Linscomb Wealth Inc. Sells 244 Shares of Blackstone Inc. $BX

Linscomb Wealth Inc. decreased its holdings in Blackstone Inc. (NYSE:BX) by 3.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,855 shares of the asset manager’s stock after selling 244 shares during the period. Linscomb Wealth Inc.’s holdings in Blackstone were worth $1,025,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Kera Capital Partners Inc. purchased a new position in shares of Blackstone during the second quarter valued at $273,000. Redmond Asset Management LLC boosted its position in Blackstone by 21.2% during the second quarter. Redmond Asset Management LLC now owns 18,785 shares of the asset manager’s stock valued at $2,810,000 after purchasing an additional 3,281 shares in the last quarter. Sandy Cove Advisors LLC boosted its position in Blackstone by 22.1% during the second quarter. Sandy Cove Advisors LLC now owns 12,042 shares of the asset manager’s stock valued at $1,801,000 after purchasing an additional 2,182 shares in the last quarter. Bourgeon Capital Management LLC bought a new stake in Blackstone during the second quarter valued at about $423,000. Finally, Edmond DE Rothschild Holding S.A. boosted its position in Blackstone by 14.5% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 14,708 shares of the asset manager’s stock valued at $2,056,000 after purchasing an additional 1,863 shares in the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on BX. Deutsche Bank Aktiengesellschaft set a $166.00 price objective on Blackstone and gave the company a “buy” rating in a research report on Friday, October 24th. Keefe, Bruyette & Woods lowered their price target on Blackstone from $180.00 to $171.00 and set a “market perform” rating for the company in a report on Monday, October 13th. HSBC lowered their price target on Blackstone from $179.00 to $178.00 in a report on Monday, October 27th. Jefferies Financial Group lowered their price target on Blackstone from $207.00 to $199.00 and set a “buy” rating for the company in a report on Tuesday, October 7th. Finally, Evercore ISI lowered their price target on Blackstone from $197.00 to $180.00 and set an “outperform” rating for the company in a report on Wednesday, October 22nd. Eleven investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Blackstone presently has a consensus rating of “Moderate Buy” and a consensus price target of $179.74.

Insider Activity at Blackstone

In related news, Director Joseph Baratta sold 113,000 shares of Blackstone stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $175.69, for a total transaction of $19,852,970.00. Following the completion of the transaction, the director directly owned 695,757 shares in the company, valued at approximately $122,237,547.33. This trade represents a 13.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John G. Finley sold 21,500 shares of Blackstone stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $171.46, for a total value of $3,686,390.00. Following the transaction, the insider owned 453,836 shares of the company’s stock, valued at approximately $77,814,720.56. This represents a 4.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders bought 2,551,515 shares of company stock valued at $67,038,327 and sold 16,984,634 shares valued at $155,181,346. Insiders own 1.00% of the company’s stock.

Blackstone Trading Down 1.3%

Blackstone stock opened at $146.45 on Friday. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt-to-equity ratio of 0.60. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $200.96. The company has a market capitalization of $107.94 billion, a price-to-earnings ratio of 41.84, a price-to-earnings-growth ratio of 1.18 and a beta of 1.77. The stock has a 50-day moving average price of $168.51 and a 200 day moving average price of $156.64.

Blackstone (NYSE:BX) last released its earnings results on Friday, November 22nd. The asset manager reported $0.97 EPS for the quarter. Blackstone had a return on equity of 22.30% and a net margin of 20.56%.The firm had revenue of $2.49 billion during the quarter. Sell-side analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Investors of record on Monday, November 3rd will be given a dividend of $1.29 per share. This is an increase from Blackstone’s previous quarterly dividend of $1.03. This represents a $5.16 annualized dividend and a yield of 3.5%. The ex-dividend date is Monday, November 3rd. Blackstone’s dividend payout ratio (DPR) is 147.43%.

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.