in a research note on Friday, October 3rd. Finally, Citigroup reissued a “market perform” rating on shares of Blackstone in a research note on Saturday, July 19th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $179.00.

Insiders Place Their Bets

In related news, insider John G. Finley sold 21,500 shares of Blackstone stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $171.46, for a total value of $3,686,390.00. Following the sale, the insider owned 453,836 shares of the company’s stock, valued at approximately $77,814,720.56. This trade represents a 4.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of Blackstone stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $6.26, for a total value of $104,478,673.84. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 3,727,877 shares of company stock worth $95,046,625 and have sold 16,984,634 shares worth $155,181,346. 1.00% of the stock is owned by corporate insiders.

Blackstone 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.