Excalibur Management Corp Sells 1,475 Shares of Blackstone Inc. $BX

Excalibur Management Corp lessened its holdings in shares of Blackstone Inc. (NYSE:BX) by 24.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,683 shares of the asset manager’s stock after selling 1,475 shares during the quarter. Excalibur Management Corp’s holdings in Blackstone were worth $700,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Kera Capital Partners Inc. acquired a new position in Blackstone during the 2nd quarter worth $273,000. Perigon Wealth Management LLC increased its stake in shares of Blackstone by 3.2% in the second quarter. Perigon Wealth Management LLC now owns 62,484 shares of the asset manager’s stock worth $9,346,000 after purchasing an additional 1,949 shares during the period. Redmond Asset Management LLC boosted its stake in Blackstone by 21.2% during the 2nd quarter. Redmond Asset Management LLC now owns 18,785 shares of the asset manager’s stock valued at $2,810,000 after purchasing an additional 3,281 shares during the period. Bourgeon Capital Management LLC acquired a new stake in Blackstone in the 2nd quarter valued at approximately $423,000. Finally, Sandy Cove Advisors LLC lifted its holdings in shares of Blackstone by 22.1% during the second quarter. Sandy Cove Advisors LLC now owns 12,042 shares of the asset manager’s stock worth $1,801,000 after buying an additional 2,182 shares during the last quarter. Institutional investors own 70.00% of the company’s stock.

Blackstone Trading Down 0.6%

Shares of BX opened at $143.50 on Friday. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.60. The stock has a market cap of $105.77 billion, a PE ratio of 41.00, a PEG ratio of 1.18 and a beta of 1.76. Blackstone Inc. has a 1 year low of $115.66 and a 1 year high of $200.96. The stock has a 50 day simple moving average of $166.31 and a 200-day simple moving average of $156.99.

Blackstone (NYSE:BX) last announced its quarterly earnings results on Friday, November 22nd. The asset manager reported $0.97 earnings per share for the quarter. The firm had revenue of $2.49 billion for the quarter. Blackstone had a return on equity of 22.30% and a net margin of 20.56%. On average, sell-side analysts predict that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Monday, November 3rd will be given a $1.29 dividend. This represents a $5.16 dividend on an annualized basis and a yield of 3.6%. This is a boost from Blackstone’s previous quarterly dividend of $1.03. The ex-dividend date is Monday, November 3rd. Blackstone’s dividend payout ratio (DPR) is presently 147.43%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Wells Fargo & Company upped their target price on shares of Blackstone from $153.00 to $167.00 and gave the company an “equal weight” rating in a research note on Friday, July 11th. Piper Sandler cut their price objective on shares of Blackstone from $173.00 to $168.00 and set a “neutral” rating for the company in a research report on Friday, October 24th. TD Cowen decreased their target price on Blackstone from $208.00 to $205.00 and set a “buy” rating on the stock in a research report on Friday, October 24th. BNP Paribas Exane cut their price target on Blackstone from $178.00 to $167.00 and set a “neutral” rating for the company in a report on Friday, October 24th. Finally, Barclays lowered their price objective on Blackstone from $171.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Friday, October 24th. Eleven equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $179.74.

Insider Activity at Blackstone

In other news, insider John G. Finley sold 21,500 shares of Blackstone stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $171.46, for a total value of $3,686,390.00. Following the completion of the transaction, the insider owned 453,836 shares in the company, valued at approximately $77,814,720.56. The trade was a 4.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Private Multi-Asset Blackstone purchased 2,538,071 shares of the firm’s stock in a transaction that occurred on Monday, September 22nd. The shares were acquired at an average price of $25.61 per share, for a total transaction of $64,999,998.31. Following the completion of the transaction, the insider owned 7,506,209 shares in the company, valued at $192,234,012.49. The trade was a 51.09% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have acquired 2,565,415 shares of company stock valued at $69,037,981 and have sold 16,875,234 shares valued at $136,847,628. Corporate insiders own 1.00% of the company’s stock.

Blackstone 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.