Blackstone Inc. $BX Shares Sold by Mitchell & Pahl Private Wealth LLC

Mitchell & Pahl Private Wealth LLC reduced its position in shares of Blackstone Inc. (NYSE:BX) by 1.7% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 12,727 shares of the asset manager’s stock after selling 215 shares during the quarter. Mitchell & Pahl Private Wealth LLC’s holdings in Blackstone were worth $1,904,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Ascent Group LLC increased its stake in shares of Blackstone by 0.9% in the 4th quarter. Ascent Group LLC now owns 8,522 shares of the asset manager’s stock worth $1,469,000 after acquiring an additional 74 shares in the last quarter. McAdam LLC lifted its holdings in shares of Blackstone by 4.4% during the first quarter. McAdam LLC now owns 1,762 shares of the asset manager’s stock valued at $246,000 after purchasing an additional 75 shares during the last quarter. Angeles Wealth Management LLC boosted its position in shares of Blackstone by 0.6% in the 1st quarter. Angeles Wealth Management LLC now owns 11,819 shares of the asset manager’s stock worth $1,652,000 after purchasing an additional 76 shares in the last quarter. Park National Corp OH increased its position in Blackstone by 3.4% during the 2nd quarter. Park National Corp OH now owns 2,334 shares of the asset manager’s stock valued at $349,000 after buying an additional 77 shares in the last quarter. Finally, Breakwater Capital Group boosted its holdings in Blackstone by 5.0% in the second quarter. Breakwater Capital Group now owns 1,613 shares of the asset manager’s stock worth $241,000 after acquiring an additional 77 shares in the last quarter. Institutional investors and hedge funds own 70.00% of the company’s stock.

Analysts Set New Price Targets

BX has been the topic of a number of analyst reports. Keefe, Bruyette & Woods upped their price target on shares of Blackstone from $168.00 to $180.00 and gave the stock a “market perform” rating in a research note on Friday, July 25th. Wells Fargo & Company upped their target price on shares of Blackstone from $153.00 to $167.00 and gave the stock an “equal weight” rating in a research note on Friday, July 11th. Evercore ISI boosted their price objective on shares of Blackstone from $165.00 to $197.00 and gave the stock an “outperform” rating in a report on Friday, July 25th. JMP Securities increased their target price on Blackstone from $180.00 to $195.00 and gave the company a “market outperform” rating in a research note on Friday, July 25th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating on shares of Blackstone in a report on Friday, July 25th. Nine research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $172.38.

Insider Buying and Selling

In other Blackstone news, CAO David Payne sold 9,400 shares of the firm’s stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $169.97, for a total value of $1,597,718.00. Following the completion of the sale, the chief accounting officer owned 54,488 shares of the company’s stock, valued at $9,261,325.36. This trade represents a 14.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Vikrant Sawhney sold 50,850 shares of the business’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $173.64, for a total value of $8,829,594.00. Following the transaction, the insider owned 737,248 shares of the company’s stock, valued at approximately $128,015,742.72. The trade was a 6.45% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders bought 1,189,806 shares of company stock worth $30,046,627 and sold 16,871,634 shares worth $135,328,376. Company insiders own 1.00% of the company’s stock.

Blackstone Stock Down 0.4%

BX opened at $187.99 on Friday. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $200.96. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61. The firm has a 50-day simple moving average of $172.71 and a two-hundred day simple moving average of $151.57. The company has a market capitalization of $138.57 billion, a PE ratio of 50.53, a price-to-earnings-growth ratio of 1.52 and a beta of 1.77.

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

Blackstone Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, August 4th were paid a dividend of $1.03 per share. The ex-dividend date of this dividend was Monday, August 4th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.2%. This is a boost from Blackstone’s previous quarterly dividend of $0.93. Blackstone’s dividend payout ratio is presently 110.75%.

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.