1ST Source Bank Sells 371 Shares of Blackstone Inc. (NYSE:BX)

1ST Source Bank lowered its position in Blackstone Inc. (NYSE:BX) by 1.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 32,790 shares of the asset manager’s stock after selling 371 shares during the period. 1ST Source Bank’s holdings in Blackstone were worth $4,059,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of BX. Vanguard Group Inc. boosted its holdings in shares of Blackstone by 2.0% in the first quarter. Vanguard Group Inc. now owns 64,262,972 shares of the asset manager’s stock valued at $8,442,227,000 after purchasing an additional 1,290,324 shares during the period. Capital World Investors boosted its holdings in shares of Blackstone by 7.5% in the first quarter. Capital World Investors now owns 36,285,872 shares of the asset manager’s stock valued at $4,766,875,000 after purchasing an additional 2,546,886 shares during the period. Brown Advisory Inc. lifted its holdings in Blackstone by 5.3% during the fourth quarter. Brown Advisory Inc. now owns 6,429,749 shares of the asset manager’s stock worth $841,783,000 after buying an additional 322,860 shares during the period. Norges Bank purchased a new stake in Blackstone during the fourth quarter worth $708,859,000. Finally, Janus Henderson Group PLC lifted its holdings in Blackstone by 0.5% during the first quarter. Janus Henderson Group PLC now owns 4,670,645 shares of the asset manager’s stock worth $613,581,000 after buying an additional 21,450 shares during the period. Institutional investors own 70.00% of the company’s stock.

Blackstone Stock Performance

NYSE BX opened at $151.17 on Friday. The stock has a 50-day simple moving average of $136.38 and a two-hundred day simple moving average of $128.31. The firm has a market capitalization of $108.85 billion, a P/E ratio of 53.42, a PEG ratio of 1.23 and a beta of 1.51. Blackstone Inc. has a fifty-two week low of $88.59 and a fifty-two week high of $151.87. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.77 and a current ratio of 0.77.

Blackstone (NYSE:BX) last released its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.03). The company had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $2.58 billion. Blackstone had a net margin of 19.35% and a return on equity of 17.43%. The business’s quarterly revenue was up 166.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.93 EPS. On average, equities analysts forecast that Blackstone Inc. will post 4.57 earnings per share for the current year.

Blackstone Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 29th were given a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date of this dividend was Monday, July 29th. Blackstone’s dividend payout ratio (DPR) is presently 115.90%.

Insider Activity

In other news, insider John G. Finley sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the sale, the insider now directly owns 429,386 shares in the company, valued at approximately $56,567,311.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $123.00, for a total value of $14,323,104.00. Following the sale, the director now directly owns 921,184 shares in the company, valued at approximately $113,305,632. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John G. Finley sold 35,000 shares of Blackstone stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total value of $4,610,900.00. Following the completion of the sale, the insider now owns 429,386 shares in the company, valued at $56,567,311.64. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Analyst Ratings Changes

BX has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft upped their target price on Blackstone from $145.00 to $146.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. TD Cowen upped their target price on Blackstone from $114.00 to $120.00 and gave the stock a “hold” rating in a report on Friday, July 19th. Bank of America upped their price target on Blackstone from $130.00 to $145.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Wells Fargo & Company started coverage on Blackstone in a research report on Thursday. They issued an “overweight” rating and a $163.00 price objective for the company. Finally, Redburn Atlantic started coverage on Blackstone in a research report on Tuesday, August 27th. They issued a “neutral” rating and a $134.00 price objective for the company. Fourteen analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $130.78.

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.