Parsons Capital Management Inc. RI Sells 147 Shares of Blackstone Inc. $BX

Parsons Capital Management Inc. RI lowered its holdings in shares of Blackstone Inc. (NYSE:BX) by 0.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 107,725 shares of the asset manager’s stock after selling 147 shares during the quarter. Blackstone makes up 1.0% of Parsons Capital Management Inc. RI’s portfolio, making the stock its 16th biggest holding. Parsons Capital Management Inc. RI’s holdings in Blackstone were worth $16,114,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Mattern Wealth Management LLC boosted its holdings in Blackstone by 2.8% in the 2nd quarter. Mattern Wealth Management LLC now owns 2,213 shares of the asset manager’s stock worth $331,000 after buying an additional 60 shares during the last quarter. Sage Rhino Capital LLC increased its position in shares of Blackstone by 0.8% during the second quarter. Sage Rhino Capital LLC now owns 8,036 shares of the asset manager’s stock worth $1,202,000 after purchasing an additional 63 shares in the last quarter. Jeppson Wealth Management LLC grew its stake in shares of Blackstone by 1.0% in the 2nd quarter. Jeppson Wealth Management LLC now owns 6,549 shares of the asset manager’s stock valued at $980,000 after buying an additional 66 shares during the period. McAdam LLC increased its holdings in shares of Blackstone by 4.4% during the 1st quarter. McAdam LLC now owns 1,762 shares of the asset manager’s stock worth $246,000 after buying an additional 75 shares during the last quarter. Finally, Angeles Wealth Management LLC lifted its holdings in Blackstone by 0.6% in the first quarter. Angeles Wealth Management LLC now owns 11,819 shares of the asset manager’s stock valued at $1,652,000 after acquiring an additional 76 shares during the last quarter. 70.00% of the stock is owned by hedge funds and other institutional investors.

Blackstone Stock Down 1.5%

Blackstone stock opened at $168.22 on Thursday. Blackstone Inc. has a twelve month low of $115.66 and a twelve month high of $200.96. The firm has a market capitalization of $124.00 billion, a P/E ratio of 45.22, a P/E/G ratio of 1.39 and a beta of 1.77. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.61. The stock’s fifty day simple moving average is $174.23 and its 200-day simple moving average is $153.48.

Blackstone (NYSE:BX) last issued its quarterly earnings results on Thursday, July 24th. The asset manager reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.11. Blackstone had a return on equity of 20.47% and a net margin of 20.83%.The company had revenue of $3.07 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter in the prior year, the business earned $0.98 EPS. Blackstone’s revenue was up 32.7% on a year-over-year basis. As a group, equities analysts expect that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, August 4th were given a $1.03 dividend. The ex-dividend date of this dividend was Monday, August 4th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.4%. This is a boost from Blackstone’s previous quarterly dividend of $0.93. Blackstone’s payout ratio is currently 110.75%.

Insiders Place Their Bets

In other news, insider John G. Finley sold 21,500 shares of the company’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $171.46, for a total transaction of $3,686,390.00. Following the completion of the transaction, the insider directly owned 453,836 shares of the company’s stock, valued at approximately $77,814,720.56. This represents a 4.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Joseph Baratta sold 113,000 shares of the firm’s stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $175.69, for a total value of $19,852,970.00. Following the sale, the director directly owned 695,757 shares in the company, valued at $122,237,547.33. This trade represents a 13.97% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders acquired 3,727,877 shares of company stock worth $95,046,625 and sold 16,984,634 shares worth $155,181,346. Company insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Piper Sandler lifted their target price on Blackstone from $157.00 to $181.00 and gave the company a “neutral” rating in a research report on Monday, July 28th. Evercore ISI boosted their price objective on shares of Blackstone from $165.00 to $197.00 and gave the company an “outperform” rating in a report on Friday, July 25th. Wells Fargo & Company lifted their price target on shares of Blackstone from $153.00 to $167.00 and gave the company an “equal weight” rating in a research report on Friday, July 11th. Barclays upped their price objective on shares of Blackstone from $168.00 to $181.00 and gave the stock an “equal weight” rating in a report on Friday, July 25th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Blackstone from $170.00 to $192.00 and gave the company a “buy” rating in a research report on Friday, July 25th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, Blackstone presently has a consensus rating of “Moderate Buy” and a consensus target price of $172.71.

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.