Segment Wealth Management LLC Has $1.97 Million Stock Position in Blackstone Inc. $BX

Segment Wealth Management LLC trimmed its stake in shares of Blackstone Inc. (NYSE:BX) by 86.3% during the second quarter, Holdings Channel reports. The firm owned 13,172 shares of the asset manager’s stock after selling 82,747 shares during the period. Segment Wealth Management LLC’s holdings in Blackstone were worth $1,970,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. 1248 Management LLC bought a new position in shares of Blackstone in the first quarter valued at approximately $25,000. von Borstel & Associates Inc. bought a new position in shares of Blackstone in the first quarter valued at approximately $28,000. Wealth Preservation Advisors LLC bought a new position in shares of Blackstone in the first quarter valued at approximately $28,000. Anderson Financial Strategies LLC bought a new position in shares of Blackstone in the first quarter valued at approximately $28,000. Finally, Family CFO Inc bought a new position in shares of Blackstone in the second quarter valued at approximately $28,000. Institutional investors own 70.00% of the company’s stock.

Insider Transactions at Blackstone

In other Blackstone news, major shareholder Private Multi-Asset Blackstone acquired 2,538,071 shares of Blackstone stock in a transaction dated Monday, September 22nd. The stock was bought at an average cost of $25.61 per share, for a total transaction of $64,999,998.31. Following the purchase, the insider directly owned 7,506,209 shares in the company, valued at approximately $192,234,012.49. This represents a 51.09% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Vikrant Sawhney sold 50,850 shares of the stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $173.64, for a total transaction of $8,829,594.00. Following the transaction, the insider owned 737,248 shares of the company’s stock, valued at approximately $128,015,742.72. This represents a 6.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 3,727,877 shares of company stock worth $95,046,625 and sold 16,984,634 shares worth $155,181,346. 1.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BX. The Goldman Sachs Group upped their price objective on Blackstone from $172.00 to $173.00 and gave the stock a “neutral” rating in a report on Friday. JMP Securities upped their price objective on Blackstone from $180.00 to $195.00 and gave the stock a “market outperform” rating in a report on Friday, July 25th. Barclays upped their price objective on Blackstone from $168.00 to $181.00 and gave the stock an “equal weight” rating in a report on Friday, July 25th. Dbs Bank raised Blackstone to a “moderate buy” rating in a report on Tuesday, August 12th. Finally, Evercore ISI upped their target price on shares of Blackstone from $165.00 to $197.00 and gave the company an “outperform” rating in a research report on Friday, July 25th. Ten investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, Blackstone presently has a consensus rating of “Moderate Buy” and an average price target of $176.00.

Blackstone Price Performance

Shares of BX stock opened at $168.40 on Friday. Blackstone Inc. has a 12-month low of $115.66 and a 12-month high of $200.96. The firm has a market capitalization of $124.12 billion, a price-to-earnings ratio of 45.27, a price-to-earnings-growth ratio of 1.35 and a beta of 1.77. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61. The firm has a fifty day moving average of $173.81 and a 200-day moving average of $153.77.

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

Blackstone Increases Dividend

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

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.