Moody National Bank Trust Division trimmed its stake in shares of Blackstone Inc. (NYSE:BX – Get Rating) by 81.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,562 shares of the asset manager’s stock after selling 41,300 shares during the period. Moody National Bank Trust Division’s holdings in Blackstone were worth $872,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently bought and sold shares of BX. Financial Advantage Inc. purchased a new stake in Blackstone in the first quarter valued at $26,000. Western Pacific Wealth Management LP acquired a new position in Blackstone during the 4th quarter worth $27,000. Landmark Wealth Management LLC acquired a new position in Blackstone during the 1st quarter worth $27,000. Providence Capital Advisors LLC grew its stake in Blackstone by 1,137.6% during the 1st quarter. Providence Capital Advisors LLC now owns 2,995 shares of the asset manager’s stock worth $31,000 after purchasing an additional 2,753 shares in the last quarter. Finally, Citizens National Bank Trust Department purchased a new stake in Blackstone during the 4th quarter worth about $39,000. 61.87% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of analysts have issued reports on the company. Piper Sandler decreased their price target on Blackstone from $154.00 to $120.00 and set an “overweight” rating for the company in a report on Monday, July 25th. Deutsche Bank Aktiengesellschaft boosted their target price on Blackstone from $147.00 to $153.00 and gave the company a “buy” rating in a report on Friday, August 12th. Barclays began coverage on Blackstone in a report on Wednesday, August 31st. They issued an “overweight” rating and a $120.00 target price for the company. The Goldman Sachs Group reduced their target price on Blackstone from $136.00 to $112.00 and set a “buy” rating for the company in a report on Wednesday, June 29th. Finally, StockNews.com downgraded Blackstone from a “hold” rating to a “sell” rating in a report on Friday, September 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $131.33.
Blackstone Stock Performance
Blackstone (NYSE:BX – Get Rating) last released its earnings results on Thursday, July 21st. The asset manager reported $1.49 earnings per share (EPS) for the quarter, topping 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 company had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.46 billion. During the same quarter in the previous year, the firm posted $0.82 EPS. The firm’s quarterly revenue was up 96.1% on a year-over-year basis. Research analysts expect that Blackstone Inc. will post 5.16 EPS for the current year.
Blackstone Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, August 8th. Shareholders of record on Monday, August 1st were given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 5.51%. The ex-dividend date of this dividend was Friday, July 29th. Blackstone’s payout ratio is 92.70%.
Insiders Place Their Bets
In other Blackstone news, Director Joseph Baratta sold 71,223 shares of the business’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 transaction, the director now owns 1,141,965 shares in the company, valued at approximately $107,287,611.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, major shareholder Holdings L.P. Blackstone III sold 41,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $32.94, for a total value of $1,367,010.00. Following the sale, the insider now owns 898,993 shares in the company, valued at approximately $29,612,829.42. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 value of $6,691,400.85. Following the completion of the sale, the director now owns 1,141,965 shares in the company, valued at approximately $107,287,611.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 161,423 shares of company stock worth $9,660,717. Company insiders own 1.00% of the company’s stock.
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.
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