Jaffetilchin Investment Partners LLC Sells 672 Shares of Blackstone Inc. $BX

Jaffetilchin Investment Partners LLC decreased its holdings in Blackstone Inc. (NYSE:BX) by 2.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 24,917 shares of the asset manager’s stock after selling 672 shares during the quarter. Jaffetilchin Investment Partners LLC’s holdings in Blackstone were worth $3,727,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BX. Kingstone Capital Partners Texas LLC lifted its stake in shares of Blackstone by 519,669.1% in the second quarter. Kingstone Capital Partners Texas LLC now owns 70,132,441 shares of the asset manager’s stock worth $10,490,411,000 after acquiring an additional 70,118,948 shares during the period. Vanguard Group Inc. lifted its position in shares of Blackstone by 2.2% in the 2nd quarter. Vanguard Group Inc. now owns 69,492,377 shares of the asset manager’s stock worth $10,394,670,000 after purchasing an additional 1,494,796 shares during the period. Geode Capital Management LLC boosted its stake in shares of Blackstone by 1.4% in the 2nd quarter. Geode Capital Management LLC now owns 16,542,863 shares of the asset manager’s stock valued at $2,462,706,000 after purchasing an additional 227,416 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Blackstone by 16.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,292,320 shares of the asset manager’s stock worth $739,761,000 after buying an additional 742,829 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in Blackstone by 4.7% in the second quarter. Legal & General Group Plc now owns 4,532,941 shares of the asset manager’s stock valued at $678,037,000 after buying an additional 202,245 shares during the period. 70.00% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Blackstone news, insider John G. Finley sold 21,500 shares of the firm’s stock in a transaction on Monday, September 8th. The stock was sold at an average price of $171.46, for a total transaction of $3,686,390.00. Following the transaction, the insider directly owned 453,836 shares in the company, valued at approximately $77,814,720.56. This trade represents a 4.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph Baratta sold 113,000 shares of the company’s stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $175.69, for a total transaction of $19,852,970.00. Following the completion of the sale, the director owned 695,757 shares of the company’s stock, valued at approximately $122,237,547.33. The trade was a 13.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders bought a total of 2,565,543 shares of company stock worth $69,050,139 in the last three months. 1.00% of the stock is owned by corporate insiders.

Blackstone Stock Performance

BX opened at $142.59 on Monday. The company has a market cap of $105.30 billion, a price-to-earnings ratio of 40.74, a PEG ratio of 1.18 and a beta of 1.76. The company’s fifty day moving average price is $159.22 and its two-hundred day moving average price is $158.07. Blackstone Inc. has a 1-year low of $115.66 and a 1-year high of $200.96. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.60.

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

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 10th. Investors of record on Monday, November 3rd were given a dividend of $1.29 per share. The ex-dividend date of this dividend was Monday, November 3rd. This is a positive change from Blackstone’s previous quarterly dividend of $1.03. This represents a $5.16 annualized dividend and a dividend yield of 3.6%. Blackstone’s payout ratio is presently 147.43%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BX. TD Cowen dropped their price objective on Blackstone from $208.00 to $205.00 and set a “buy” rating on the stock in a research note on Friday, October 24th. Weiss Ratings restated a “hold (c)” rating on shares of Blackstone in a report on Wednesday, October 8th. Bank of America dropped their target price on shares of Blackstone from $200.00 to $199.00 in a research report on Friday, October 3rd. Morgan Stanley raised their price target on shares of Blackstone from $200.00 to $215.00 and gave the stock an “overweight” rating in a report on Tuesday, October 21st. Finally, Piper Sandler dropped their price objective on shares of Blackstone from $173.00 to $168.00 and set a “neutral” rating on the stock in a report on Friday, October 24th. Eleven analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, Blackstone has an average rating of “Moderate Buy” and an average price target 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.