Legacy Capital Wealth Partners LLC Cuts Stock Position in Blackstone Inc. (NYSE:BX)

Legacy Capital Wealth Partners LLC decreased its holdings in Blackstone Inc. (NYSE:BX) by 85.1% in the third quarter, Holdings Channel reports. The fund owned 1,387 shares of the asset manager’s stock after selling 7,918 shares during the quarter. Legacy Capital Wealth Partners LLC’s holdings in Blackstone were worth $212,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Russell Investments Group Ltd. raised its position in Blackstone by 8.0% during the first quarter. Russell Investments Group Ltd. now owns 218,645 shares of the asset manager’s stock valued at $28,709,000 after acquiring an additional 16,170 shares in the last quarter. Avantax Advisory Services Inc. boosted its position in shares of Blackstone by 6.2% during the 1st quarter. Avantax Advisory Services Inc. now owns 35,096 shares of the asset manager’s stock worth $4,611,000 after acquiring an additional 2,042 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Blackstone by 1.5% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 157,920 shares of the asset manager’s stock worth $20,746,000 after acquiring an additional 2,320 shares in the last quarter. ProShare Advisors LLC boosted its position in shares of Blackstone by 5.4% in the 1st quarter. ProShare Advisors LLC now owns 154,632 shares of the asset manager’s stock valued at $20,314,000 after purchasing an additional 7,915 shares during the period. Finally, Edmond DE Rothschild Holding S.A. boosted its position in shares of Blackstone by 12.0% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 10,658 shares of the asset manager’s stock valued at $1,400,000 after purchasing an additional 1,143 shares during the period. Institutional investors own 70.00% of the company’s stock.

Insider Activity at Blackstone

In other Blackstone news, insider John G. Finley sold 42,249 shares of Blackstone stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $175.94, for a total transaction of $7,433,289.06. Following the completion of the sale, the insider now directly owns 387,137 shares in the company, valued at $68,112,883.78. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Blackstone news, insider John G. Finley sold 42,249 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $175.94, for a total value of $7,433,289.06. Following the completion of the transaction, the insider now directly owns 387,137 shares in the company, valued at approximately $68,112,883.78. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph Baratta sold 116,448 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $150.81, for a total transaction of $17,561,522.88. Following the sale, the director now directly owns 799,749 shares in the company, valued at $120,610,146.69. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is owned by insiders.

Analyst Ratings Changes

BX has been the subject of a number of analyst reports. Piper Sandler downgraded Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 target price for the company. in a research note on Wednesday, October 9th. Bank of America increased their target price on Blackstone from $171.00 to $192.00 and gave the company a “buy” rating in a report on Friday, October 18th. Cowen restated a “hold” rating on shares of Blackstone in a report on Friday, October 18th. BMO Capital Markets raised their price objective on Blackstone from $112.00 to $134.00 and gave the stock a “market perform” rating in a report on Friday, October 18th. Finally, The Goldman Sachs Group increased their target price on Blackstone from $135.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Thirteen investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $157.63.

Blackstone Stock Up 3.2 %

Shares of BX opened at $183.16 on Tuesday. Blackstone Inc. has a 52 week low of $96.93 and a 52 week high of $183.96. The firm has a market cap of $132.24 billion, a P/E ratio of 62.94, a price-to-earnings-growth ratio of 1.52 and a beta of 1.49. The firm’s 50-day simple moving average is $157.11 and its 200 day simple moving average is $138.18. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.77 and a current ratio of 0.71.

Blackstone (NYSE:BX) last issued its quarterly earnings data on Thursday, October 17th. The asset manager reported $1.01 EPS for the quarter, beating the consensus estimate of $0.91 by $0.10. The business had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.37 billion. Blackstone had a net margin of 19.46% and a return on equity of 17.53%. On average, analysts forecast that Blackstone Inc. will post 4.39 earnings per share for the current year.

Blackstone Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Monday, October 28th were given a dividend of $0.86 per share. This is a positive change from Blackstone’s previous quarterly dividend of $0.82. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date of this dividend was Monday, October 28th. Blackstone’s dividend payout ratio (DPR) is presently 118.21%.

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.