Mcintyre Freedman & Flynn Investment Advisers Inc. Has $7.56 Million Stock Position in Blackstone Inc. (NYSE:BX)

Mcintyre Freedman & Flynn Investment Advisers Inc. lowered its position in shares of Blackstone Inc. (NYSE:BX) by 0.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 61,049 shares of the asset manager’s stock after selling 557 shares during the quarter. Blackstone makes up about 5.5% of Mcintyre Freedman & Flynn Investment Advisers Inc.’s investment portfolio, making the stock its 4th largest position. Mcintyre Freedman & Flynn Investment Advisers Inc.’s holdings in Blackstone were worth $7,558,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Moseley Investment Management Inc. raised its holdings in Blackstone by 0.7% during the 2nd quarter. Moseley Investment Management Inc. now owns 11,239 shares of the asset manager’s stock worth $1,391,000 after buying an additional 74 shares during the period. Patrick M Sweeney & Associates Inc. lifted its position in Blackstone by 0.6% in the 2nd quarter. Patrick M Sweeney & Associates Inc. now owns 13,840 shares of the asset manager’s stock valued at $1,713,000 after acquiring an additional 80 shares in the last quarter. Signaturefd LLC increased its holdings in Blackstone by 0.6% during the 2nd quarter. Signaturefd LLC now owns 13,615 shares of the asset manager’s stock worth $1,686,000 after purchasing an additional 80 shares in the last quarter. WR Wealth Planners LLC lifted its holdings in shares of Blackstone by 23.7% in the second quarter. WR Wealth Planners LLC now owns 439 shares of the asset manager’s stock valued at $54,000 after purchasing an additional 84 shares in the last quarter. Finally, Beaumont Asset Management L.L.C. grew its holdings in shares of Blackstone by 1.3% during the second quarter. Beaumont Asset Management L.L.C. now owns 6,672 shares of the asset manager’s stock worth $826,000 after buying an additional 84 shares in the last quarter. Institutional investors own 70.00% of the company’s stock.

Blackstone Stock Up 3.2 %

NYSE BX opened at $151.17 on Friday. The company has a market cap of $108.85 billion, a price-to-earnings ratio of 53.42, a PEG ratio of 1.23 and a beta of 1.51. Blackstone Inc. has a 1-year low of $88.59 and a 1-year high of $151.87. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.60. The company has a 50 day moving average of $136.38 and a 200-day moving average of $128.31.

Blackstone (NYSE:BX) last released its earnings results on Thursday, July 18th. The asset manager reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.03). The company had revenue of $3.69 billion for the quarter, compared to analyst estimates of $2.58 billion. Blackstone had a return on equity of 17.43% and a net margin of 19.35%. The business’s revenue for the quarter was up 166.9% compared to the same quarter last year. During the same period last year, the company posted $0.93 earnings per share. On average, equities research analysts expect that Blackstone Inc. will post 4.57 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 29th were given a dividend of $0.82 per share. The ex-dividend date of this dividend was Monday, July 29th. This represents a $3.28 annualized dividend and a dividend yield of 2.17%. Blackstone’s dividend payout ratio is 115.90%.

Insider Activity at Blackstone

In other news, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $123.00, for a total value of $14,323,104.00. Following the transaction, the director now owns 921,184 shares in the company, valued at approximately $113,305,632. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Blackstone news, Director Joseph Baratta sold 116,448 shares of the firm’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $123.00, for a total value of $14,323,104.00. Following the sale, the director now owns 921,184 shares in the company, valued at $113,305,632. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John G. Finley sold 35,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the transaction, the insider now owns 429,386 shares of the company’s stock, valued at $56,567,311.64. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Wells Fargo & Company started coverage on shares of Blackstone in a research report on Thursday. They set an “overweight” rating and a $163.00 price target on the stock. Barclays increased their price target on Blackstone from $126.00 to $141.00 and gave the company an “equal weight” rating in a research report on Friday, July 19th. Piper Sandler upped their price objective on Blackstone from $134.00 to $149.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Blackstone from $145.00 to $146.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Finally, TD Cowen lifted their price objective on shares of Blackstone from $114.00 to $120.00 and gave the company a “hold” rating in a research report on Friday, July 19th. Fourteen equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Blackstone currently has a consensus rating of “Hold” and an average target price of $130.78.

Blackstone Company 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.