Blackstone Inc. (NYSE:BX) Stock Holdings Cut by Avondale Wealth Management

Avondale Wealth Management lowered its position in shares of Blackstone Inc. (NYSE:BX) by 10.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,750 shares of the asset manager’s stock after selling 200 shares during the quarter. Avondale Wealth Management’s holdings in Blackstone were worth $302,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BX. Quest Partners LLC raised its position in shares of Blackstone by 12,090.0% during the second quarter. Quest Partners LLC now owns 1,219 shares of the asset manager’s stock worth $151,000 after purchasing an additional 1,209 shares during the period. Dorsey & Whitney Trust CO LLC boosted its holdings in shares of Blackstone by 23.0% in the second quarter. Dorsey & Whitney Trust CO LLC now owns 2,538 shares of the asset manager’s stock worth $314,000 after buying an additional 474 shares during the period. Andra AP fonden acquired a new stake in shares of Blackstone during the second quarter valued at approximately $669,000. MGO One Seven LLC boosted its stake in Blackstone by 4.8% in the 2nd quarter. MGO One Seven LLC now owns 23,369 shares of the asset manager’s stock worth $2,893,000 after purchasing an additional 1,066 shares during the period. Finally, LPL Financial LLC lifted its holdings in shares of Blackstone by 2.5% in the second quarter. LPL Financial LLC now owns 902,958 shares of the asset manager’s stock valued at $111,786,000 after purchasing an additional 22,233 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors.

Blackstone Stock Performance

Shares of NYSE BX traded down $7.65 during trading hours on Friday, hitting $166.32. 1,074,835 shares of the company’s stock were exchanged, compared to its average volume of 1,978,898. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.71 and a quick ratio of 0.71. The company’s 50-day moving average price is $180.80 and its 200-day moving average price is $156.25. The stock has a market capitalization of $120.08 billion, a price-to-earnings ratio of 57.15, a PEG ratio of 1.63 and a beta of 1.53. Blackstone Inc. has a 1-year low of $114.88 and a 1-year high of $200.96.

Blackstone (NYSE:BX) last announced its earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.10. The business had revenue of $2.43 billion for 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 4.43 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Monday, October 28th were issued a $0.86 dividend. This is a boost from Blackstone’s previous quarterly dividend of $0.82. The ex-dividend date of this dividend was Monday, October 28th. This represents a $3.44 annualized dividend and a yield of 2.07%. Blackstone’s dividend payout ratio is 118.21%.

Wall Street Analysts Forecast Growth

BX has been the subject of several research analyst reports. Barclays increased their price objective on Blackstone from $174.00 to $199.00 and gave the stock an “equal weight” rating in a research note on Monday, December 9th. UBS Group raised their price target on shares of Blackstone from $140.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Citigroup increased their target price on shares of Blackstone from $157.00 to $170.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. The Goldman Sachs Group upped their price target on shares of Blackstone from $135.00 to $150.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Finally, Piper Sandler boosted their target price on Blackstone from $168.00 to $179.00 and gave the company a “neutral” rating in a research note on Monday, December 23rd. Thirteen analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $171.00.

Insider Activity

In related news, insider John G. Finley sold 42,249 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $175.94, for a total value of $7,433,289.06. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.00% of the stock is currently 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.