Blackstone Inc. (NYSE:BX) Shares Sold by Foster Dykema Cabot & Partners LLC

Foster Dykema Cabot & Partners LLC trimmed its position in shares of Blackstone Inc. (NYSE:BX) by 65.4% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 951 shares of the asset manager’s stock after selling 1,800 shares during the quarter. Foster Dykema Cabot & Partners LLC’s holdings in Blackstone were worth $133,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its position in shares of Blackstone by 34.6% in the fourth quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager’s stock valued at $1,365,000 after buying an additional 2,035 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in Blackstone during the 4th quarter valued at about $279,000. Envestnet Asset Management Inc. lifted its stake in Blackstone by 2.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 476,213 shares of the asset manager’s stock worth $82,109,000 after purchasing an additional 13,555 shares in the last quarter. FMR LLC grew its position in shares of Blackstone by 38.8% in the fourth quarter. FMR LLC now owns 2,990,238 shares of the asset manager’s stock valued at $515,577,000 after purchasing an additional 835,170 shares in the last quarter. Finally, Shelton Capital Management lifted its position in Blackstone by 31.9% during the fourth quarter. Shelton Capital Management now owns 7,707 shares of the asset manager’s stock worth $1,329,000 after buying an additional 1,863 shares in the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Blackstone Stock Up 1.0%

Shares of NYSE:BX opened at $169.43 on Thursday. The firm’s 50-day moving average is $154.41 and its two-hundred day moving average is $150.68. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.74 and a quick ratio of 0.75. Blackstone Inc. has a 1 year low of $115.66 and a 1 year high of $200.96. The firm has a market capitalization of $123.62 billion, a PE ratio of 45.54, a price-to-earnings-growth ratio of 1.37 and a beta of 1.71.

Blackstone (NYSE:BX) last issued its quarterly earnings results on Thursday, July 24th. The asset manager reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.11. The company had revenue of $3.07 billion for the quarter, compared to the consensus estimate of $2.77 billion. Blackstone had a return on equity of 20.47% and a net margin of 20.83%. Blackstone’s revenue was up 32.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.98 EPS. Analysts predict that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 11th. Investors of record on Monday, August 4th will be paid a dividend of $1.03 per share. The ex-dividend date is Monday, August 4th. This is a positive change from Blackstone’s previous quarterly dividend of $0.93. This represents a $4.12 annualized dividend and a yield of 2.4%. Blackstone’s dividend payout ratio (DPR) is presently 110.75%.

Insider Activity at Blackstone

In related news, major shareholder Holdings I. L.P. Blackstone acquired 1,189,532 shares of the firm’s stock in a transaction on Friday, July 18th. The stock was bought at an average price of $25.22 per share, for a total transaction of $29,999,997.04. Following the completion of the purchase, the insider directly owned 4,178,771 shares of the company’s stock, valued at approximately $105,388,604.62. The trade was a 39.79% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Joseph Baratta sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $167.36, for a total value of $16,736,000.00. Following the transaction, the director owned 808,757 shares in the company, valued at $135,353,571.52. This represents a 11.00% decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have issued reports on BX shares. Evercore ISI upped their target price on Blackstone from $165.00 to $197.00 and gave the company an “outperform” rating in a report on Friday, July 25th. Piper Sandler raised their price objective on shares of Blackstone from $157.00 to $181.00 and gave the stock a “neutral” rating in a research report on Monday, July 28th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Blackstone from $170.00 to $192.00 and gave the company a “buy” rating in a research note on Friday, July 25th. Wells Fargo & Company lifted their price target on shares of Blackstone from $153.00 to $167.00 and gave the company an “equal weight” rating in a research report on Friday, July 11th. Finally, Citigroup reiterated a “market perform” rating on shares of Blackstone in a research report on Saturday, July 19th. Ten analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Blackstone presently has an average rating of “Hold” and a consensus target price of $170.12.

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.