Raymond James Trust N.A. lowered its position in Blackstone Inc. (NYSE:BX – Get Rating) by 9.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 31,979 shares of the asset manager’s stock after selling 3,495 shares during the quarter. Raymond James Trust N.A.’s holdings in Blackstone were worth $2,918,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BX. Invesco Ltd. raised its stake in shares of Blackstone by 23.2% during the fourth quarter. Invesco Ltd. now owns 745,352 shares of the asset manager’s stock worth $96,441,000 after purchasing an additional 140,228 shares during the last quarter. Gotham Asset Management LLC raised its stake in shares of Blackstone by 33.2% during the fourth quarter. Gotham Asset Management LLC now owns 7,063 shares of the asset manager’s stock worth $914,000 after purchasing an additional 1,762 shares during the last quarter. Enterprise Financial Services Corp purchased a new stake in shares of Blackstone during the fourth quarter worth approximately $215,000. Clearstead Advisors LLC raised its stake in shares of Blackstone by 1.1% during the fourth quarter. Clearstead Advisors LLC now owns 14,244 shares of the asset manager’s stock worth $1,843,000 after purchasing an additional 161 shares during the last quarter. Finally, ETF Managers Group LLC purchased a new stake in shares of Blackstone during the fourth quarter worth approximately $3,450,000. Hedge funds and other institutional investors own 61.87% of the company’s stock.
Insider Buying and Selling at Blackstone
In other news, major shareholder Holdings L.P. Blackstone III sold 7,200 shares of Blackstone stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $32.68, for a total value of $235,296.00. Following the completion of the transaction, the insider now owns 862,800 shares in the company, valued at approximately $28,196,304. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Blackstone news, Director Joseph Baratta sold 71,223 shares of Blackstone stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $93.95, for a total transaction of $6,691,400.85. Following the sale, the director now owns 1,141,965 shares of the company’s stock, valued at approximately $107,287,611.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Holdings L.P. Blackstone III sold 7,200 shares of Blackstone stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $32.68, for a total value of $235,296.00. Following the sale, the insider now directly owns 862,800 shares in the company, valued at approximately $28,196,304. The disclosure for this sale can be found here. Insiders sold a total of 161,423 shares of company stock worth $9,660,717 in the last 90 days. 1.00% of the stock is owned by corporate insiders.
Blackstone Stock Performance
Blackstone (NYSE:BX – Get Rating) last released its quarterly earnings data on Thursday, July 21st. The asset manager reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.47 by $0.02. The company had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.46 billion. Blackstone had a return on equity of 20.80% and a net margin of 22.48%. The company’s quarterly revenue was up 96.1% compared to the same quarter last year. During the same period last year, the business posted $0.82 EPS. On average, research analysts predict that Blackstone Inc. will post 5.16 earnings per share for the current year.
Blackstone Cuts Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 8th. Shareholders of record on Monday, August 1st were paid a dividend of $1.27 per share. The ex-dividend date of this dividend was Friday, July 29th. This represents a $5.08 dividend on an annualized basis and a yield of 5.95%. Blackstone’s dividend payout ratio (DPR) is presently 92.70%.
Analyst Ratings Changes
Several research analysts have issued reports on BX shares. Barclays started coverage on Blackstone in a research report on Wednesday, August 31st. They issued an “overweight” rating and a $120.00 price objective for the company. Deutsche Bank Aktiengesellschaft upped their target price on Blackstone from $147.00 to $153.00 and gave the company a “buy” rating in a report on Friday, August 12th. The Goldman Sachs Group lowered their target price on Blackstone from $136.00 to $112.00 and set a “buy” rating on the stock in a report on Wednesday, June 29th. Wells Fargo & Company increased their price objective on Blackstone to $102.00 in a research note on Friday, July 22nd. Finally, StockNews.com raised Blackstone from a “sell” rating to a “hold” rating in a research note on Thursday. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $131.33.
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.
- Get a free copy of the StockNews.com research report on Blackstone (BX)
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