Trust Asset Management LLC Buys New Position in Blackstone Inc. (NYSE:BX)

Trust Asset Management LLC bought a new stake in shares of Blackstone Inc. (NYSE:BX) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 8,305 shares of the asset manager’s stock, valued at approximately $1,087,000.

Several other hedge funds and other institutional investors have also bought and sold shares of BX. Strategic Blueprint LLC boosted its position in Blackstone by 5.1% in the third quarter. Strategic Blueprint LLC now owns 9,015 shares of the asset manager’s stock worth $966,000 after purchasing an additional 438 shares during the last quarter. Caprock Group LLC raised its stake in shares of Blackstone by 21.4% in the third quarter. Caprock Group LLC now owns 4,929 shares of the asset manager’s stock valued at $528,000 after buying an additional 868 shares during the period. Capital Asset Advisory Services LLC raised its stake in shares of Blackstone by 8.1% in the third quarter. Capital Asset Advisory Services LLC now owns 2,641 shares of the asset manager’s stock valued at $283,000 after buying an additional 198 shares during the period. Greenwood Capital Associates LLC bought a new stake in shares of Blackstone in the third quarter valued at $1,076,000. Finally, Coastline Trust Co raised its stake in shares of Blackstone by 35.9% in the third quarter. Coastline Trust Co now owns 19,788 shares of the asset manager’s stock valued at $2,120,000 after buying an additional 5,228 shares during the period. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Blackstone Trading Down 0.4 %

BX stock traded down $0.51 during trading on Thursday, hitting $123.27. 3,616,532 shares of the company traded hands, compared to its average volume of 3,695,260. The firm has a market capitalization of $88.09 billion, a PE ratio of 43.56, a P/E/G ratio of 1.03 and a beta of 1.51. Blackstone Inc. has a 1 year low of $79.92 and a 1 year high of $133.56. The company has a 50-day moving average of $126.08 and a 200-day moving average of $118.27. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.80 and a current ratio of 0.79.

Blackstone (NYSE:BX) last released its quarterly earnings data on Thursday, April 18th. The asset manager reported $0.98 earnings per share for the quarter, hitting the consensus estimate of $0.98. Blackstone had a return on equity of 17.33% and a net margin of 20.84%. The business had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $2.56 billion. During the same quarter last year, the business posted $0.97 EPS. The business’s revenue was up 166.9% on a year-over-year basis. Analysts predict that Blackstone Inc. will post 4.77 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, May 6th. Stockholders of record on Monday, April 29th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 2.69%. The ex-dividend date is Friday, April 26th. Blackstone’s dividend payout ratio is currently 132.86%.

Insider Transactions at Blackstone

In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of the stock in a transaction that occurred on Sunday, March 3rd. The stock was sold at an average price of $11.10, for a total value of $27,853,407.60. Following the completion of the transaction, the insider now owns 12,802 shares of the company’s stock, valued at approximately $142,102.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider John G. Finley sold 49,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $127.93, for a total transaction of $6,268,570.00. Following the completion of the transaction, the insider now owns 393,143 shares of the company’s stock, valued at approximately $50,294,783.99. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of the firm’s stock in a transaction that occurred on Sunday, March 3rd. The shares were sold at an average price of $11.10, for a total value of $27,853,407.60. Following the transaction, the insider now directly owns 12,802 shares of the company’s stock, valued at approximately $142,102.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,587,168 shares of company stock valued at $37,816,476. Corporate insiders own 1.00% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on BX shares. UBS Group boosted their target price on Blackstone from $135.00 to $138.00 and gave the company a “neutral” rating in a research note on Friday, April 12th. BMO Capital Markets boosted their price objective on Blackstone from $95.00 to $101.00 and gave the company a “market perform” rating in a research note on Friday, January 26th. Argus boosted their price objective on Blackstone from $133.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday. The Goldman Sachs Group lowered Blackstone from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $115.00 to $128.00 in a research note on Wednesday, January 3rd. Finally, Wells Fargo & Company boosted their price objective on Blackstone from $127.00 to $130.00 and gave the company an “overweight” rating in a research note on Monday, January 22nd. Thirteen analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $123.65.

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.