RWA Wealth Partners LLC Decreases Position in Blackstone Inc. $BX

RWA Wealth Partners LLC cut its stake in shares of Blackstone Inc. (NYSE:BX) by 8.4% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 10,231 shares of the asset manager’s stock after selling 938 shares during the period. RWA Wealth Partners LLC’s holdings in Blackstone were worth $1,530,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Perigon Wealth Management LLC raised its holdings in Blackstone by 3.2% during the second quarter. Perigon Wealth Management LLC now owns 62,484 shares of the asset manager’s stock worth $9,346,000 after purchasing an additional 1,949 shares in the last quarter. Redmond Asset Management LLC raised its stake in shares of Blackstone by 21.2% in the 2nd quarter. Redmond Asset Management LLC now owns 18,785 shares of the asset manager’s stock worth $2,810,000 after buying an additional 3,281 shares in the last quarter. Kera Capital Partners Inc. acquired a new stake in shares of Blackstone in the second quarter valued at $273,000. Bourgeon Capital Management LLC acquired a new position in Blackstone during the second quarter worth about $423,000. Finally, Sandy Cove Advisors LLC lifted its holdings in Blackstone by 22.1% in the 2nd quarter. Sandy Cove Advisors LLC now owns 12,042 shares of the asset manager’s stock valued at $1,801,000 after acquiring an additional 2,182 shares during the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Blackstone Stock Up 1.8%

Shares of Blackstone stock opened at $146.00 on Monday. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.60. Blackstone Inc. has a 1 year low of $115.66 and a 1 year high of $200.96. The stock has a 50-day moving average price of $165.79 and a 200 day moving average price of $157.61. The company has a market cap of $107.61 billion, a P/E ratio of 41.71, a P/E/G ratio of 1.18 and a beta of 1.76.

Blackstone (NYSE:BX) last issued its earnings results on Friday, November 22nd. The asset manager reported $0.97 earnings per share for the quarter. The company had revenue of $2.49 billion for the quarter. Blackstone had a return on equity of 22.30% and a net margin of 20.56%. As a group, analysts expect that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Monday, November 3rd will be paid a dividend of $1.29 per share. This is an increase from Blackstone’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Monday, November 3rd. This represents a $5.16 dividend on an annualized basis and a dividend yield of 3.5%. Blackstone’s dividend payout ratio (DPR) is 147.43%.

Insiders Place Their Bets

In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of the firm’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $6.26, for a total transaction of $104,478,673.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John G. Finley sold 21,500 shares of Blackstone stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $171.46, for a total transaction of $3,686,390.00. Following the completion of the sale, the insider owned 453,836 shares of the company’s stock, valued at $77,814,720.56. This trade represents a 4.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders acquired 2,565,141 shares of company stock valued at $68,991,351 and sold 16,875,234 shares valued at $136,847,628. 1.00% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Morgan Stanley boosted their target price on shares of Blackstone from $200.00 to $215.00 and gave the stock an “overweight” rating in a report on Tuesday, October 21st. Keefe, Bruyette & Woods dropped their price target on Blackstone from $180.00 to $171.00 and set a “market perform” rating on the stock in a report on Monday, October 13th. Dbs Bank raised Blackstone to a “moderate buy” rating in a research note on Tuesday, August 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Blackstone in a report on Wednesday, October 8th. Finally, HSBC dropped their price target on Blackstone from $179.00 to $178.00 in a research note on Monday, October 27th. Eleven investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $179.74.

About Blackstone

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.