Blackstone Inc. (NYSE:BX) Shares Sold by PBMares Wealth Management LLC

PBMares Wealth Management LLC trimmed its position in Blackstone Inc. (NYSE:BX) by 29.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,657 shares of the asset manager’s stock after selling 2,308 shares during the period. PBMares Wealth Management LLC’s holdings in Blackstone were worth $791,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in BX. Murphy & Mullick Capital Management Corp acquired a new position in shares of Blackstone in the 4th quarter valued at about $33,000. Bernard Wealth Management Corp. acquired a new position in shares of Blackstone during the fourth quarter worth about $34,000. Putney Financial Group LLC acquired a new stake in shares of Blackstone in the fourth quarter valued at about $34,000. Garde Capital Inc. purchased a new position in Blackstone in the 1st quarter worth approximately $36,000. Finally, WFA Asset Management Corp purchased a new position in shares of Blackstone in the first quarter valued at $38,000. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Insider Activity at Blackstone

In related news, Director Ruth Porat bought 237 shares of Blackstone stock in a transaction that occurred on Monday, May 5th. The stock was acquired at an average price of $136.33 per share, for a total transaction of $32,310.21. Following the completion of the purchase, the director now owns 37,067 shares in the company, valued at approximately $5,053,344.11. This represents a 0.64% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Private Credit Stra Blackstone acquired 1,660,000 shares of the firm’s stock in a transaction dated Thursday, May 1st. The shares were purchased at an average cost of $15.00 per share, for a total transaction of $24,900,000.00. Following the acquisition, 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 position. The disclosure for this purchase can be found here. 1.00% of the stock is owned by company insiders.

Blackstone Stock Performance

BX stock opened at $138.30 on Tuesday. 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 0.67, a quick ratio of 0.75 and a current ratio of 0.75. The stock has a market cap of $100.91 billion, a P/E ratio of 41.66, a P/E/G ratio of 1.26 and a beta of 1.65. The firm has a 50 day simple moving average of $137.39 and a 200 day simple moving average of $153.29.

Blackstone (NYSE:BX) last announced its quarterly earnings results on Thursday, April 17th. The asset manager reported $1.09 EPS for the quarter, missing the consensus estimate of $1.22 by ($0.13). The firm had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.95 billion. Blackstone had a net margin of 19.83% and a return on equity of 19.84%. During the same period in the previous year, the firm posted $0.98 EPS. Research analysts anticipate that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

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

Analyst Upgrades and Downgrades

BX has been the topic of a number of analyst reports. Morgan Stanley dropped their target price on Blackstone from $222.00 to $150.00 and set an “overweight” rating on the stock in a research report on Monday, April 14th. UBS Group reduced their target price on Blackstone from $180.00 to $175.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Barclays increased their price objective on shares of Blackstone from $129.00 to $136.00 and gave the company an “equal weight” rating in a research note on Monday, April 21st. Cowen reiterated a “buy” rating on shares of Blackstone in a research note on Monday, April 21st. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $165.00 price target on shares of Blackstone in a report on Thursday, April 24th. Ten research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $155.65.

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.