Allworth Financial LP reduced its position in Blackstone Inc. (NYSE:BX – Free Report) by 22.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 17,946 shares of the asset manager’s stock after selling 5,218 shares during the period. Allworth Financial LP’s holdings in Blackstone were worth $1,576,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Sound Income Strategies LLC raised its holdings in shares of Blackstone by 31.5% during the fourth quarter. Sound Income Strategies LLC now owns 723 shares of the asset manager’s stock valued at $54,000 after purchasing an additional 173 shares during the last quarter. Northside Capital Management LLC purchased a new stake in Blackstone during the first quarter valued at approximately $202,000. National Pension Service increased its holdings in Blackstone by 5.5% during the third quarter. National Pension Service now owns 1,164,639 shares of the asset manager’s stock valued at $98,365,000 after buying an additional 60,224 shares during the last quarter. Edge Capital Group LLC raised its holdings in Blackstone by 132.5% in the 4th quarter. Edge Capital Group LLC now owns 4,935 shares of the asset manager’s stock worth $366,000 after purchasing an additional 2,812 shares during the period. Finally, Redwood Wealth Management Group LLC bought a new stake in Blackstone during the fourth quarter valued at about $232,000. 63.65% of the stock is currently owned by hedge funds and other institutional investors.
Blackstone Stock Performance
NYSE BX opened at $92.97 on Friday. The company has a market cap of $65.65 billion, a P/E ratio of 113.38, a P/E/G ratio of 1.47 and a beta of 1.50. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.89 and a current ratio of 0.89. The business’s 50 day moving average price is $86.66 and its 200-day moving average price is $86.13. Blackstone Inc. has a fifty-two week low of $71.72 and a fifty-two week high of $110.89.
Blackstone Cuts Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 8th. Shareholders of record on Monday, May 1st were given a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 3.53%. The ex-dividend date was Friday, April 28th. Blackstone’s dividend payout ratio (DPR) is presently 400.00%.
Analysts Set New Price Targets
A number of research analysts have recently weighed in on the company. StockNews.com assumed coverage on Blackstone in a research report on Thursday, May 18th. They set a “sell” rating on the stock. Wells Fargo & Company lifted their price objective on Blackstone from $100.00 to $101.00 and gave the company an “overweight” rating in a research report on Friday, April 21st. Oppenheimer lowered their price objective on Blackstone from $111.00 to $106.00 and set an “outperform” rating on the stock in a research report on Friday, April 21st. Credit Suisse Group lowered their price target on Blackstone from $74.00 to $70.50 and set an “underperform” rating on the stock in a report on Friday, April 21st. Finally, Bank of America boosted their price target on Blackstone from $98.00 to $109.00 and gave the stock a “buy” rating in a report on Friday, April 21st. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Blackstone currently has an average rating of “Moderate Buy” and a consensus price target of $102.70.
Insider Buying and Selling at Blackstone
In other Blackstone news, Director Joseph Baratta sold 85,000 shares of the company’s stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $86.32, for a total value of $7,337,200.00. Following the transaction, the director now owns 1,145,448 shares of the company’s stock, valued at approximately $98,875,071.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Joseph Baratta sold 85,000 shares of the stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $86.32, for a total transaction of $7,337,200.00. Following the transaction, the director now owns 1,145,448 shares of the company’s stock, valued at approximately $98,875,071.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Altus Holdings Lp Gso purchased 15,000 shares of the company’s stock in a transaction dated Tuesday, June 6th. The shares were purchased at an average cost of $5.17 per share, for a total transaction of $77,550.00. Following the transaction, the insider now directly owns 20,790,125 shares in the company, valued at approximately $107,484,946.25. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 117,282 shares of company stock valued at $646,274 and have sold 3,430,100 shares valued at $43,380,183. 1.00% of the stock is currently owned by corporate insiders.
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.
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