Hedeker Wealth LLC Trims Stake in Blackstone Inc. $BX

Hedeker Wealth LLC decreased its holdings in shares of Blackstone Inc. (NYSE:BX) by 8.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,284 shares of the asset manager’s stock after selling 5,385 shares during the period. Blackstone comprises approximately 1.3% of Hedeker Wealth LLC’s holdings, making the stock its 28th largest position. Hedeker Wealth LLC’s holdings in Blackstone were worth $6,976,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Redwood Financial Network Corp grew its holdings in Blackstone by 1.8% during the second quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager’s stock valued at $537,000 after purchasing an additional 65 shares during the period. Zacks Investment Management lifted its position in shares of Blackstone by 2.1% during the 3rd quarter. Zacks Investment Management now owns 3,453 shares of the asset manager’s stock valued at $590,000 after buying an additional 71 shares in the last quarter. Brogan Financial Inc. grew its stake in shares of Blackstone by 2.5% during the 3rd quarter. Brogan Financial Inc. now owns 2,904 shares of the asset manager’s stock valued at $496,000 after acquiring an additional 72 shares during the period. SlateStone Wealth LLC increased its holdings in Blackstone by 1.9% in the 4th quarter. SlateStone Wealth LLC now owns 3,997 shares of the asset manager’s stock worth $616,000 after acquiring an additional 75 shares in the last quarter. Finally, Founders Financial Securities LLC lifted its holdings in Blackstone by 4.1% during the fourth quarter. Founders Financial Securities LLC now owns 1,928 shares of the asset manager’s stock valued at $297,000 after purchasing an additional 76 shares in the last quarter. 70.00% of the stock is owned by institutional investors.

Blackstone Price Performance

NYSE:BX opened at $133.89 on Wednesday. The business’s 50-day moving average is $133.50 and its 200 day moving average is $123.14. Blackstone Inc. has a 12 month low of $101.73 and a 12 month high of $190.09. The company has a market capitalization of $100.50 billion, a P/E ratio of 29.95, a P/E/G ratio of 1.53 and a beta of 1.56. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.63.

Blackstone (NYSE:BX) last released its quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.18. The business had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $3.42 billion. Blackstone had a return on equity of 23.77% and a net margin of 21.84%.The firm’s revenue for the quarter was up 35.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.98 EPS. On average, equities research analysts forecast that Blackstone Inc. will post 5.99 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Monday, August 3rd were paid a dividend of $1.29 per share. The ex-dividend date of this dividend was Monday, August 3rd. This is a positive change from Blackstone’s previous quarterly dividend of $1.16. This represents a $5.16 dividend on an annualized basis and a yield of 3.9%. Blackstone’s payout ratio is currently 115.44%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on BX shares. TD Cowen increased their price objective on shares of Blackstone from $133.00 to $145.00 and gave the stock a “buy” rating in a research note on Friday, July 24th. JPMorgan Chase & Co. dropped their target price on shares of Blackstone from $136.00 to $132.00 and set a “neutral” rating for the company in a report on Thursday, July 16th. The Goldman Sachs Group lifted their target price on Blackstone from $114.00 to $127.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Deutsche Bank Aktiengesellschaft started coverage on Blackstone in a research note on Monday, June 8th. They issued a “buy” rating for the company. Finally, BNP Paribas Exane reduced their price objective on shares of Blackstone from $126.00 to $125.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 30th. Thirteen investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $149.43.

Insider Buying and Selling at Blackstone

In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of Blackstone stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $3.78, for a total value of $28,264,950.00. Following the completion of the transaction, the insider directly owned 19,374 shares of the company’s stock, valued at $73,233.72. This trade represents a 99.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Private Multi-Asset Blackstone bought 765,111 shares of the firm’s stock in a transaction dated Tuesday, June 23rd. The shares were acquired at an average price of $26.14 per share, for a total transaction of $20,000,001.54. Following the completion of the transaction, the insider directly owned 7,882,145 shares in the company, valued at approximately $206,039,270.30. This represents a 10.75% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have purchased 1,611,822 shares of company stock valued at $42,189,294 and have sold 7,562,000 shares valued at $40,331,085. 1.00% of the stock is owned by company insiders.

Blackstone Company Profile

Blackstone Inc is a global alternative asset management firm that provides investment management and advisory services to institutions, corporations, and individual investors. The company invests across multiple asset classes, including private equity, real estate, credit, infrastructure, insurance solutions, and hedge fund solutions.

Its investment activities include acquiring and managing businesses, commercial and residential properties, infrastructure assets, and credit investments.