Blackstone Inc. (NYSE:BX) Shares Sold by Main Street Group LTD

Main Street Group LTD reduced its position in Blackstone Inc. (NYSE:BX) by 50.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 999 shares of the asset manager’s stock after selling 1,034 shares during the period. Main Street Group LTD’s holdings in Blackstone were worth $122,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Congress Wealth Management LLC DE raised its position in shares of Blackstone by 36.6% during the 4th quarter. Congress Wealth Management LLC DE now owns 36,215 shares of the asset manager’s stock worth $4,741,000 after purchasing an additional 9,699 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its position in shares of Blackstone by 8.5% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 367,841 shares of the asset manager’s stock worth $48,158,000 after purchasing an additional 28,856 shares in the last quarter. TD Asset Management Inc lifted its holdings in Blackstone by 8.9% in the 4th quarter. TD Asset Management Inc now owns 254,099 shares of the asset manager’s stock valued at $33,267,000 after purchasing an additional 20,830 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Blackstone by 1.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 431,784 shares of the asset manager’s stock worth $53,455,000 after buying an additional 7,692 shares in the last quarter. Finally, Norden Group LLC boosted its position in Blackstone by 2,072.0% during the first quarter. Norden Group LLC now owns 36,555 shares of the asset manager’s stock worth $4,802,000 after acquiring an additional 34,872 shares during the last quarter. Institutional investors and hedge funds own 70.00% of the company’s stock.

Insider Transactions at Blackstone

In related news, insider John G. Finley sold 35,000 shares of the stock in a transaction 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 transaction, 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 legal filing with the Securities & Exchange Commission, which is available at this link. In other Blackstone news, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $123.00, for a total value of $14,323,104.00. Following the transaction, the director now directly owns 921,184 shares in the company, valued at $113,305,632. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider John G. Finley sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total value of $4,610,900.00. Following the transaction, the insider now directly owns 429,386 shares in the company, valued at approximately $56,567,311.64. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on BX. Piper Sandler boosted their target price on Blackstone from $134.00 to $149.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Deutsche Bank Aktiengesellschaft lifted their price target on Blackstone from $145.00 to $146.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Redburn Atlantic initiated coverage on shares of Blackstone in a research report on Tuesday, August 27th. They set a “neutral” rating and a $134.00 price objective for the company. Barclays increased their price target on shares of Blackstone from $126.00 to $141.00 and gave the company an “equal weight” rating in a research note on Friday, July 19th. Finally, Morgan Stanley increased their price objective on Blackstone from $144.00 to $164.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd. Fourteen equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Blackstone has an average rating of “Hold” and a consensus target price of $128.94.

Blackstone Stock Down 0.8 %

Shares of NYSE:BX traded down $1.15 during trading on Friday, hitting $137.12. The company’s stock had a trading volume of 2,577,891 shares, compared to its average volume of 3,467,962. The company has a market capitalization of $97.99 billion, a PE ratio of 48.45, a P/E/G ratio of 1.22 and a beta of 1.50. 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 fifty-two week low of $88.59 and a fifty-two week high of $145.16. The business has a 50 day moving average price of $134.22 and a two-hundred day moving average price of $127.67.

Blackstone (NYSE:BX) last issued its quarterly earnings results on Thursday, July 18th. The asset manager reported $0.96 earnings per share for the quarter, missing the consensus estimate 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 quarter last year, the company earned $0.93 EPS. Blackstone’s revenue for the quarter was up 166.9% compared to the same quarter last year. As a group, research analysts expect that Blackstone Inc. will post 4.57 EPS for the current fiscal year.

Blackstone Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 29th were issued a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 2.39%. The ex-dividend date was Monday, July 29th. Blackstone’s dividend payout ratio (DPR) is presently 115.90%.

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.