BTC Capital Management Inc. decreased its stake in Blackstone Inc. (NYSE:BX – Get Rating) by 5.2% in the first quarter, HoldingsChannel reports. The firm owned 3,180 shares of the asset manager’s stock after selling 175 shares during the period. BTC Capital Management Inc.’s holdings in Blackstone were worth $279,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the stock. Whalerock Point Partners LLC purchased a new position in shares of Blackstone during the third quarter valued at $282,571,000. Ruedi Wealth Management Inc. purchased a new stake in shares of Blackstone in the fourth quarter worth approximately $28,000. AXS Investments LLC purchased a new position in Blackstone during the fourth quarter valued at approximately $29,000. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Blackstone during the 3rd quarter valued at $42,000. Finally, RFP Financial Group LLC acquired a new position in shares of Blackstone in the fourth quarter worth $41,000. Hedge funds and other institutional investors own 63.65% of the company’s stock.
Blackstone Trading Down 0.5 %
Shares of Blackstone stock opened at $90.64 on Wednesday. The company has a market cap of $64.00 billion, a price-to-earnings ratio of 110.54, a PEG ratio of 1.47 and a beta of 1.50. Blackstone Inc. has a 1 year low of $71.72 and a 1 year high of $110.89. The company’s fifty day simple moving average is $86.30 and its 200-day simple moving average is $85.62. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.72.
Blackstone (NYSE:BX – Get Rating) last announced its quarterly earnings data on Thursday, April 20th. The asset manager reported $0.97 EPS for the quarter, meeting analysts’ consensus estimates of $0.97. Blackstone had a net margin of 12.92% and a return on equity of 18.51%. The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $2.44 billion. During the same quarter in the prior year, the business earned $1.55 earnings per share. The firm’s revenue for the quarter was down 73.0% on a year-over-year basis. As a group, sell-side analysts expect that Blackstone Inc. will post 4.3 EPS 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 $0.82 dividend. The ex-dividend date of this dividend was Friday, April 28th. This represents a $3.28 dividend on an annualized basis and a dividend yield of 3.62%. Blackstone’s payout ratio is 400.00%.
Insiders Place Their Bets
In other Blackstone news, insider Multi-Asset Direct Blackstone sold 3,000,000 shares of the firm’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $8.50, for a total transaction of $25,500,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder Holdings L.P. Blackstone III purchased 27,082 shares of Blackstone stock in a transaction on Wednesday, March 29th. The shares were purchased at an average cost of $47.11 per share, for a total transaction of $1,275,833.02. Following the completion of the transaction, the insider now directly owns 18,535 shares in the company, valued at $873,183.85. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Multi-Asset Direct Blackstone sold 3,000,000 shares of Blackstone stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $8.50, for a total transaction of $25,500,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have acquired 11,067,343 shares of company stock worth $19,364,685 and have sold 3,430,100 shares worth $43,380,183. Corporate insiders own 1.00% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research firms have recently weighed in on BX. Citigroup initiated coverage on Blackstone in a research note on Thursday, May 18th. They set a “buy” rating and a $98.00 price target for the company. TheStreet cut shares of Blackstone from a “b-” rating to a “c+” rating in a research note on Tuesday, May 9th. StockNews.com started coverage on shares of Blackstone in a report on Thursday, May 18th. They set a “sell” rating on the stock. Wells Fargo & Company increased their target price on shares of Blackstone from $100.00 to $101.00 and gave the stock an “overweight” rating in a research report on Friday, April 21st. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Blackstone from $102.00 to $103.00 and gave the stock a “buy” rating in a research note on Friday, April 21st. Two research analysts have rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $102.70.
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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