Blackstone Inc. (NYSE:BX) Shares Sold by Balboa Wealth Partners

Balboa Wealth Partners cut its stake in shares of Blackstone Inc. (NYSE:BX) by 6.8% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 3,502 shares of the asset manager’s stock after selling 255 shares during the quarter. Balboa Wealth Partners’ holdings in Blackstone were worth $536,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Blackstone during the second quarter worth approximately $26,000. EdgeRock Capital LLC purchased a new stake in shares of Blackstone in the second quarter worth about $27,000. West Financial Advisors LLC purchased a new stake in shares of Blackstone during the 3rd quarter valued at about $27,000. Bank & Trust Co acquired a new stake in Blackstone in the second quarter valued at approximately $29,000. Finally, Ridgewood Investments LLC acquired a new position in shares of Blackstone during the second quarter worth $31,000. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Insiders Place Their Bets

In related news, insider John G. Finley sold 42,249 shares of Blackstone stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $175.94, for a total value of $7,433,289.06. Following the transaction, the insider now owns 387,137 shares in the company, valued at $68,112,883.78. This trade represents a 9.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total value of $17,561,522.88. Following the completion of the transaction, the director now directly owns 799,749 shares in the company, valued at approximately $120,610,146.69. This represents a 12.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

BX has been the subject of a number of recent analyst reports. Redburn Atlantic initiated coverage on Blackstone in a research note on Tuesday, August 27th. They set a “neutral” rating and a $134.00 price objective for the company. Bank of America upped their price objective on Blackstone from $171.00 to $192.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Cowen restated a “hold” rating on shares of Blackstone in a research note on Friday, October 18th. Piper Sandler downgraded Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 price objective for the company. in a research note on Wednesday, October 9th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Blackstone from $172.00 to $182.00 and gave the company a “buy” rating in a report on Monday. Thirteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $157.63.

Blackstone Trading Down 0.2 %

Blackstone stock opened at $181.21 on Friday. The firm has a market capitalization of $130.83 billion, a price-to-earnings ratio of 62.27, a P/E/G ratio of 1.55 and a beta of 1.49. Blackstone Inc. has a 52 week low of $102.59 and a 52 week high of $184.34. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.71 and a current ratio of 0.71. The company has a 50 day moving average price of $159.65 and a 200 day moving average price of $139.31.

Blackstone (NYSE:BX) last announced its quarterly earnings data on Thursday, October 17th. The asset manager reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.10. Blackstone had a net margin of 19.46% and a return on equity of 17.53%. The firm had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.37 billion. Research analysts forecast that Blackstone Inc. will post 4.39 EPS for the current year.

Blackstone Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Monday, October 28th were given a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a yield of 1.90%. The ex-dividend date was Monday, October 28th. This is a positive change from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s dividend payout ratio (DPR) is presently 118.21%.

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.