Brave Asset Management Inc. Lowers Holdings in Blackstone Inc. (NYSE:BX)

Brave Asset Management Inc. decreased its position in Blackstone Inc. (NYSE:BXGet Rating) by 7.5% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,404 shares of the asset manager’s stock after selling 1,000 shares during the period. Brave Asset Management Inc.’s holdings in Blackstone were worth $1,132,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Norges Bank bought a new position in Blackstone in the fourth quarter worth approximately $831,839,000. BlackRock Inc. raised its stake in Blackstone by 19.9% in the fourth quarter. BlackRock Inc. now owns 36,485,682 shares of the asset manager’s stock worth $4,720,879,000 after buying an additional 6,049,041 shares in the last quarter. Vanguard Group Inc. raised its stake in Blackstone by 12.6% in the first quarter. Vanguard Group Inc. now owns 44,984,296 shares of the asset manager’s stock worth $5,710,306,000 after buying an additional 5,048,383 shares in the last quarter. Brown Advisory Inc. raised its stake in Blackstone by 117.4% in the first quarter. Brown Advisory Inc. now owns 4,877,233 shares of the asset manager’s stock worth $619,999,000 after buying an additional 2,633,801 shares in the last quarter. Finally, 1832 Asset Management L.P. raised its stake in Blackstone by 135.9% in the first quarter. 1832 Asset Management L.P. now owns 2,889,301 shares of the asset manager’s stock worth $361,731,000 after buying an additional 1,664,438 shares in the last quarter. Hedge funds and other institutional investors own 61.87% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on BX shares. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Blackstone from $147.00 to $153.00 and gave the stock a “buy” rating in a research note on Friday, August 12th. Morgan Stanley reduced their price target on Blackstone from $154.00 to $125.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 19th. Keefe, Bruyette & Woods downgraded Blackstone from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $127.00 to $115.00 in a research report on Wednesday, August 3rd. StockNews.com raised Blackstone from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, Barclays initiated coverage on Blackstone in a research report on Wednesday, August 31st. They set an “overweight” rating and a $120.00 price target on the stock. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Blackstone presently has an average rating of “Moderate Buy” and a consensus price target of $131.33.

Blackstone Stock Performance

NYSE:BX traded down $2.71 during mid-day trading on Friday, hitting $82.69. The company’s stock had a trading volume of 252,886 shares, compared to its average volume of 3,186,851. Blackstone Inc. has a 1 year low of $84.11 and a 1 year high of $149.78. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market cap of $58.02 billion, a price-to-earnings ratio of 15.10, a PEG ratio of 1.69 and a beta of 1.45. The business’s fifty day moving average is $98.89 and its two-hundred day moving average is $105.50.

Blackstone (NYSE:BXGet Rating) last posted its earnings results on Thursday, July 21st. The asset manager reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.47 by $0.02. Blackstone had a net margin of 22.48% and a return on equity of 20.80%. The business had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.46 billion. During the same period in the prior year, the company posted $0.82 EPS. The company’s revenue for the quarter was up 96.1% on a year-over-year basis. Analysts anticipate that Blackstone Inc. will post 5.16 EPS for the current fiscal year.

Blackstone Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 8th. Investors of record on Monday, August 1st were given a dividend of $1.27 per share. The ex-dividend date was Friday, July 29th. This represents a $5.08 annualized dividend and a dividend yield of 6.14%. Blackstone’s dividend payout ratio (DPR) is presently 92.70%.

Insider Buying and Selling

In related news, major shareholder Holdings L.P. Blackstone III sold 7,200 shares of the company’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $32.68, for a total transaction of $235,296.00. Following the completion of the transaction, the insider now owns 862,800 shares in the company, valued at approximately $28,196,304. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Blackstone news, Director Joseph Baratta sold 71,223 shares of the stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $93.95, for a total value of $6,691,400.85. Following the completion of the sale, the director now owns 1,141,965 shares in the company, valued at approximately $107,287,611.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Holdings L.P. Blackstone III sold 7,200 shares of the stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $32.68, for a total transaction of $235,296.00. Following the completion of the sale, the insider now owns 862,800 shares of the company’s stock, valued at approximately $28,196,304. The disclosure for this sale can be found here. Insiders sold a total of 161,423 shares of company stock worth $9,660,717 in the last 90 days. Insiders own 1.00% of the company’s stock.

About Blackstone

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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.

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Institutional Ownership by Quarter for Blackstone (NYSE:BX)

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