Blackstone Inc. (NYSE:BX) Shares Sold by Allen Capital Group LLC

Allen Capital Group LLC lowered its position in shares of Blackstone Inc. (NYSE:BX) by 2.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 54,832 shares of the asset manager’s stock after selling 1,255 shares during the quarter. Blackstone makes up about 1.0% of Allen Capital Group LLC’s holdings, making the stock its 22nd largest holding. Allen Capital Group LLC’s holdings in Blackstone were worth $8,396,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Wulff Hansen & CO. grew its position in shares of Blackstone by 12,192.7% in the second 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. International Assets Investment Management LLC grew its position in shares of Blackstone by 15,357.3% in the third quarter. International Assets Investment Management LLC now owns 4,201,150 shares of the asset manager’s stock valued at $6,433,220,000 after purchasing an additional 4,173,971 shares in the last quarter. Lazard Asset Management LLC grew its position in 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 acquiring an additional 1,873,573 shares during the period. The Manufacturers Life Insurance Company grew its position in Blackstone by 213.5% in the second quarter. The Manufacturers Life Insurance Company now owns 1,375,969 shares of the asset manager’s stock worth $170,345,000 after acquiring an additional 937,084 shares during the period. Finally, Mackenzie Financial Corp boosted its position in shares of Blackstone by 468.4% during the second quarter. Mackenzie Financial Corp now owns 1,107,547 shares of the asset manager’s stock worth $137,114,000 after buying an additional 912,685 shares during the period. Institutional investors and hedge funds own 70.00% of the company’s stock.

Insider Activity

In other news, insider John G. Finley sold 42,249 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $175.94, for a total transaction of $7,433,289.06. Following the transaction, the insider now owns 387,137 shares of the company’s stock, valued at $68,112,883.78. This represents a 9.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 completion of the sale, the director now owns 799,749 shares of the company’s stock, valued at $120,610,146.69. This represents a 12.71 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.

Blackstone Price Performance

Shares of Blackstone stock opened at $194.21 on Friday. The stock has a market capitalization of $140.22 billion, a price-to-earnings ratio of 66.74, a PEG ratio of 1.57 and a beta of 1.49. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.58. Blackstone Inc. has a 1-year low of $105.51 and a 1-year high of $194.64. The firm has a fifty day simple moving average of $164.90 and a 200-day simple moving average of $141.94.

Blackstone (NYSE:BX) last released its earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.10. The firm had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.37 billion. Blackstone had a net margin of 19.46% and a return on equity of 17.53%. On average, sell-side analysts expect that Blackstone Inc. will post 4.4 earnings per share for the current year.

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Monday, October 28th were given a dividend of $0.86 per share. The ex-dividend date was Monday, October 28th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.77%. This is a positive change from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s dividend payout ratio is currently 118.21%.

Analysts Set New Price Targets

BX has been the subject of several research analyst reports. Bank of America raised their price target on Blackstone from $171.00 to $192.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Cowen restated a “hold” rating on shares of Blackstone in a research note on Friday, October 18th. Citigroup raised their price objective on Blackstone from $157.00 to $170.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Piper Sandler lowered Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 price target on the stock. in a report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. lifted their price objective on Blackstone from $125.00 to $146.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Thirteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Blackstone currently has a consensus rating of “Hold” and an average target price of $157.63.

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.