Summit Global Investments Cuts Stock Position in Blackstone Inc. (NYSE:BX)

Summit Global Investments cut its holdings in Blackstone Inc. (NYSE:BX) by 5.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,608 shares of the asset manager’s stock after selling 88 shares during the quarter. Summit Global Investments’ holdings in Blackstone were worth $225,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Silvia Mccoll Wealth Management LLC boosted its stake in shares of Blackstone by 8.0% in the first quarter. Silvia Mccoll Wealth Management LLC now owns 3,249 shares of the asset manager’s stock worth $454,000 after acquiring an additional 240 shares during the last quarter. GoalVest Advisory LLC boosted its stake in shares of Blackstone by 8.1% in the first quarter. GoalVest Advisory LLC now owns 16,584 shares of the asset manager’s stock worth $2,318,000 after acquiring an additional 1,242 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Blackstone by 14,608.6% in the first quarter. GAMMA Investing LLC now owns 1,322,598 shares of the asset manager’s stock worth $184,873,000 after acquiring an additional 1,313,606 shares during the last quarter. Walnut Private Equity Partners LLC boosted its stake in shares of Blackstone by 1.2% in the first quarter. Walnut Private Equity Partners LLC now owns 350,251 shares of the asset manager’s stock worth $48,958,000 after acquiring an additional 4,000 shares during the last quarter. Finally, Quent Capital LLC boosted its stake in shares of Blackstone by 5.4% in the first quarter. Quent Capital LLC now owns 1,713 shares of the asset manager’s stock worth $239,000 after acquiring an additional 87 shares during the last quarter. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Blackstone news, insider John G. Finley sold 25,000 shares of the company’s stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $138.47, for a total transaction of $3,461,750.00. Following the sale, the insider now owns 475,336 shares in the company, valued at $65,819,775.92. This represents a 5.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ruth Porat purchased 237 shares of the business’s stock in a transaction on Monday, May 5th. The shares were bought at an average price of $136.33 per share, for a total transaction of $32,310.21. Following the acquisition, the director now owns 37,067 shares in the company, valued at $5,053,344.11. This trade represents a 0.64% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on BX shares. Citigroup lowered their price target on Blackstone from $190.00 to $137.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 8th. TD Cowen lowered their price objective on Blackstone from $233.00 to $147.00 and set a “buy” rating on the stock in a research note on Wednesday, April 9th. UBS Group lowered their price objective on Blackstone from $180.00 to $175.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. Morgan Stanley lowered their price objective on Blackstone from $222.00 to $150.00 and set an “overweight” rating on the stock in a research note on Monday, April 14th. Finally, Keefe, Bruyette & Woods lowered their price objective on Blackstone from $141.00 to $139.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 22nd. Ten 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 an average price target of $155.65.

Blackstone Price Performance

BX stock opened at $138.45 on Monday. The company has a market capitalization of $101.02 billion, a PE ratio of 38.14, a P/E/G ratio of 1.07 and a beta of 1.67. The company has a current ratio of 0.67, a quick ratio of 0.71 and a debt-to-equity ratio of 0.61. The business’s fifty day moving average price is $135.83 and its 200 day moving average price is $158.84. 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 analysts’ consensus estimates of $1.22 by ($0.13). The business had revenue of $2.76 billion for the quarter, compared to analysts’ expectations 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 company earned $0.98 earnings per share. On average, sell-side analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Monday, April 28th were paid a dividend of $0.93 per share. The ex-dividend date of this dividend was Monday, April 28th. This represents a $3.72 dividend on an annualized basis and a yield of 2.69%. Blackstone’s dividend payout ratio (DPR) is presently 112.05%.

Blackstone Company Profile

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.