Herold Advisors Inc. boosted its stake in shares of Blackstone Inc. (NYSE:BX – Get Rating) by 6.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 5,868 shares of the asset manager’s stock after buying an additional 357 shares during the period. Herold Advisors Inc.’s holdings in Blackstone were worth $535,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of the business. Western Pacific Wealth Management LP purchased a new position in shares of Blackstone in the fourth quarter worth about $27,000. Financial Advantage Inc. purchased a new position in Blackstone during the first quarter valued at approximately $26,000. Landmark Wealth Management LLC purchased a new position in Blackstone during the first quarter valued at approximately $27,000. Citizens National Bank Trust Department purchased a new position in Blackstone during the fourth quarter valued at approximately $39,000. Finally, Independence Bank of Kentucky raised its position in Blackstone by 152.0% during the first quarter. Independence Bank of Kentucky now owns 315 shares of the asset manager’s stock valued at $40,000 after acquiring an additional 190 shares in the last quarter. Institutional investors own 61.87% of the company’s stock.
Blackstone Trading Down 2.2 %
Shares of BX stock traded down $1.90 on Friday, hitting $83.50. The stock had a trading volume of 6,471,080 shares, compared to its average volume of 4,619,492. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a market capitalization of $58.59 billion, a P/E ratio of 15.10, a P/E/G ratio of 1.69 and a beta of 1.45. Blackstone Inc. has a 1 year low of $82.22 and a 1 year high of $149.78. The company’s 50 day moving average price is $98.89 and its 200-day moving average price is $105.50.
Blackstone Cuts Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 8th. Stockholders of record on Monday, August 1st were given a dividend of $1.27 per share. The ex-dividend date was Friday, July 29th. This represents a $5.08 annualized dividend and a dividend yield of 6.08%. Blackstone’s dividend payout ratio is currently 92.70%.
Wall Street Analyst Weigh In
Several brokerages have commented on BX. Barclays began coverage on Blackstone in a report on Wednesday, August 31st. They issued an “overweight” rating and a $120.00 price objective on the stock. Keefe, Bruyette & Woods lowered Blackstone from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $127.00 to $115.00 in a report on Wednesday, August 3rd. Wells Fargo & Company raised their price objective on Blackstone to $102.00 in a report on Friday, July 22nd. Piper Sandler dropped their price objective on Blackstone from $154.00 to $120.00 and set an “overweight” rating on the stock in a report on Monday, July 25th. Finally, The Goldman Sachs Group lowered their price target on Blackstone from $136.00 to $112.00 and set a “buy” rating on the stock in a research note on Wednesday, June 29th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $131.33.
Insider Transactions at Blackstone
In other news, major shareholder Holdings L.P. Blackstone III sold 41,500 shares of the company’s stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $32.94, for a total transaction of $1,367,010.00. Following the completion of the transaction, the insider now directly owns 898,993 shares of the company’s stock, valued at approximately $29,612,829.42. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Joseph Baratta sold 71,223 shares of the company’s stock in a transaction dated Wednesday, July 27th. The stock was sold at an average price of $93.95, for a total value of $6,691,400.85. Following the completion of the sale, the director now directly owns 1,141,965 shares of the company’s stock, valued at approximately $107,287,611.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Holdings L.P. Blackstone III sold 41,500 shares of the company’s stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $32.94, for a total value of $1,367,010.00. Following the completion of the sale, the insider now directly owns 898,993 shares of the company’s stock, valued at $29,612,829.42. The disclosure for this sale can be found here. In the last ninety days, insiders sold 161,423 shares of company stock valued at $9,660,717. 1.00% of the stock is currently owned by corporate insiders.
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.
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