Hsbc Holdings PLC Sells 35,077 Shares of Blackstone Inc. (NYSE:BX)

Hsbc Holdings PLC reduced its position in Blackstone Inc. (NYSE:BXGet Rating) by 4.5% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 752,033 shares of the asset manager’s stock after selling 35,077 shares during the period. Hsbc Holdings PLC owned 0.11% of Blackstone worth $95,581,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BX. Financial Partners Group Inc grew its holdings in Blackstone by 11.8% during the 1st quarter. Financial Partners Group Inc now owns 6,489 shares of the asset manager’s stock valued at $824,000 after buying an additional 685 shares in the last quarter. Addison Capital Co grew its holdings in Blackstone by 32.3% during the 1st quarter. Addison Capital Co now owns 7,742 shares of the asset manager’s stock valued at $983,000 after buying an additional 1,888 shares in the last quarter. Glassy Mountain Advisors Inc. grew its holdings in Blackstone by 6.1% during the 1st quarter. Glassy Mountain Advisors Inc. now owns 28,491 shares of the asset manager’s stock valued at $3,617,000 after buying an additional 1,647 shares in the last quarter. NorthCrest Asset Manangement LLC purchased a new position in Blackstone during the 1st quarter valued at about $369,000. Finally, Equitable Trust Co. purchased a new position in Blackstone during the 1st quarter valued at about $339,000. 61.87% of the stock is currently owned by institutional investors.

Blackstone Stock Performance

Shares of BX stock opened at $99.67 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.92 and a current ratio of 0.92. Blackstone Inc. has a fifty-two week low of $86.97 and a fifty-two week high of $149.78. The stock has a 50 day moving average price of $99.03 and a two-hundred day moving average price of $107.29. The company has a market capitalization of $69.94 billion, a P/E ratio of 18.19, a PEG ratio of 1.84 and a beta of 1.45.

Blackstone (NYSE:BXGet Rating) last announced its quarterly earnings data on Thursday, July 21st. The asset manager reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.47 by $0.02. Blackstone had a return on equity of 20.80% and a net margin of 22.48%. The firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.46 billion. During the same quarter in the previous year, the company posted $0.82 earnings per share. The business’s revenue was up 96.1% on a year-over-year basis. Analysts expect that Blackstone Inc. will post 5.16 earnings per share for the current year.

Blackstone Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 8th. Shareholders of record on Monday, August 1st were given a $1.27 dividend. The ex-dividend date of this dividend was Friday, July 29th. This represents a $5.08 annualized dividend and a yield of 5.10%. Blackstone’s payout ratio is currently 92.70%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Morgan Stanley cut their price objective on Blackstone from $154.00 to $125.00 and set an “overweight” rating for the company in a report on Tuesday, July 19th. StockNews.com lowered Blackstone from a “hold” rating to a “sell” rating in a report on Friday, September 2nd. Keefe, Bruyette & Woods lowered Blackstone from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $127.00 to $115.00 in a report on Wednesday, August 3rd. Wells Fargo & Company boosted their price objective on Blackstone to $102.00 in a report on Friday, July 22nd. Finally, Barclays started coverage on Blackstone in a report on Wednesday, August 31st. They set an “overweight” rating and a $120.00 price objective for the company. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $131.33.

Insider Buying and Selling at Blackstone

In other Blackstone news, major shareholder Holdings L.P. Blackstone III sold 7,200 shares of the business’s stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $32.68, for a total value of $235,296.00. Following the completion of the sale, the insider now owns 862,800 shares in the company, valued at $28,196,304. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Joseph Baratta sold 71,223 shares of the company’s stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $93.95, for a total transaction of $6,691,400.85. Following the completion of the transaction, the director now owns 1,141,965 shares in the company, valued at $107,287,611.75. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Holdings L.P. Blackstone III sold 7,200 shares of the company’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $32.68, for a total value of $235,296.00. Following the transaction, the insider now owns 862,800 shares of the company’s stock, valued at approximately $28,196,304. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 161,423 shares of company stock worth $9,660,717. 1.00% of the stock is currently owned by insiders.

Blackstone Profile

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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.

See Also

Want to see what other hedge funds are holding BX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blackstone Inc. (NYSE:BXGet Rating).

Institutional Ownership by Quarter for Blackstone (NYSE:BX)

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