Snowden Capital Advisors LLC Trims Holdings in Blackstone Inc. (NYSE:BX)

Snowden Capital Advisors LLC cut its stake in Blackstone Inc. (NYSE:BX) by 0.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 70,003 shares of the asset manager’s stock after selling 638 shares during the quarter. Snowden Capital Advisors LLC’s holdings in Blackstone were worth $12,070,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Avidian Wealth Enterprises LLC lifted its holdings in Blackstone by 0.4% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 16,184 shares of the asset manager’s stock worth $2,790,000 after buying an additional 59 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. lifted its stake in shares of Blackstone by 0.5% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,426 shares of the asset manager’s stock worth $1,970,000 after purchasing an additional 62 shares during the period. McAdam LLC increased its holdings in shares of Blackstone by 3.9% during the 4th quarter. McAdam LLC now owns 1,687 shares of the asset manager’s stock worth $291,000 after buying an additional 63 shares during the last quarter. CENTRAL TRUST Co boosted its position in Blackstone by 0.6% during the 4th quarter. CENTRAL TRUST Co now owns 11,035 shares of the asset manager’s stock worth $1,903,000 after purchasing an additional 63 shares during the period. Finally, Catalina Capital Group LLC boosted its position in Blackstone by 3.2% in the 4th quarter. Catalina Capital Group LLC now owns 2,117 shares of the asset manager’s stock valued at $365,000 after buying an additional 65 shares during the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Insider Buying and Selling

In other Blackstone news, insider Private Credit Stra Blackstone purchased 1,660,000 shares of the stock in a transaction dated Thursday, May 1st. The stock was bought at an average price of $15.00 per share, for a total transaction of $24,900,000.00. Following the transaction, the insider now directly owns 1,666,667 shares in the company, valued at $25,000,005. This represents a 24,898.76% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Ruth Porat purchased 301 shares of Blackstone stock in a transaction dated Tuesday, February 18th. The stock was bought at an average price of $164.85 per share, for a total transaction of $49,619.85. Following the completion of the transaction, the director now directly owns 36,829 shares in the company, valued at $6,071,260.65. The trade was a 0.82% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 1,660,538 shares of company stock worth $24,981,930 in the last quarter. 1.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on BX shares. Wells Fargo & Company lowered their price objective on shares of Blackstone from $160.00 to $139.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 8th. Bank of America dropped their price objective on Blackstone from $219.00 to $207.00 and set a “buy” rating on the stock in a research note on Friday, April 4th. Keefe, Bruyette & Woods dropped their price target on Blackstone from $141.00 to $139.00 and set a “market perform” rating on the stock in a report on Tuesday, April 22nd. 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 note on Tuesday, April 8th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $165.00 target price on shares of Blackstone in a report on Thursday, April 24th. Ten equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $154.82.

Blackstone Stock Performance

Shares of NYSE BX opened at $146.70 on Friday. The business’s 50 day moving average is $137.08 and its two-hundred day moving average is $161.71. The company has a market cap of $107.04 billion, a P/E ratio of 40.41, a P/E/G ratio of 1.07 and a beta of 1.67. The company has a quick ratio of 0.71, a current ratio of 0.67 and a debt-to-equity ratio of 0.61. Blackstone Inc. has a 12 month low of $115.66 and a 12 month high of $200.96.

Blackstone (NYSE:BX) last issued its quarterly earnings results on Thursday, April 17th. The asset manager reported $1.09 earnings per share (EPS) 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 net margin of 20.99% and a return on equity of 19.58%. During the same quarter in the prior year, the firm earned $0.98 earnings per share. On average, equities analysts expect that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Monday, April 28th were issued a dividend of $0.93 per share. The ex-dividend date was Monday, April 28th. This represents a $3.72 dividend on an annualized basis and a dividend yield of 2.54%. Blackstone’s payout ratio is presently 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.