SVB Wealth LLC Sells 3,078 Shares of Blackstone Inc. (NYSE:BX)

SVB Wealth LLC reduced its position in shares of Blackstone Inc. (NYSE:BX) by 2.0% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 149,298 shares of the asset manager’s stock after selling 3,078 shares during the quarter. SVB Wealth LLC’s holdings in Blackstone were worth $18,483,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in BX. Northwest Financial Advisors purchased a new stake in Blackstone in the fourth quarter worth $25,000. Chilton Capital Management LLC purchased a new stake in shares of Blackstone in the 1st quarter worth about $26,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Blackstone during the 2nd quarter valued at about $26,000. EdgeRock Capital LLC bought a new position in Blackstone in the second quarter worth about $27,000. Finally, Bank & Trust Co purchased a new position in shares of Blackstone during the 2nd quarter worth approximately $29,000. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BX. Deutsche Bank Aktiengesellschaft lifted their price target on Blackstone from $145.00 to $146.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Piper Sandler boosted their price objective on shares of Blackstone from $134.00 to $149.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. TD Cowen lifted their target price on shares of Blackstone from $114.00 to $120.00 and gave the company a “hold” rating in a report on Friday, July 19th. Bank of America lifted their price objective on Blackstone from $130.00 to $145.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Finally, Redburn Atlantic initiated coverage on Blackstone in a report on Tuesday, August 27th. They set a “neutral” rating and a $134.00 price target for the company. Fourteen 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.com, the company currently has an average rating of “Hold” and an average price target of $128.94.

Insider Activity

In other news, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total value of $4,610,900.00. Following the transaction, the insider now directly owns 429,386 shares in the company, valued at $56,567,311.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction 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 transaction, the insider now owns 429,386 shares of the company’s stock, valued at $56,567,311.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 transaction of $14,323,104.00. Following the completion of the sale, the director now owns 921,184 shares in the company, valued at $113,305,632. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Blackstone Stock Performance

BX stock traded down $1.15 during midday trading on Friday, reaching $137.12. 2,577,891 shares of the company’s stock traded hands, compared to its average volume of 3,467,962. The stock’s 50-day moving average is $134.22 and its 200 day moving average is $127.67. The stock has a market cap of $97.99 billion, a P/E ratio of 48.45, a PEG ratio of 1.22 and a beta of 1.50. Blackstone Inc. has a 52-week low of $88.59 and a 52-week high of $145.16. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.60.

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

Blackstone Cuts Dividend

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 2.39%. Blackstone’s payout ratio is currently 115.90%.

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.