New Wave Wealth Advisors LLC Acquires Shares of 1,811 Blackstone Inc. (NYSE:BX)

New Wave Wealth Advisors LLC acquired a new stake in Blackstone Inc. (NYSE:BX) in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm acquired 1,811 shares of the asset manager’s stock, valued at approximately $224,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BX. Moseley Investment Management Inc. grew its stake in Blackstone by 0.7% in the 2nd quarter. Moseley Investment Management Inc. now owns 11,239 shares of the asset manager’s stock valued at $1,391,000 after buying an additional 74 shares in the last quarter. Patrick M Sweeney & Associates Inc. boosted its holdings in Blackstone by 0.6% in the 2nd quarter. Patrick M Sweeney & Associates Inc. now owns 13,840 shares of the asset manager’s stock valued at $1,713,000 after purchasing an additional 80 shares during the period. Signaturefd LLC boosted its holdings in Blackstone by 0.6% in the 2nd quarter. Signaturefd LLC now owns 13,615 shares of the asset manager’s stock valued at $1,686,000 after purchasing an additional 80 shares during the period. WR Wealth Planners LLC boosted its holdings in Blackstone by 23.7% in the 2nd quarter. WR Wealth Planners LLC now owns 439 shares of the asset manager’s stock valued at $54,000 after purchasing an additional 84 shares during the period. Finally, Beaumont Asset Management L.L.C. lifted its holdings in shares of Blackstone by 1.3% during the 2nd quarter. Beaumont Asset Management L.L.C. now owns 6,672 shares of the asset manager’s stock worth $826,000 after acquiring an additional 84 shares during the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Blackstone Trading Down 0.8 %

NYSE BX opened at $151.88 on Wednesday. The firm has a 50 day simple moving average of $141.92 and a 200-day simple moving average of $130.86. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.77 and a current ratio of 0.77. Blackstone Inc. has a one year low of $88.59 and a one year high of $161.25. The firm has a market cap of $108.54 billion, a price-to-earnings ratio of 53.67, a PEG ratio of 1.34 and a beta of 1.51.

Blackstone (NYSE:BX) last released its quarterly earnings results on Thursday, July 18th. The asset manager reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.03). Blackstone had a return on equity of 17.43% and a net margin of 19.35%. The company had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $2.58 billion. During the same period in the prior year, the business earned $0.93 EPS. The business’s quarterly revenue was up 166.9% compared to the same quarter last year. Equities research analysts anticipate that Blackstone Inc. will post 4.57 EPS for the current fiscal year.

Blackstone Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 29th were given a dividend of $0.82 per share. The ex-dividend date of this dividend was Monday, July 29th. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.16%. Blackstone’s payout ratio is 115.90%.

Insider Buying and Selling

In other Blackstone news, insider John G. Finley sold 35,000 shares of Blackstone stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total value of $4,610,900.00. Following the completion of the sale, the insider now directly owns 429,386 shares of the company’s stock, valued at approximately $56,567,311.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on BX shares. Redburn Atlantic began coverage on shares of Blackstone in a report on Tuesday, August 27th. They set a “neutral” rating and a $134.00 price objective for the company. Wells Fargo & Company began coverage on shares of Blackstone in a research note on Thursday, September 12th. They issued an “overweight” rating and a $163.00 price target for the company. Morgan Stanley boosted their price target on shares of Blackstone from $144.00 to $164.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 23rd. TD Cowen boosted their price target on shares of Blackstone from $114.00 to $120.00 and gave the stock a “hold” rating in a research note on Friday, July 19th. Finally, Barclays boosted their price target on shares of Blackstone from $126.00 to $141.00 and gave the stock an “equal weight” rating in a research note on Friday, July 19th. Fourteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $130.78.

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.