Trueblood Wealth Management LLC Makes New Investment in Blackstone Inc. (NYSE:BX)

Trueblood Wealth Management LLC acquired a new stake in shares of Blackstone Inc. (NYSE:BX) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 3,985 shares of the asset manager’s stock, valued at approximately $522,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in BX. Fairfield Bush & CO. boosted its stake in shares of Blackstone by 56.1% during the 1st quarter. Fairfield Bush & CO. now owns 4,255 shares of the asset manager’s stock valued at $540,000 after purchasing an additional 1,530 shares in the last quarter. United Bank increased its holdings in Blackstone by 34.2% during the first quarter. United Bank now owns 8,441 shares of the asset manager’s stock valued at $1,072,000 after buying an additional 2,153 shares during the last quarter. Yousif Capital Management LLC boosted its position in shares of Blackstone by 10.4% in the first quarter. Yousif Capital Management LLC now owns 10,969 shares of the asset manager’s stock worth $1,392,000 after purchasing an additional 1,034 shares during the period. Insight Advisors LLC PA boosted its position in shares of Blackstone by 1.6% in the first quarter. Insight Advisors LLC PA now owns 18,446 shares of the asset manager’s stock worth $2,341,000 after purchasing an additional 286 shares during the period. Finally, Candriam Luxembourg S.C.A. boosted its position in shares of Blackstone by 12.8% during the first quarter. Candriam Luxembourg S.C.A. now owns 38,429 shares of the asset manager’s stock worth $4,878,000 after acquiring an additional 4,366 shares during the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Insider Activity

In other Blackstone news, Director Joseph Baratta sold 28,852 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $128.05, for a total value of $3,694,498.60. Following the sale, the director now owns 982,221 shares of the company’s stock, valued at approximately $125,773,399.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Joseph Baratta sold 28,852 shares of Blackstone stock in a transaction on Friday, February 9th. The stock was sold at an average price of $128.05, for a total value of $3,694,498.60. Following the completion of the sale, the director now directly owns 982,221 shares of the company’s stock, valued at approximately $125,773,399.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of Blackstone stock in a transaction on Sunday, March 3rd. The stock was sold at an average price of $11.10, for a total value of $27,853,407.60. Following the sale, the insider now directly owns 12,802 shares of the company’s stock, valued at $142,102.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,587,168 shares of company stock valued at $37,816,476. Insiders own 1.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on BX shares. BMO Capital Markets increased their price objective on shares of Blackstone from $95.00 to $101.00 and gave the company a “market perform” rating in a research report on Friday, January 26th. The Goldman Sachs Group downgraded shares of Blackstone from a “buy” rating to a “neutral” rating and raised their price target for the stock from $115.00 to $128.00 in a research note on Wednesday, January 3rd. Morgan Stanley raised their price target on shares of Blackstone from $120.00 to $144.00 and gave the company an “overweight” rating in a report on Wednesday, January 24th. TD Cowen began coverage on shares of Blackstone in a research report on Thursday, January 4th. They set a “market perform” rating and a $118.00 price target for the company. Finally, TheStreet lowered shares of Blackstone from a “b” rating to a “c+” rating in a report on Thursday, January 25th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $119.53.

Blackstone Stock Performance

BX traded up $0.48 during trading on Thursday, reaching $131.37. 3,087,257 shares of the company were exchanged, compared to its average volume of 3,809,145. Blackstone Inc. has a 52 week low of $79.29 and a 52 week high of $133.56. The stock has a market cap of $93.88 billion, a P/E ratio of 71.79, a PEG ratio of 1.02 and a beta of 1.51. The firm has a 50 day moving average of $125.32 and a 200 day moving average of $115.89. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.67.

Blackstone (NYSE:BX) last announced its earnings results on Thursday, January 25th. The asset manager reported $1.11 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.16. Blackstone had a return on equity of 17.30% and a net margin of 17.34%. The business had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $2.48 billion. During the same quarter last year, the business posted $1.07 earnings per share. On average, sell-side analysts forecast that Blackstone Inc. will post 4.92 EPS for the current fiscal year.

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 12th. Stockholders of record on Monday, February 5th were issued a dividend of $0.94 per share. This is a positive change from Blackstone’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend was Friday, February 2nd. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.86%. Blackstone’s dividend payout ratio is currently 205.46%.

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.