Beaumont Financial Advisors LLC Trims Stake in Blackstone Inc. (NYSE:BX)

Beaumont Financial Advisors LLC decreased its position in Blackstone Inc. (NYSE:BX) by 64.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,741 shares of the asset manager’s stock after selling 6,763 shares during the quarter. Beaumont Financial Advisors LLC’s holdings in Blackstone were worth $573,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Wulff Hansen & CO. increased its stake in Blackstone by 12,192.7% during the 2nd quarter. Wulff Hansen & CO. now owns 7,340,845 shares of the asset manager’s stock valued at $908,797,000 after purchasing an additional 7,281,128 shares in the last quarter. Capital World Investors boosted its stake in shares of Blackstone by 7.5% during the 1st quarter. Capital World Investors now owns 36,285,872 shares of the asset manager’s stock worth $4,766,875,000 after acquiring an additional 2,546,886 shares during the last quarter. Lazard Asset Management LLC raised its stake in shares of Blackstone by 19,048.1% in the first quarter. Lazard Asset Management LLC now owns 1,883,409 shares of the asset manager’s stock worth $247,423,000 after buying an additional 1,873,573 shares during the period. Vanguard Group Inc. grew its stake in shares of Blackstone by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 64,262,972 shares of the asset manager’s stock valued at $8,442,227,000 after acquiring an additional 1,290,324 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in Blackstone by 213.5% during the second quarter. The Manufacturers Life Insurance Company now owns 1,375,969 shares of the asset manager’s stock valued at $170,345,000 after purchasing an additional 937,084 shares in the last quarter. Institutional investors own 70.00% of the company’s stock.

Blackstone Price Performance

Shares of Blackstone stock opened at $153.05 on Friday. The stock has a 50 day moving average price of $143.32 and a 200-day moving average price of $131.93. Blackstone Inc. has a one year low of $88.59 and a one year high of $161.25. The stock has a market cap of $110.21 billion, a price-to-earnings ratio of 58.42, a price-to-earnings-growth ratio of 1.24 and a beta of 1.51. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.77 and a current ratio of 0.77.

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). Blackstone had a return on equity of 17.43% and a net margin of 19.35%. The firm had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter last year, the business posted $0.93 EPS. Blackstone’s revenue was up 166.9% compared to the same quarter last year. Equities analysts expect that Blackstone Inc. will post 4.46 EPS for the current year.

Blackstone Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 29th were given a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 2.14%. The ex-dividend date was Monday, July 29th. Blackstone’s dividend payout ratio (DPR) is presently 125.19%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BX. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Blackstone from $145.00 to $146.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Barclays increased their target price on Blackstone from $141.00 to $155.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. TD Cowen upped their price target on Blackstone from $114.00 to $120.00 and gave the stock a “hold” rating in a research note on Friday, July 19th. Piper Sandler downgraded shares of Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 target price on the stock. in a report on Wednesday. Finally, 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. Twelve equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $135.00.

Insider Transactions at Blackstone

In other Blackstone news, Director Joseph Baratta sold 116,448 shares of the company’s stock in a transaction dated 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 transaction, the director now directly owns 799,749 shares in the company, valued at $120,610,146.69. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Blackstone news, insider John G. Finley sold 35,000 shares of the firm’s stock in a transaction dated 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 owns 429,386 shares of the company’s stock, valued at approximately $56,567,311.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joseph Baratta sold 116,448 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 799,749 shares of the company’s stock, valued at $120,610,146.69. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

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.