Terra Nova Asset Management LLC Sells 2,644 Shares of Blackstone Inc. (NYSE:BX)

Terra Nova Asset Management LLC decreased its holdings in shares of Blackstone Inc. (NYSE:BX) by 15.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,989 shares of the asset manager’s stock after selling 2,644 shares during the quarter. Blackstone comprises approximately 1.6% of Terra Nova Asset Management LLC’s holdings, making the stock its 27th largest position. Terra Nova Asset Management LLC’s holdings in Blackstone were worth $2,095,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in BX. Murphy & Mullick Capital Management Corp bought a new stake in shares of Blackstone in the 4th quarter worth approximately $33,000. Bernard Wealth Management Corp. bought a new stake in shares of Blackstone in the 4th quarter worth approximately $34,000. Putney Financial Group LLC bought a new stake in shares of Blackstone in the 4th quarter worth approximately $34,000. Garde Capital Inc. bought a new stake in shares of Blackstone in the 1st quarter worth approximately $36,000. Finally, WFA Asset Management Corp bought a new stake in shares of Blackstone in the 1st quarter worth approximately $38,000. Institutional investors own 70.00% of the company’s stock.

Blackstone Stock Down 0.3%

Shares of BX opened at $143.62 on Thursday. The firm has a market capitalization of $104.79 billion, a price-to-earnings ratio of 43.26, a PEG ratio of 1.32 and a beta of 1.65. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.75 and a current ratio of 0.75. The business’s fifty day moving average price is $137.88 and its two-hundred day moving average price is $153.16. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $200.96.

Blackstone (NYSE:BX) last announced its quarterly earnings data on Thursday, April 17th. The asset manager reported $1.09 EPS for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.13). The firm had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.95 billion. Blackstone had a net margin of 19.83% and a return on equity of 19.84%. During the same quarter in the previous year, the business posted $0.98 earnings per share. On average, analysts predict that Blackstone Inc. will post 5.87 earnings per share for the current year.

Blackstone Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Monday, April 28th were given a $0.93 dividend. The ex-dividend date of this dividend was Monday, April 28th. This represents a $3.72 dividend on an annualized basis and a yield of 2.59%. Blackstone’s payout ratio is 112.05%.

Wall Street Analyst Weigh In

BX has been the subject of a number of research reports. Citizens Jmp upgraded Blackstone from a “market perform” rating to an “outperform” rating and set a $165.00 price objective for the company in a research report on Tuesday, April 8th. Keefe, Bruyette & Woods dropped their target price on Blackstone from $141.00 to $139.00 and set a “market perform” rating for the company in a report on Tuesday, April 22nd. JMP Securities reissued a “market outperform” rating and issued a $165.00 target price on shares of Blackstone in a report on Thursday, April 24th. Cowen reissued a “buy” rating on shares of Blackstone in a report on Monday, April 21st. Finally, Bank of America dropped their target price on Blackstone from $219.00 to $207.00 and set a “buy” rating for the company in a report on Friday, April 4th. Ten analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $155.65.

Insider Buying and Selling at Blackstone

In related news, Director Ruth Porat purchased 237 shares of Blackstone stock in a transaction dated Monday, May 5th. The shares were acquired at an average cost of $136.33 per share, for a total transaction of $32,310.21. Following the transaction, the director now directly owns 37,067 shares of the company’s stock, valued at approximately $5,053,344.11. This trade represents a 0.64% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider John G. Finley sold 25,000 shares of the firm’s stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $138.47, for a total value of $3,461,750.00. Following the completion of the transaction, the insider now owns 475,336 shares in the company, valued at $65,819,775.92. This represents a 5.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

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.