Legacy Advisors LLC Sells 310 Shares of Blackstone Inc. (NYSE:BX)

Legacy Advisors LLC decreased its holdings in Blackstone Inc. (NYSE:BX) by 2.7% in the second quarter, Holdings Channel.com reports. The firm owned 11,022 shares of the asset manager’s stock after selling 310 shares during the period. Legacy Advisors LLC’s holdings in Blackstone were worth $1,365,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Northwest Financial Advisors bought a new stake in shares of Blackstone in the 4th quarter valued at about $25,000. Chilton Capital Management LLC bought a new stake in Blackstone in the first quarter valued at approximately $26,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Blackstone in the second quarter worth approximately $26,000. EdgeRock Capital LLC bought a new stake in Blackstone during the 2nd quarter valued at $27,000. Finally, Bank & Trust Co bought a new stake in Blackstone in the 2nd quarter worth $29,000. 70.00% of the stock is owned by institutional investors.

Insider Transactions at Blackstone

In other Blackstone news, Director Joseph Baratta sold 116,448 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $123.00, for a total transaction of $14,323,104.00. Following the transaction, the director now directly owns 921,184 shares in the company, valued at approximately $113,305,632. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total value of $4,610,900.00. Following the completion of the transaction, the insider now owns 429,386 shares of the company’s stock, valued at $56,567,311.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $123.00, for a total value of $14,323,104.00. Following the completion of the transaction, the director now owns 921,184 shares in the company, valued at $113,305,632. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

Blackstone Stock Performance

Shares of NYSE:BX opened at $142.36 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $102.51 billion, a price-to-earnings ratio of 50.30, a PEG ratio of 1.22 and a beta of 1.50. Blackstone Inc. has a 12 month low of $88.59 and a 12 month high of $145.16. The firm’s 50-day moving average is $132.78 and its 200 day moving average is $127.29.

Blackstone (NYSE:BX) last issued its quarterly earnings results on Thursday, July 18th. The asset manager reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.03). Blackstone had a return on equity of 17.43% and a net margin of 19.35%. The business had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same period in the prior year, the business posted $0.93 earnings per share. Blackstone’s revenue was up 166.9% on a year-over-year basis. Research analysts predict that Blackstone Inc. will post 4.57 EPS for the current year.

Blackstone Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 29th were given a $0.82 dividend. The ex-dividend date was Monday, July 29th. This represents a $3.28 annualized dividend and a yield of 2.30%. Blackstone’s dividend payout ratio (DPR) is 115.90%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Barclays increased their target price on shares of Blackstone from $126.00 to $141.00 and gave the stock an “equal weight” rating in a report on Friday, July 19th. Redburn Atlantic initiated coverage on Blackstone in a research report on Tuesday, August 27th. They issued a “neutral” rating and a $134.00 price objective on the stock. Deutsche Bank Aktiengesellschaft upped their target price on Blackstone from $145.00 to $146.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Bank of America boosted their price objective on shares of Blackstone from $130.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Finally, Piper Sandler raised their target price on shares of Blackstone from $134.00 to $149.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Fourteen investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $128.94.

Blackstone 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.