Dakota Wealth Management decreased its position in shares of Blackstone Inc. (NYSE:BX – Get Rating) by 37.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,520 shares of the asset manager’s stock after selling 3,293 shares during the period. Dakota Wealth Management’s holdings in Blackstone were worth $700,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in the stock. BlackRock Inc. raised its position in shares of Blackstone by 4.8% during the first quarter. BlackRock Inc. now owns 38,236,401 shares of the asset manager’s stock valued at $4,853,728,000 after buying an additional 1,750,719 shares during the last quarter. State Street Corp increased its stake in Blackstone by 3.9% in the fourth quarter. State Street Corp now owns 15,425,470 shares of the asset manager’s stock valued at $1,995,902,000 after acquiring an additional 580,635 shares during the period. Geode Capital Management LLC increased its stake in Blackstone by 5.1% in the fourth quarter. Geode Capital Management LLC now owns 8,366,768 shares of the asset manager’s stock valued at $1,080,985,000 after acquiring an additional 406,797 shares during the period. Norges Bank bought a new stake in Blackstone in the fourth quarter valued at about $831,839,000. Finally, Brown Advisory Inc. increased its stake in Blackstone by 117.4% in the first quarter. Brown Advisory Inc. now owns 4,877,233 shares of the asset manager’s stock valued at $619,999,000 after acquiring an additional 2,633,801 shares during the period. Institutional investors and hedge funds own 61.87% of the company’s stock.
Blackstone Price Performance
BX opened at $96.90 on Friday. Blackstone Inc. has a one year low of $86.97 and a one year high of $149.78. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.92 and a quick ratio of 0.92. The company’s 50 day simple moving average is $98.89 and its 200-day simple moving average is $107.54. The stock has a market capitalization of $67.99 billion, a P/E ratio of 17.68, a price-to-earnings-growth ratio of 1.79 and a beta of 1.45.
Blackstone (NYSE:BX – Get Rating) last released its quarterly earnings results on Thursday, July 21st. The asset manager reported $1.49 EPS for the quarter, beating the consensus estimate of $1.47 by $0.02. Blackstone had a net margin of 22.48% and a return on equity of 20.80%. The business had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.46 billion. During the same period in the prior year, the firm earned $0.82 earnings per share. Blackstone’s revenue was up 96.1% compared to the same quarter last year. Sell-side analysts anticipate that Blackstone Inc. will post 5.16 earnings per share for the current fiscal year.
Blackstone Cuts Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 8th. Investors of record on Monday, August 1st were issued a $1.27 dividend. The ex-dividend date was Friday, July 29th. This represents a $5.08 annualized dividend and a yield of 5.24%. Blackstone’s dividend payout ratio is currently 92.70%.
Analyst Ratings Changes
A number of analysts recently weighed in on BX shares. Keefe, Bruyette & Woods cut shares of Blackstone from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $127.00 to $115.00 in a research note on Wednesday, August 3rd. StockNews.com cut shares of Blackstone from a “hold” rating to a “sell” rating in a research note on Friday, September 2nd. Barclays started coverage on shares of Blackstone in a research note on Wednesday, August 31st. They issued an “overweight” rating and a $120.00 target price on the stock. Wells Fargo & Company upped their price objective on shares of Blackstone to $102.00 in a research note on Friday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Blackstone from $147.00 to $153.00 and gave the stock a “buy” rating in a research note on Friday, August 12th. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Blackstone presently has a consensus rating of “Moderate Buy” and a consensus price target of $131.33.
Insider Activity at Blackstone
In related news, Director Joseph Baratta sold 71,223 shares of the stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $93.95, for a total value of $6,691,400.85. Following the transaction, the director now directly owns 1,141,965 shares in the company, valued at $107,287,611.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Blackstone news, major shareholder Holdings L.P. Blackstone III sold 41,500 shares of the stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $32.94, for a total value of $1,367,010.00. Following the sale, the insider now directly owns 898,993 shares in the company, valued at $29,612,829.42. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Joseph Baratta sold 71,223 shares of the 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 completion of the sale, the director now owns 1,141,965 shares in the company, valued at $107,287,611.75. The disclosure for this sale can be found here. Insiders have sold 161,423 shares of company stock worth $9,660,717 over the last ninety days. Company insiders own 1.00% of the company’s stock.
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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