Novare Capital Management LLC Has $225,000 Holdings in Blackstone Inc. $BX

Novare Capital Management LLC lessened its position in shares of Blackstone Inc. (NYSE:BX) by 8.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,505 shares of the asset manager’s stock after selling 141 shares during the quarter. Novare Capital Management LLC’s holdings in Blackstone were worth $225,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of BX. 1248 Management LLC bought a new position in Blackstone in the 1st quarter valued at $25,000. von Borstel & Associates Inc. acquired a new stake in shares of Blackstone during the first quarter worth $28,000. Wealth Preservation Advisors LLC acquired a new stake in shares of Blackstone during the first quarter worth $28,000. Anderson Financial Strategies LLC acquired a new position in Blackstone in the first quarter valued at about $28,000. Finally, Family CFO Inc acquired a new position in Blackstone in the second quarter valued at about $28,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Insider Activity

In other news, Director Joseph Baratta sold 113,000 shares of Blackstone stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $175.69, for a total value of $19,852,970.00. Following the completion of the transaction, the director directly owned 695,757 shares of the company’s stock, valued at approximately $122,237,547.33. This trade represents a 13.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of Blackstone stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $6.26, for a total value of $104,478,673.84. The disclosure for this sale can be found here. In the last three months, insiders acquired 2,538,345 shares of company stock worth $65,046,628 and sold 16,984,634 shares worth $155,181,346. 1.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on BX shares. Piper Sandler dropped their target price on Blackstone from $181.00 to $173.00 and set a “neutral” rating on the stock in a report on Thursday, October 9th. Barclays dropped their price objective on Blackstone from $181.00 to $171.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. HSBC upped their price objective on Blackstone from $170.00 to $179.00 in a research note on Wednesday. Evercore ISI increased their target price on Blackstone from $165.00 to $197.00 and gave the stock an “outperform” rating in a research note on Friday, July 25th. Finally, Citigroup lowered their target price on Blackstone from $185.00 to $170.00 and set a “neutral” rating on the stock in a research note on Monday, October 13th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, Blackstone currently has a consensus rating of “Moderate Buy” and an average target price of $180.26.

Blackstone Trading Down 1.0%

NYSE BX opened at $156.37 on Friday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61. Blackstone Inc. has a twelve month low of $115.66 and a twelve month high of $200.96. The company has a market cap of $115.26 billion, a price-to-earnings ratio of 42.03, a price-to-earnings-growth ratio of 1.27 and a beta of 1.77. The business’s fifty day moving average is $171.66 and its 200 day moving average is $154.82.

Blackstone (NYSE:BX) last released its quarterly earnings data on Friday, November 22nd. The asset manager reported $0.97 earnings per share for the quarter. Blackstone had a return on equity of 20.47% and a net margin of 20.83%.The company had revenue of $2.49 billion for the quarter. As a group, sell-side 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, August 11th. Shareholders of record on Monday, August 4th were issued a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Monday, August 4th. This is a boost from Blackstone’s previous quarterly dividend of $0.93. Blackstone’s dividend payout ratio (DPR) is presently 110.75%.

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.