MetLife Investment Management LLC trimmed its position in shares of Blackstone Inc. (NYSE:BX – Get Rating) by 2.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 42,356 shares of the asset manager’s stock after selling 1,114 shares during the period. MetLife Investment Management LLC’s holdings in Blackstone were worth $3,142,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the company. 1620 Investment Advisors Inc. raised its stake in Blackstone by 2.1% in the 3rd quarter. 1620 Investment Advisors Inc. now owns 4,799 shares of the asset manager’s stock valued at $402,000 after purchasing an additional 100 shares during the last quarter. Obermeyer Wood Investment Counsel Lllp grew its holdings in shares of Blackstone by 2.5% during the 4th quarter. Obermeyer Wood Investment Counsel Lllp now owns 4,493 shares of the asset manager’s stock worth $334,000 after purchasing an additional 111 shares during the period. RKL Wealth Management LLC grew its holdings in shares of Blackstone by 0.5% during the 4th quarter. RKL Wealth Management LLC now owns 25,023 shares of the asset manager’s stock worth $1,857,000 after purchasing an additional 117 shares during the period. Strategic Blueprint LLC lifted its position in Blackstone by 1.6% during the 4th quarter. Strategic Blueprint LLC now owns 7,504 shares of the asset manager’s stock worth $557,000 after acquiring an additional 118 shares in the last quarter. Finally, Verus Capital Partners LLC lifted its position in Blackstone by 2.3% during the 3rd quarter. Verus Capital Partners LLC now owns 5,445 shares of the asset manager’s stock worth $456,000 after acquiring an additional 120 shares in the last quarter. 62.39% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several equities analysts recently commented on the company. Piper Sandler reduced their price target on Blackstone from $111.00 to $107.00 and set an “overweight” rating on the stock in a research report on Friday, April 21st. TheStreet lowered Blackstone from a “b-” rating to a “c+” rating in a research report on Tuesday, May 9th. Oppenheimer cut their target price on Blackstone from $111.00 to $106.00 and set an “outperform” rating on the stock in a research report on Friday, April 21st. Citigroup initiated coverage on Blackstone in a research report on Thursday, May 18th. They issued a “buy” rating and a $98.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Blackstone from $102.00 to $103.00 and gave the company a “buy” rating in a research report on Friday, April 21st. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $102.70.
Blackstone Price Performance
Blackstone (NYSE:BX – Get Rating) last released its quarterly earnings results on Thursday, April 20th. The asset manager reported $0.97 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.97. Blackstone had a return on equity of 18.51% and a net margin of 12.92%. The company had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $2.44 billion. During the same quarter in the prior year, the business posted $1.55 earnings per share. The company’s revenue for the quarter was down 73.0% compared to the same quarter last year. On average, research analysts forecast that Blackstone Inc. will post 4.3 earnings per share for the current year.
Blackstone Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, May 8th. Investors of record on Monday, May 1st were paid a dividend of $0.82 per share. The ex-dividend date of this dividend was Friday, April 28th. This represents a $3.28 annualized dividend and a yield of 3.60%. Blackstone’s dividend payout ratio is currently 400.00%.
Insider Activity at Blackstone
In other news, major shareholder Holdings L.P. Blackstone III bought 10,869,566 shares of the firm’s stock in a transaction that occurred on Friday, March 31st. The stock was acquired at an average price of $1.38 per share, with a total value of $15,000,001.08. Following the completion of the purchase, the insider now directly owns 24,727,216 shares of the company’s stock, valued at approximately $34,123,558.08. The acquisition was disclosed in a filing with the SEC, which is available at this link. In related news, major shareholder Holdings L.P. Blackstone III bought 10,869,566 shares of Blackstone stock in a transaction dated Friday, March 31st. The stock was acquired at an average cost of $1.38 per share, with a total value of $15,000,001.08. Following the completion of the acquisition, the insider now directly owns 24,727,216 shares in the company, valued at approximately $34,123,558.08. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph Baratta sold 85,000 shares of the company’s stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $86.32, for a total value of $7,337,200.00. Following the sale, the director now directly owns 1,145,448 shares of the company’s stock, valued at $98,875,071.36. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 11,067,343 shares of company stock valued at $19,364,685 and sold 3,430,100 shares valued at $43,380,183. Company insiders own 1.00% of the company’s stock.
Blackstone Company 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.
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