TRUE Private Wealth Advisors Cuts Stake in Blackstone Inc. $BX

TRUE Private Wealth Advisors cut its holdings in Blackstone Inc. (NYSE:BX) by 10.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,754 shares of the asset manager’s stock after selling 575 shares during the quarter. TRUE Private Wealth Advisors’ holdings in Blackstone were worth $711,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Arcus Capital Partners LLC grew its stake in Blackstone by 1.2% in the second quarter. Arcus Capital Partners LLC now owns 4,937 shares of the asset manager’s stock valued at $739,000 after purchasing an additional 58 shares during the last quarter. Mattern Wealth Management LLC grew its position in shares of Blackstone by 2.8% in the 2nd quarter. Mattern Wealth Management LLC now owns 2,213 shares of the asset manager’s stock worth $331,000 after buying an additional 60 shares during the last quarter. GHP Investment Advisors Inc. boosted its stake in Blackstone by 3.5% in the second quarter. GHP Investment Advisors Inc. now owns 1,784 shares of the asset manager’s stock valued at $267,000 after acquiring an additional 61 shares in the last quarter. Sage Rhino Capital LLC increased its position in shares of Blackstone by 0.8% during the second quarter. Sage Rhino Capital LLC now owns 8,036 shares of the asset manager’s stock worth $1,202,000 after purchasing an additional 63 shares in the last quarter. Finally, WNY Asset Management LLC lifted its holdings in shares of Blackstone by 1.7% during the 2nd quarter. WNY Asset Management LLC now owns 3,852 shares of the asset manager’s stock valued at $576,000 after purchasing an additional 64 shares during the last quarter. Institutional investors own 70.00% of the company’s stock.

Insider Buying and Selling at Blackstone

In other Blackstone news, major shareholder Private Multi-Asset Blackstone bought 2,538,071 shares of Blackstone stock in a transaction dated Monday, September 22nd. The stock was acquired at an average cost of $25.61 per share, for a total transaction of $64,999,998.31. Following the completion of the transaction, the insider directly owned 7,506,209 shares of the company’s stock, valued at approximately $192,234,012.49. This represents a 51.09% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ruth Porat acquired 324 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The shares were acquired at an average cost of $146.92 per share, with a total value of $47,602.08. Following the purchase, the director owned 39,077 shares in the company, valued at $5,741,192.84. This represents a 0.84% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have bought 2,565,543 shares of company stock valued at $69,050,139. 1.00% of the stock is owned by company insiders.

Blackstone Stock Down 0.5%

Blackstone stock opened at $135.82 on Wednesday. Blackstone Inc. has a 12 month low of $115.66 and a 12 month high of $200.96. The stock has a market capitalization of $100.29 billion, a PE ratio of 38.90, a price-to-earnings-growth ratio of 1.18 and a beta of 1.76. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.75 and a quick ratio of 0.74. The business has a 50 day simple moving average of $161.70 and a 200-day simple moving average of $157.98.

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

Blackstone Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 10th. Shareholders of record on Monday, November 3rd were issued a $1.29 dividend. This represents a $5.16 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date was Monday, November 3rd. This is an increase from Blackstone’s previous quarterly dividend of $1.03. Blackstone’s payout ratio is 147.43%.

Wall Street Analyst Weigh In

BX has been the subject of a number of research analyst reports. Barclays decreased their price target on Blackstone from $171.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday, October 24th. TD Cowen cut their price target on shares of Blackstone from $208.00 to $205.00 and set a “buy” rating on the stock in a research note on Friday, October 24th. Deutsche Bank Aktiengesellschaft lowered their price target on Blackstone from $166.00 to $164.00 and set a “buy” rating for the company in a research report on Friday, November 14th. Citigroup reduced their price objective on Blackstone from $185.00 to $170.00 and set a “neutral” rating for the company in a research note on Monday, October 13th. Finally, Dbs Bank raised shares of Blackstone to a “moderate buy” rating in a research report on Tuesday, August 12th. Eleven investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $179.00.

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.