Tcfg Wealth Management LLC Reduces Position in Blackstone Inc. $BX

Tcfg Wealth Management LLC cut its position in shares of Blackstone Inc. (NYSE:BX) by 3.8% in the second quarter, Holdings Channel.com reports. The firm owned 2,400 shares of the asset manager’s stock after selling 95 shares during the quarter. Tcfg Wealth Management LLC’s holdings in Blackstone were worth $359,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Trueblood Wealth Management LLC lifted its holdings in Blackstone by 5.5% during the 2nd quarter. Trueblood Wealth Management LLC now owns 4,204 shares of the asset manager’s stock valued at $629,000 after buying an additional 219 shares in the last quarter. Seamount Financial Group Inc. boosted its position in Blackstone by 7.0% in the 2nd quarter. Seamount Financial Group Inc. now owns 5,475 shares of the asset manager’s stock valued at $819,000 after buying an additional 357 shares during the period. SteelPeak Wealth LLC boosted its position in Blackstone by 1.2% in the 2nd quarter. SteelPeak Wealth LLC now owns 35,406 shares of the asset manager’s stock valued at $5,296,000 after buying an additional 420 shares during the period. Capital Advisors Inc. OK boosted its position in Blackstone by 1.7% in the 2nd quarter. Capital Advisors Inc. OK now owns 227,479 shares of the asset manager’s stock valued at $34,026,000 after buying an additional 3,888 shares during the period. Finally, Belpointe Asset Management LLC boosted its position in Blackstone by 12.4% in the 2nd quarter. Belpointe Asset Management LLC now owns 7,113 shares of the asset manager’s stock valued at $1,064,000 after buying an additional 786 shares during the period. 70.00% of the stock is owned by hedge funds and other institutional investors.

Blackstone Trading Down 1.2%

NYSE BX opened at $164.83 on Wednesday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61. The firm has a market cap of $121.50 billion, a PE ratio of 44.31, a price-to-earnings-growth ratio of 1.36 and a beta of 1.77. The company has a 50 day moving average price of $173.37 and a 200 day moving average price of $154.03. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $200.96.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, July 24th. The asset manager reported $1.21 EPS for the quarter, topping the consensus estimate of $1.10 by $0.11. The firm had revenue of $3.07 billion during the quarter, compared to analyst estimates of $2.77 billion. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. Blackstone’s revenue was up 32.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.98 EPS. As a group, sell-side analysts forecast that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, August 4th were paid a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Monday, August 4th. This is a positive change from Blackstone’s previous quarterly dividend of $0.93. Blackstone’s dividend payout ratio (DPR) is currently 110.75%.

Insider Buying and Selling at Blackstone

In other Blackstone news, insider Vikrant Sawhney sold 50,850 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $173.64, for a total transaction of $8,829,594.00. Following the transaction, the insider owned 737,248 shares in the company, valued at approximately $128,015,742.72. This represents a 6.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Private Multi-Asset Blackstone purchased 2,538,071 shares of the business’s stock in a transaction on Monday, September 22nd. The shares were bought at an average price of $25.61 per share, for a total transaction of $64,999,998.31. Following the purchase, the insider directly owned 7,506,209 shares in the company, valued at $192,234,012.49. This represents a 51.09% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 3,727,877 shares of company stock worth $95,046,625 and have sold 16,984,634 shares worth $155,181,346. 1.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

BX has been the subject of several research reports. Wells Fargo & Company boosted their price objective on shares of Blackstone from $153.00 to $167.00 and gave the company an “equal weight” rating in a research report on Friday, July 11th. BMO Capital Markets initiated coverage on shares of Blackstone in a report on Friday, October 3rd. They issued an “outperform” rating and a $190.00 price target for the company. Evercore ISI boosted their price target on shares of Blackstone from $165.00 to $197.00 and gave the company an “outperform” rating in a report on Friday, July 25th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Blackstone from $170.00 to $192.00 and gave the company a “buy” rating in a report on Friday, July 25th. Finally, Bank of America reduced their price target on shares of Blackstone from $200.00 to $199.00 in a report on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, Blackstone presently has a consensus rating of “Moderate Buy” and a consensus price target of $176.83.

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.