SteelPeak Wealth LLC Cuts Stake in Blackstone Inc. (NYSE:BX)

SteelPeak Wealth LLC lowered its stake in shares of Blackstone Inc. (NYSE:BX) by 0.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,272 shares of the asset manager’s stock after selling 216 shares during the period. SteelPeak Wealth LLC’s holdings in Blackstone were worth $5,159,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Mather Group LLC. increased its position in shares of Blackstone by 1.2% in the first quarter. Mather Group LLC. now owns 7,113 shares of the asset manager’s stock worth $931,000 after acquiring an additional 87 shares in the last quarter. Fragasso Group Inc. lifted its stake in shares of Blackstone by 2.9% during the first quarter. Fragasso Group Inc. now owns 3,255 shares of the asset manager’s stock worth $428,000 after purchasing an additional 91 shares in the last quarter. UNIVEST FINANCIAL Corp grew its stake in shares of Blackstone by 2.9% in the fourth quarter. UNIVEST FINANCIAL Corp now owns 3,320 shares of the asset manager’s stock valued at $435,000 after buying an additional 95 shares in the last quarter. Marino Stram & Associates LLC boosted its holdings in Blackstone by 3.8% in the 4th quarter. Marino Stram & Associates LLC now owns 2,592 shares of the asset manager’s stock worth $339,000 after acquiring an additional 96 shares during the period. Finally, FFT Wealth Management LLC raised its stake in shares of Blackstone by 2.0% during the fourth quarter. FFT Wealth Management LLC now owns 5,094 shares of the asset manager’s stock valued at $667,000 after purchasing an additional 99 shares during the period. 70.00% of the stock is owned by hedge funds and other institutional investors.

Blackstone Price Performance

Blackstone stock traded down $0.32 during mid-day trading on Friday, hitting $123.80. The company’s stock had a trading volume of 4,058,890 shares, compared to its average volume of 2,587,450. Blackstone Inc. has a twelve month low of $88.59 and a twelve month high of $133.56. The stock’s fifty day moving average price is $122.37 and its two-hundred day moving average price is $124.53. The stock has a market capitalization of $88.47 billion, a P/E ratio of 43.75, a P/E/G ratio of 1.04 and a beta of 1.53. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.61.

Blackstone (NYSE:BX) last announced its earnings results on Thursday, April 18th. The asset manager reported $0.98 EPS for the quarter, meeting the consensus estimate of $0.98. The business had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $2.56 billion. Blackstone had a return on equity of 17.33% and a net margin of 20.84%. Blackstone’s revenue was up 166.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.97 earnings per share. Research analysts forecast that Blackstone Inc. will post 4.77 earnings per share for the current year.

Blackstone Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 6th. Investors of record on Monday, April 29th were paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date was Friday, April 26th. Blackstone’s dividend payout ratio is 117.31%.

Insider Buying and Selling at Blackstone

In other Blackstone news, Director Ruth Porat acquired 219 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was purchased at an average cost of $119.48 per share, for a total transaction of $26,166.12. Following the transaction, the director now owns 34,445 shares of the company’s stock, valued at approximately $4,115,488.60. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

BX has been the subject of a number of recent analyst reports. TD Cowen lowered their price target on shares of Blackstone from $117.00 to $114.00 and set a “hold” rating for the company in a report on Friday, April 19th. Argus boosted their price target on Blackstone from $133.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Morgan Stanley lifted their price objective on Blackstone from $144.00 to $145.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. Barclays reissued an “equal weight” rating and set a $125.00 price target (down previously from $129.00) on shares of Blackstone in a research report on Friday, April 19th. Finally, Piper Sandler decreased their price objective on shares of Blackstone from $150.00 to $146.00 and set an “overweight” rating for the company in a report on Wednesday, April 10th. Thirteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $123.65.

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.