Koa Wealth Management LLC increased its position in shares of Blackstone Inc. (NYSE:BX – Free Report) by 33.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 30,153 shares of the asset manager’s stock after purchasing an additional 7,555 shares during the quarter. Blackstone makes up about 2.5% of Koa Wealth Management LLC’s holdings, making the stock its 11th biggest position. Koa Wealth Management LLC’s holdings in Blackstone were worth $3,467,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the company. Family CFO Inc bought a new position in shares of Blackstone in the fourth quarter valued at approximately $28,000. Ares Financial Consulting LLC purchased a new position in Blackstone in the fourth quarter worth $28,000. Richardson Financial Services Inc. purchased a new stake in shares of Blackstone during the 4th quarter valued at $29,000. Strive Asset Management LLC bought a new stake in shares of Blackstone during the 3rd quarter worth $30,000. Finally, Palladiem LLC bought a new position in Blackstone during the fourth quarter valued at about $31,000. Institutional investors own 70.00% of the company’s stock.
Insiders Place Their Bets
In related news, major shareholder Private Multi-Asset Blackstone bought 765,111 shares of the company’s stock in a transaction on Tuesday, June 23rd. The stock was acquired at an average cost of $26.14 per share, for a total transaction of $20,000,001.54. Following the completion of the transaction, the insider directly owned 7,882,145 shares in the company, valued at $206,039,270.30. This trade represents a 10.75% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $3.78, for a total transaction of $28,264,950.00. Following the completion of the transaction, the insider directly owned 19,374 shares in the company, valued at $73,233.72. The trade was a 99.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders purchased 10,252,345 shares of company stock worth $209,789,893. 1.00% of the stock is owned by corporate insiders.
Blackstone Trading Down 2.1%
Blackstone (NYSE:BX – Get Free Report) last posted its earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 20.67% and a return on equity of 22.86%. Blackstone’s revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.11 EPS. On average, equities analysts forecast that Blackstone Inc. will post 5.9 EPS for the current fiscal year.
Blackstone Cuts Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were paid 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 (DPR) is currently 118.67%.
Analyst Ratings Changes
A number of equities research analysts recently commented on the stock. Argus lowered their price target on shares of Blackstone from $163.00 to $146.00 and set a “buy” rating on the stock in a report on Tuesday, April 28th. Sanford C. Bernstein began coverage on Blackstone in a research note on Monday, June 8th. They issued an “outperform” rating on the stock. Oppenheimer lifted their target price on shares of Blackstone from $154.00 to $156.00 and gave the stock an “outperform” rating in a research note on Friday, April 24th. The Goldman Sachs Group dropped their price target on shares of Blackstone from $116.00 to $114.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 30th. Finally, BMO Capital Markets lifted their price objective on shares of Blackstone from $126.00 to $132.00 and gave the company an “outperform” rating in a research note on Monday, April 13th. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $149.36.
View Our Latest Research Report on BX
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.
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