Amalgamated Bank Reduces Holdings in Blackstone Inc. (NYSE:BX)

Amalgamated Bank trimmed its position in shares of Blackstone Inc. (NYSE:BX) by 0.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 153,655 shares of the asset manager’s stock after selling 238 shares during the quarter. Amalgamated Bank’s holdings in Blackstone were worth $19,022,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Congress Wealth Management LLC DE increased its position in shares of Blackstone by 36.6% during the fourth quarter. Congress Wealth Management LLC DE now owns 36,215 shares of the asset manager’s stock worth $4,741,000 after purchasing an additional 9,699 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in shares of Blackstone by 8.5% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 367,841 shares of the asset manager’s stock valued at $48,158,000 after purchasing an additional 28,856 shares during the last quarter. TD Asset Management Inc lifted its stake in shares of Blackstone by 8.9% in the 4th quarter. TD Asset Management Inc now owns 254,099 shares of the asset manager’s stock valued at $33,267,000 after purchasing an additional 20,830 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Blackstone by 1.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 431,784 shares of the asset manager’s stock valued at $53,455,000 after purchasing an additional 7,692 shares during the last quarter. Finally, Norden Group LLC lifted its stake in shares of Blackstone by 2,072.0% in the 1st quarter. Norden Group LLC now owns 36,555 shares of the asset manager’s stock valued at $4,802,000 after purchasing an additional 34,872 shares during the last quarter. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BX has been the topic of several research reports. Redburn Atlantic initiated coverage on Blackstone in a research note on Tuesday, August 27th. They set a “neutral” rating and a $134.00 target price on the stock. Deutsche Bank Aktiengesellschaft upped their price target on Blackstone from $145.00 to $146.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Piper Sandler upped their price target on Blackstone from $134.00 to $149.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Morgan Stanley upped their price target on Blackstone from $144.00 to $164.00 and gave the stock an “overweight” rating in a report on Tuesday, July 23rd. Finally, Bank of America upped their price target on Blackstone from $130.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Fourteen equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $130.78.

Blackstone Stock Up 0.3 %

BX opened at $155.07 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 $137.73 and a 200-day simple moving average of $128.72. The stock has a market capitalization of $110.82 billion, a P/E ratio of 54.80, a P/E/G ratio of 1.23 and a beta of 1.51. Blackstone Inc. has a 12 month low of $88.59 and a 12 month high of $156.46.

Blackstone (NYSE:BX) last released its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.03). Blackstone had a net margin of 19.35% and a return on equity of 17.43%. The firm had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $2.58 billion. During the same period in the previous year, the business earned $0.93 earnings per share. The business’s revenue for the quarter was up 166.9% on a year-over-year basis. On average, equities analysts anticipate that Blackstone Inc. will post 4.57 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 29th were paid a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend was Monday, July 29th. Blackstone’s payout ratio is currently 115.90%.

Insider Activity at Blackstone

In other Blackstone news, insider John G. Finley sold 35,000 shares of the firm’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 completion of the transaction, the insider now owns 429,386 shares of the company’s stock, valued at $56,567,311.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Blackstone news, insider John G. Finley sold 35,000 shares of the firm’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 completion of the transaction, the insider now owns 429,386 shares of the company’s stock, valued at $56,567,311.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joseph Baratta sold 116,448 shares of the firm’s 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 directly owns 921,184 shares of the company’s stock, valued at approximately $113,305,632. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.

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.