Terra Nova Asset Management LLC Sells 2,644 Shares of Blackstone Inc. (NYSE:BX)

Terra Nova Asset Management LLC cut its holdings in shares of Blackstone Inc. (NYSE:BX) by 15.0% during the 1st quarter, HoldingsChannel.com reports. The fund owned 14,989 shares of the asset manager’s stock after selling 2,644 shares during the period. Blackstone accounts for approximately 1.6% of Terra Nova Asset Management LLC’s portfolio, making the stock its 27th biggest position. Terra Nova Asset Management LLC’s holdings in Blackstone were worth $2,095,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of BX. Brighton Jones LLC raised its stake in shares of Blackstone by 34.6% in the 4th quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager’s stock valued at $1,365,000 after purchasing an additional 2,035 shares during the period. IFP Advisors Inc increased its position in shares of Blackstone by 190.4% in the fourth quarter. IFP Advisors Inc now owns 7,181 shares of the asset manager’s stock valued at $1,238,000 after acquiring an additional 4,708 shares during the last quarter. Kirtland Hills Capital Management LLC increased its position in shares of Blackstone by 9.3% in the fourth quarter. Kirtland Hills Capital Management LLC now owns 9,765 shares of the asset manager’s stock valued at $1,684,000 after acquiring an additional 830 shares during the last quarter. Lake Street Advisors Group LLC increased its position in shares of Blackstone by 112.9% in the fourth quarter. Lake Street Advisors Group LLC now owns 41,171 shares of the asset manager’s stock valued at $7,099,000 after acquiring an additional 21,831 shares during the last quarter. Finally, Advisor OS LLC increased its position in shares of Blackstone by 6.6% in the fourth quarter. Advisor OS LLC now owns 3,329 shares of the asset manager’s stock valued at $574,000 after acquiring an additional 205 shares during the last quarter. Institutional investors and hedge funds own 70.00% of the company’s stock.

Wall Street Analyst Weigh In

BX has been the topic of a number of recent research reports. Morgan Stanley lowered their target price on Blackstone from $222.00 to $150.00 and set an “overweight” rating on the stock in a research report on Monday, April 14th. Barclays lifted their price target on Blackstone from $129.00 to $136.00 and gave the stock an “equal weight” rating in a report on Monday, April 21st. Citizens Jmp upgraded Blackstone from a “market perform” rating to an “outperform” rating and set a $165.00 price target for the company in a report on Tuesday, April 8th. Cowen reiterated a “buy” rating on shares of Blackstone in a report on Monday, April 21st. Finally, TD Cowen reduced their price target on Blackstone from $233.00 to $147.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. Ten analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $155.65.

Insider Transactions at Blackstone

In related news, insider John G. Finley sold 25,000 shares of the stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $138.47, for a total value of $3,461,750.00. Following the completion of the sale, the insider now directly owns 475,336 shares in the company, valued at $65,819,775.92. This represents a 5.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Private Credit Stra Blackstone acquired 1,660,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 1st. The stock was bought at an average price of $15.00 per share, with a total value of $24,900,000.00. Following the completion of the acquisition, the insider now directly owns 1,666,667 shares of the company’s stock, valued at $25,000,005. This trade represents a 24,898.76% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.00% of the company’s stock.

Blackstone Trading Down 0.3%

Shares of BX stock opened at $143.62 on Thursday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.67. The stock has a market cap of $104.79 billion, a P/E ratio of 43.26, a price-to-earnings-growth ratio of 1.32 and a beta of 1.65. The stock has a 50 day simple moving average of $137.88 and a 200 day simple moving average of $153.16. Blackstone Inc. has a 1 year low of $115.66 and a 1 year high of $200.96.

Blackstone (NYSE:BX) last announced its quarterly earnings data on Thursday, April 17th. The asset manager reported $1.09 EPS for the quarter, missing the consensus estimate of $1.22 by ($0.13). Blackstone had a net margin of 19.83% and a return on equity of 19.84%. The firm had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.95 billion. During the same quarter in the prior year, the firm earned $0.98 earnings per share. On average, research analysts predict that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Monday, April 28th were issued a dividend of $0.93 per share. The ex-dividend date was Monday, April 28th. This represents a $3.72 annualized dividend and a dividend yield of 2.59%. Blackstone’s dividend payout ratio (DPR) is presently 112.05%.

Blackstone 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.