GM Advisory Group LLC Has $3.21 Million Stock Position in Blackstone Inc. $BX

GM Advisory Group LLC cut its holdings in shares of Blackstone Inc. (NYSE:BX) by 27.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 18,812 shares of the asset manager’s stock after selling 7,267 shares during the quarter. GM Advisory Group LLC’s holdings in Blackstone were worth $3,214,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in BX. REAP Financial Group LLC purchased a new position in Blackstone during the third quarter valued at approximately $26,000. Traub Capital Management LLC acquired a new stake in shares of Blackstone during the 2nd quarter valued at $27,000. Redmont Wealth Advisors LLC purchased a new position in shares of Blackstone during the 3rd quarter valued at $30,000. Strive Asset Management LLC purchased a new stake in shares of Blackstone during the third quarter worth $30,000. Finally, Kelleher Financial Advisors purchased a new position in Blackstone in the third quarter valued at about $34,000. 70.00% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Blackstone

In other news, major shareholder Holdings Iv Gp Mana Blackstone bought 1,146,789 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The stock was acquired at an average cost of $26.16 per share, for a total transaction of $30,000,000.24. Following the completion of the purchase, the insider owned 16,716,249 shares of the company’s stock, valued at $437,297,073.84. This trade represents a 7.37% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Tactical Opportunit Blackstone sold 1,596,142 shares of Blackstone stock in a transaction on Friday, February 27th. The stock was sold at an average price of $10.00, for a total transaction of $15,961,420.00. Additional details regarding this sale are available in the official SEC disclosure. 1.00% of the stock is owned by company insiders.

Blackstone Price Performance

NYSE BX opened at $112.00 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.76 and a current ratio of 0.76. The stock has a 50-day simple moving average of $132.74 and a 200 day simple moving average of $149.41. The stock has a market capitalization of $83.12 billion, a PE ratio of 28.87, a P/E/G ratio of 0.85 and a beta of 1.79. Blackstone Inc. has a twelve month low of $101.73 and a twelve month high of $190.09.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, January 29th. The asset manager reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.21. The company had revenue of $4.36 billion during the quarter, compared to analysts’ expectations of $3.69 billion. Blackstone had a return on equity of 22.17% and a net margin of 20.89%.Blackstone’s revenue for the quarter was up 41.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.69 earnings per share. Research analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 17th. Stockholders of record on Monday, February 9th were given a dividend of $1.49 per share. This is an increase from Blackstone’s previous quarterly dividend of $1.29. This represents a $5.96 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date of this dividend was Monday, February 9th. Blackstone’s dividend payout ratio (DPR) is currently 153.61%.

Analyst Ratings Changes

BX has been the subject of several research reports. Deutsche Bank Aktiengesellschaft lifted their price target on Blackstone from $164.00 to $185.00 and gave the company a “buy” rating in a report on Wednesday, December 17th. BMO Capital Markets decreased their target price on shares of Blackstone from $180.00 to $165.00 and set an “outperform” rating for the company in a research report on Monday, February 2nd. HSBC reduced their price objective on shares of Blackstone from $178.00 to $174.00 and set a “hold” rating for the company in a research note on Wednesday, January 28th. BNP Paribas Exane cut their target price on Blackstone from $167.00 to $156.00 and set a “neutral” rating on the stock in a report on Monday, January 12th. Finally, TD Cowen lowered their price objective on Blackstone from $183.00 to $164.00 and set a “buy” rating on the stock in a report on Thursday, February 12th. Eleven investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $165.86.

Blackstone Company Profile

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.