Opal Wealth Advisors LLC Trims Position in Blackstone Inc. (NYSE:BX)

Opal Wealth Advisors LLC lowered its holdings in shares of Blackstone Inc. (NYSE:BX) by 7.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,582 shares of the asset manager’s stock after selling 199 shares during the quarter. Opal Wealth Advisors LLC’s holdings in Blackstone were worth $395,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in BX. Scarborough Advisors LLC bought a new position in shares of Blackstone in the fourth quarter worth about $32,000. Fisher Asset Management LLC increased its stake in shares of Blackstone by 10.9% in the fourth quarter. Fisher Asset Management LLC now owns 4,688 shares of the asset manager’s stock worth $614,000 after purchasing an additional 459 shares in the last quarter. Confluence Investment Management LLC purchased a new position in shares of Blackstone during the 1st quarter valued at $1,445,000. Moody National Bank Trust Division raised its holdings in Blackstone by 10.7% during the first quarter. Moody National Bank Trust Division now owns 10,582 shares of the asset manager’s stock valued at $1,390,000 after acquiring an additional 1,020 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of Blackstone by 23.4% in the first quarter. GAMMA Investing LLC now owns 4,581 shares of the asset manager’s stock worth $602,000 after acquiring an additional 869 shares during the period. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Insider Activity

In other Blackstone news, Director Joseph Baratta sold 116,448 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total transaction of $17,561,522.88. Following the transaction, the director now directly owns 799,749 shares in the company, valued at $120,610,146.69. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider John G. Finley sold 35,000 shares of Blackstone stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the transaction, the insider now directly owns 429,386 shares of the company’s stock, valued at $56,567,311.64. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Joseph Baratta sold 116,448 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $150.81, for a total value of $17,561,522.88. Following the sale, the director now directly owns 799,749 shares in the company, valued at $120,610,146.69. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Blackstone Stock Up 0.6 %

Shares of NYSE:BX opened at $156.35 on Wednesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.77 and a quick ratio of 0.77. The business has a 50 day simple moving average of $144.76 and a two-hundred day simple moving average of $132.48. Blackstone Inc. has a 1 year low of $88.59 and a 1 year high of $161.25. The firm has a market capitalization of $111.73 billion, a PE ratio of 55.25, a price-to-earnings-growth ratio of 1.24 and a beta of 1.51.

Blackstone (NYSE:BX) last announced its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.96 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.03). The business had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $2.58 billion. Blackstone had a net margin of 19.35% and a return on equity of 17.43%. The business’s revenue was up 166.9% compared to the same quarter last year. During the same period last year, the company earned $0.93 EPS. On average, equities analysts predict that Blackstone Inc. will post 4.46 EPS for the current year.

Blackstone Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 29th were paid a $0.82 dividend. The ex-dividend date was Monday, July 29th. This represents a $3.28 dividend on an annualized basis and a yield of 2.10%. Blackstone’s dividend payout ratio is currently 115.90%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. TD Cowen increased their price objective 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 target on shares of Blackstone from $130.00 to $145.00 and gave the company a “buy” rating in a report on Friday, July 19th. Morgan Stanley lifted their target price on Blackstone from $164.00 to $177.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Evercore ISI raised their price target on Blackstone from $148.00 to $155.00 and gave the company an “outperform” rating in a report on Monday. Finally, Barclays upped their price objective on Blackstone from $141.00 to $155.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Twelve analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $136.18.

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.