Redwood Financial Network Corp Has $607,000 Position in Blackstone Inc. (NYSE:BX)

Redwood Financial Network Corp lowered its stake in Blackstone Inc. (NYSE:BX) by 2.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,523 shares of the asset manager’s stock after selling 88 shares during the quarter. Redwood Financial Network Corp’s holdings in Blackstone were worth $607,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of BX. Brookstone Capital Management lifted its stake in shares of Blackstone by 57.2% during the 4th quarter. Brookstone Capital Management now owns 9,422 shares of the asset manager’s stock worth $1,625,000 after buying an additional 3,428 shares during the last quarter. AdvisorNet Financial Inc lifted its position in Blackstone by 57.8% during the fourth quarter. AdvisorNet Financial Inc now owns 12,694 shares of the asset manager’s stock worth $2,189,000 after acquiring an additional 4,648 shares during the last quarter. Signal Advisors Wealth LLC grew its position in shares of Blackstone by 2.6% in the fourth quarter. Signal Advisors Wealth LLC now owns 2,576 shares of the asset manager’s stock valued at $444,000 after purchasing an additional 66 shares during the last quarter. Rosenberg Matthew Hamilton increased its stake in shares of Blackstone by 22.1% during the fourth quarter. Rosenberg Matthew Hamilton now owns 469 shares of the asset manager’s stock worth $81,000 after purchasing an additional 85 shares during the period. Finally, Accurate Wealth Management LLC boosted its stake in Blackstone by 29.5% in the 4th quarter. Accurate Wealth Management LLC now owns 6,489 shares of the asset manager’s stock valued at $1,070,000 after purchasing an additional 1,478 shares during the period. Institutional investors own 70.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BX. UBS Group reduced their target price on shares of Blackstone from $180.00 to $175.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. Citigroup cut their price objective on shares of Blackstone from $190.00 to $137.00 and set a “neutral” rating for the company in a report on Tuesday, April 8th. JPMorgan Chase & Co. raised their target price on shares of Blackstone from $149.00 to $154.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Citizens Jmp raised Blackstone from a “market perform” rating to an “outperform” rating and set a $165.00 price target on the stock in a research report on Tuesday, April 8th. Finally, StockNews.com downgraded Blackstone from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Ten research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $154.82.

Insider Activity at Blackstone

In other news, insider Private Credit Stra Blackstone purchased 1,660,000 shares of the stock in a transaction on Thursday, May 1st. The stock was purchased at an average price of $15.00 per share, for a total transaction of $24,900,000.00. Following the acquisition, the insider now owns 1,666,667 shares in the company, valued at $25,000,005. This trade represents a 24,898.76% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John G. Finley sold 25,000 shares of the company’s stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $138.47, for a total transaction of $3,461,750.00. Following the sale, the insider now directly owns 475,336 shares in the company, valued at $65,819,775.92. This trade represents a 5.00% decrease in their position. The disclosure for this sale can be found here. Insiders purchased 1,660,538 shares of company stock worth $24,981,930 over the last three months. Company insiders own 1.00% of the company’s stock.

Blackstone Stock Down 0.0%

Shares of BX opened at $148.55 on Thursday. The stock has a market capitalization of $108.39 billion, a price-to-earnings ratio of 40.92, a PEG ratio of 1.07 and a beta of 1.67. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $200.96. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.71 and a current ratio of 0.67. The stock has a fifty day moving average of $136.93 and a 200-day moving average of $161.87.

Blackstone (NYSE:BX) last released its quarterly earnings results on Thursday, April 17th. The asset manager reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.22 by ($0.13). The firm had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.95 billion. Blackstone had a return on equity of 19.58% and a net margin of 20.99%. During the same quarter last year, the firm posted $0.98 earnings per share. As a group, sell-side analysts anticipate that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Investors of record on Monday, April 28th were paid a $0.93 dividend. The ex-dividend date of this dividend was Monday, April 28th. This represents a $3.72 annualized dividend and a dividend yield of 2.50%. Blackstone’s dividend payout ratio is 112.05%.

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.