Brave Asset Management Inc. Trims Stock Position in Blackstone Inc. (NYSE:BX)

Brave Asset Management Inc. lessened its position in Blackstone Inc. (NYSE:BXGet Rating) by 7.5% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 12,404 shares of the asset manager’s stock after selling 1,000 shares during the period. Brave Asset Management Inc.’s holdings in Blackstone were worth $1,132,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Western Pacific Wealth Management LP acquired a new position in shares of Blackstone in the fourth quarter valued at approximately $27,000. Financial Advantage Inc. acquired a new position in Blackstone during the first quarter worth approximately $26,000. Landmark Wealth Management LLC acquired a new position in Blackstone during the first quarter worth approximately $27,000. Citizens National Bank Trust Department acquired a new position in Blackstone during the fourth quarter worth approximately $39,000. Finally, Independence Bank of Kentucky increased its position in Blackstone by 152.0% during the first quarter. Independence Bank of Kentucky now owns 315 shares of the asset manager’s stock worth $40,000 after purchasing an additional 190 shares during the last quarter. Institutional investors and hedge funds own 61.87% of the company’s stock.

Blackstone Stock Down 3.2 %

NYSE BX traded down $2.71 during trading hours on Friday, reaching $82.69. 252,886 shares of the company traded hands, compared to its average volume of 3,186,851. Blackstone Inc. has a 12 month low of $84.11 and a 12 month high of $149.78. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $58.02 billion, a PE ratio of 15.10, a PEG ratio of 1.69 and a beta of 1.45. The company has a 50 day moving average of $98.89 and a two-hundred day moving average of $105.50.

Blackstone (NYSE:BXGet Rating) last posted its quarterly earnings data on Thursday, July 21st. The asset manager reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.47 by $0.02. Blackstone had a net margin of 22.48% and a return on equity of 20.80%. The firm had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.46 billion. During the same period in the prior year, the firm posted $0.82 EPS. The firm’s revenue was up 96.1% compared to the same quarter last year. As a group, equities analysts expect that Blackstone Inc. will post 5.16 earnings per share for the current year.

Blackstone Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 8th. Stockholders of record on Monday, August 1st were given a $1.27 dividend. The ex-dividend date of this dividend was Friday, July 29th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 6.14%. Blackstone’s payout ratio is currently 92.70%.

Insider Transactions at Blackstone

In other news, major shareholder Holdings L.P. Blackstone III sold 7,200 shares of the firm’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $32.68, for a total value of $235,296.00. Following the transaction, the insider now directly owns 862,800 shares in the company, valued at approximately $28,196,304. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, major shareholder Holdings L.P. Blackstone III sold 7,200 shares of the stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $32.68, for a total value of $235,296.00. Following the sale, the insider now owns 862,800 shares of the company’s stock, valued at approximately $28,196,304. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Joseph Baratta sold 71,223 shares of the stock in a transaction dated Wednesday, July 27th. The stock was sold at an average price of $93.95, for a total transaction of $6,691,400.85. Following the completion of the sale, the director now directly owns 1,141,965 shares in the company, valued at approximately $107,287,611.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 161,423 shares of company stock worth $9,660,717. 1.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on BX. Piper Sandler dropped their price target on shares of Blackstone from $154.00 to $120.00 and set an “overweight” rating for the company in a research report on Monday, July 25th. StockNews.com raised shares of Blackstone from a “sell” rating to a “hold” rating in a research report on Thursday. Wells Fargo & Company increased their price objective on shares of Blackstone to $102.00 in a research report on Friday, July 22nd. The Goldman Sachs Group dropped their price objective on shares of Blackstone from $136.00 to $112.00 and set a “buy” rating for the company in a research report on Wednesday, June 29th. Finally, Barclays began coverage on shares of Blackstone in a research report on Wednesday, August 31st. They issued an “overweight” rating and a $120.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Blackstone presently has an average rating of “Moderate Buy” and a consensus target price of $131.33.

Blackstone Company Profile

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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.

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Want to see what other hedge funds are holding BX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blackstone Inc. (NYSE:BXGet Rating).

Institutional Ownership by Quarter for Blackstone (NYSE:BX)

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