Investmark Advisory Group LLC Reduces Holdings in Blackstone Inc. (NYSE:BX)

Investmark Advisory Group LLC decreased its holdings in Blackstone Inc. (NYSE:BXGet Rating) by 6.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,467 shares of the asset manager’s stock after selling 179 shares during the quarter. Investmark Advisory Group LLC’s holdings in Blackstone were worth $225,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in BX. Financial Advantage Inc. bought a new position in Blackstone in the 1st quarter worth $26,000. Western Pacific Wealth Management LP bought a new position in Blackstone in the 4th quarter worth $27,000. Landmark Wealth Management LLC bought a new position in Blackstone in the 1st quarter worth $27,000. Providence Capital Advisors LLC boosted its holdings in Blackstone by 1,137.6% in the 1st quarter. Providence Capital Advisors LLC now owns 2,995 shares of the asset manager’s stock worth $31,000 after buying an additional 2,753 shares during the period. Finally, Citizens National Bank Trust Department bought a new position in Blackstone in the 4th quarter worth $39,000. Hedge funds and other institutional investors own 61.87% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on BX. The Goldman Sachs Group dropped their price objective on shares of Blackstone from $136.00 to $112.00 and set a “buy” rating for the company in a report on Wednesday, June 29th. Morgan Stanley dropped their price objective on shares of Blackstone from $154.00 to $125.00 and set an “overweight” rating for the company in a report on Tuesday, July 19th. StockNews.com raised shares of Blackstone from a “sell” rating to a “hold” rating in a report on Thursday. Piper Sandler dropped their price objective on shares of Blackstone from $154.00 to $120.00 and set an “overweight” rating for the company in a report on Monday, July 25th. Finally, Wells Fargo & Company upped their target price on shares of Blackstone to $102.00 in a research report on Friday, July 22nd. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $131.33.

Insider Buying and Selling at Blackstone

In other Blackstone news, Director Joseph Baratta sold 71,223 shares of the firm’s stock in a transaction that occurred on Wednesday, July 27th. The shares were 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 in the company, valued at $107,287,611.75. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Blackstone news, Director Joseph Baratta sold 71,223 shares of the firm’s stock in a transaction that occurred on Wednesday, July 27th. The shares were 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 in the company, valued at $107,287,611.75. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Holdings L.P. Blackstone III sold 41,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $32.94, for a total transaction of $1,367,010.00. Following the completion of the sale, the insider now owns 898,993 shares of the company’s stock, valued at $29,612,829.42. The disclosure for this sale can be found here. Insiders sold a total of 161,423 shares of company stock worth $9,660,717 over the last three months. Corporate insiders own 1.00% of the company’s stock.

Blackstone Trading Down 3.0 %

Shares of NYSE:BX traded down $2.54 during trading on Friday, reaching $82.86. 287,887 shares of the company were exchanged, compared to its average volume of 3,186,851. The firm has a market capitalization of $58.14 billion, a PE ratio of 15.10, a P/E/G ratio of 1.69 and a beta of 1.45. The business’s fifty day simple moving average is $98.89 and its 200-day simple moving average is $105.50. Blackstone Inc. has a 12-month low of $84.11 and a 12-month high of $149.78. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.92 and a quick ratio of 0.92.

Blackstone (NYSE:BXGet Rating) last released its quarterly earnings data on Thursday, July 21st. The asset manager reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.47 by $0.02. Blackstone had a net margin of 22.48% and a return on equity of 20.80%. The firm had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.46 billion. During the same period last year, the firm earned $0.82 earnings per share. The company’s quarterly revenue was up 96.1% on a year-over-year basis. On average, research analysts anticipate that Blackstone Inc. will post 5.16 EPS for the current year.

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 paid a dividend of $1.27 per share. The ex-dividend date was Friday, July 29th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 6.13%. Blackstone’s dividend payout ratio is presently 92.70%.

About Blackstone

(Get Rating)

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.

Featured Articles

Want to see what other hedge funds are holding BX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blackstone Inc. (NYSE:BXGet Rating).

Institutional Ownership by Quarter for Blackstone (NYSE:BX)

Receive News & Ratings for Blackstone Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Blackstone and related companies with MarketBeat.com's FREE daily email newsletter.