New Wave Wealth Advisors LLC Cuts Stake in Blackstone Inc. (NYSE:BX)

New Wave Wealth Advisors LLC lessened its stake in Blackstone Inc. (NYSE:BX) by 27.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,199 shares of the asset manager’s stock after selling 457 shares during the period. New Wave Wealth Advisors LLC’s holdings in Blackstone were worth $207,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Country Trust Bank grew its stake in Blackstone by 8.6% in the fourth quarter. Country Trust Bank now owns 192,525 shares of the asset manager’s stock valued at $33,195,000 after purchasing an additional 15,250 shares during the last quarter. Evernest Financial Advisors LLC purchased a new position in Blackstone in the fourth quarter valued at about $217,000. Sonora Investment Management Group LLC grew its stake in Blackstone by 0.5% in the fourth quarter. Sonora Investment Management Group LLC now owns 138,881 shares of the asset manager’s stock valued at $23,946,000 after purchasing an additional 740 shares during the last quarter. Mediolanum International Funds Ltd acquired a new stake in Blackstone in the fourth quarter worth about $4,239,000. Finally, Crews Bank & Trust acquired a new stake in Blackstone in the fourth quarter worth about $129,000. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BX. UBS Group raised their price target on Blackstone from $140.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Cowen reissued a “hold” rating on shares of Blackstone in a report on Friday, October 18th. Wells Fargo & Company lowered their price target on Blackstone from $195.00 to $180.00 and set an “equal weight” rating for the company in a report on Tuesday, January 14th. TD Cowen raised Blackstone from a “hold” rating to a “buy” rating and lifted their target price for the stock from $149.00 to $230.00 in a report on Monday, December 9th. Finally, Citigroup lifted their target price on Blackstone from $157.00 to $170.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Thirteen research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Blackstone has a consensus rating of “Hold” and a consensus target price of $169.19.

Blackstone Stock Down 4.1 %

Blackstone stock opened at $177.78 on Friday. The stock has a market capitalization of $128.35 billion, a PE ratio of 61.09, a price-to-earnings-growth ratio of 1.24 and a beta of 1.53. Blackstone Inc. has a 12 month low of $115.82 and a 12 month high of $200.96. The business has a 50 day simple moving average of $180.59 and a 200-day simple moving average of $161.95. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.71 and a quick ratio of 0.71.

Blackstone (NYSE:BX) last issued its quarterly earnings results on Thursday, January 30th. The asset manager reported $1.69 EPS for the quarter, topping the consensus estimate of $1.50 by $0.19. Blackstone had a return on equity of 17.53% and a net margin of 19.46%. On average, analysts anticipate that Blackstone Inc. will post 4.41 EPS for the current fiscal year.

Insider Buying and Selling

In other Blackstone news, insider John G. Finley sold 42,249 shares of the business’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 approximately $68,112,883.78. The trade was a 9.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.00% of the stock is owned by company insiders.

About Blackstone

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.