Royal London Asset Management Ltd. Cuts Stock Position in Blackstone Inc. (NYSE:BX)

Royal London Asset Management Ltd. lessened its stake in shares of Blackstone Inc. (NYSE:BX) by 57.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 166,209 shares of the asset manager’s stock after selling 220,314 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Blackstone were worth $28,658,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Bangor Savings Bank raised its position in Blackstone by 187.5% in the fourth quarter. Bangor Savings Bank now owns 161 shares of the asset manager’s stock worth $28,000 after acquiring an additional 105 shares in the last quarter. Hager Investment Management Services LLC purchased a new position in Blackstone in the fourth quarter worth $28,000. Centricity Wealth Management LLC acquired a new stake in Blackstone in the fourth quarter valued at $30,000. Berbice Capital Management LLC acquired a new stake in Blackstone in the fourth quarter valued at $34,000. Finally, Comprehensive Financial Planning Inc. PA acquired a new stake in Blackstone in the fourth quarter valued at $34,000. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Blackstone Stock Down 0.1 %

Shares of NYSE:BX opened at $148.65 on Friday. Blackstone Inc. has a 1 year low of $115.82 and a 1 year high of $200.96. The stock has a 50-day simple moving average of $163.53 and a 200-day simple moving average of $167.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.71 and a current ratio of 0.67. The stock has a market capitalization of $108.43 billion, a P/E ratio of 40.95, a PEG ratio of 1.07 and a beta of 1.55.

Blackstone (NYSE:BX) last issued its earnings results on Thursday, January 30th. The asset manager reported $1.69 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.19. Blackstone had a net margin of 20.99% and a return on equity of 19.58%. Equities analysts forecast that Blackstone Inc. will post 5.87 earnings per share for the current year.

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 18th. Investors of record on Monday, February 10th were given a dividend of $1.44 per share. This represents a $5.76 dividend on an annualized basis and a yield of 3.87%. This is a boost from Blackstone’s previous quarterly dividend of $0.86. The ex-dividend date was Monday, February 10th. Blackstone’s dividend payout ratio is 158.68%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on BX shares. TD Cowen raised Blackstone from a “hold” rating to a “buy” rating and upped their target price for the company from $149.00 to $230.00 in a report on Monday, December 9th. JPMorgan Chase & Co. upped their target price on Blackstone from $149.00 to $154.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Keefe, Bruyette & Woods increased their price objective on Blackstone from $174.00 to $177.00 and gave the company a “market perform” rating in a research note on Friday, January 31st. Piper Sandler increased their price objective on Blackstone from $168.00 to $179.00 and gave the company a “neutral” rating in a research note on Monday, December 23rd. Finally, Wells Fargo & Company decreased their price objective on Blackstone from $180.00 to $160.00 and set an “equal weight” rating on the stock in a research note on Thursday. Twelve research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Blackstone has an average rating of “Hold” and an average price target of $171.13.

Insider Buying and Selling

In other Blackstone news, Director Ruth Porat purchased 301 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was purchased at an average cost of $164.85 per share, with a total value of $49,619.85. Following the transaction, the director now owns 36,829 shares in the company, valued at approximately $6,071,260.65. This trade represents a 0.82 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.00% of the stock is owned by corporate 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.