Sargent Investment Group LLC cut its holdings in Blackstone Inc. (NYSE:BX – Free Report) by 7.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 90,101 shares of the asset manager’s stock after selling 6,780 shares during the quarter. Blackstone comprises 1.7% of Sargent Investment Group LLC’s portfolio, making the stock its 14th largest position. Sargent Investment Group LLC’s holdings in Blackstone were worth $13,888,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Blackstone by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 71,667,695 shares of the asset manager’s stock valued at $11,046,859,000 after acquiring an additional 840,258 shares during the last quarter. Morgan Stanley increased its position in shares of Blackstone by 2.0% in the 4th quarter. Morgan Stanley now owns 32,862,165 shares of the asset manager’s stock valued at $5,065,374,000 after buying an additional 636,613 shares in the last quarter. State Street Corp raised its stake in Blackstone by 0.6% during the 4th quarter. State Street Corp now owns 31,542,009 shares of the asset manager’s stock worth $4,861,885,000 after buying an additional 179,213 shares during the period. Norges Bank bought a new position in Blackstone during the fourth quarter worth about $1,275,747,000. Finally, Northern Trust Corp grew its stake in Blackstone by 4.7% in the third quarter. Northern Trust Corp now owns 7,324,989 shares of the asset manager’s stock valued at $1,251,474,000 after acquiring an additional 329,379 shares during the period. 70.00% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on BX. Weiss Ratings cut Blackstone from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, May 4th. UBS Group dropped their target price on shares of Blackstone from $171.00 to $137.00 and set a “neutral” rating on the stock in a report on Friday, February 20th. JPMorgan Chase & Co. reduced their price target on shares of Blackstone from $142.00 to $136.00 and set a “neutral” rating for the company in a report on Friday, April 24th. Dbs Bank upgraded shares of Blackstone to a “moderate buy” rating in a report on Wednesday, May 27th. Finally, Royal Bank Of Canada began coverage on shares of Blackstone in a research note on Monday, June 8th. They issued an “outperform” rating for the company. Thirteen analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Blackstone currently has an average rating of “Moderate Buy” and an average target price of $150.86.
Insider Transactions at Blackstone
In other news, Director Ruth Porat acquired 355 shares of the stock in a transaction dated Monday, May 11th. The shares were bought at an average cost of $123.04 per share, for a total transaction of $43,679.20. Following the purchase, the director directly owned 41,818 shares of the company’s stock, valued at approximately $5,145,286.72. This trade represents a 0.86% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,504 shares of the business’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $3.51, for a total transaction of $26,246,039.04. Following the transaction, the insider owned 25,832 shares in the company, valued at $90,670.32. This represents a 99.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have acquired 12,355,303 shares of company stock valued at $264,789,896. 1.00% of the stock is owned by company insiders.
Blackstone Price Performance
NYSE:BX opened at $122.63 on Monday. The stock’s 50-day simple moving average is $119.98 and its 200 day simple moving average is $130.96. Blackstone Inc. has a 52-week low of $101.73 and a 52-week high of $190.09. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.76 and a current ratio of 0.76. The company has a market cap of $91.10 billion, a P/E ratio of 31.36, a P/E/G ratio of 1.33 and a beta of 1.59.
Blackstone (NYSE:BX – Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.02. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.The firm had revenue of $3.43 billion during the quarter, compared to the consensus estimate of $3.45 billion. During the same period last year, the company earned $1.11 earnings per share. The business’s revenue was up 10.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Blackstone Inc. will post 5.9 EPS for the current fiscal year.
Blackstone Cuts Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, May 4th were given a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Monday, May 4th. Blackstone’s dividend payout ratio is 118.67%.
About Blackstone
Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.
Blackstone’s business is organized around several principal investment platforms.
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