Legacy Capital Wealth Partners LLC Sells 8,088 Shares of Blackstone Inc. (NYSE:BX)

Legacy Capital Wealth Partners LLC cut its position in shares of Blackstone Inc. (NYSE:BX) by 29.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,059 shares of the asset manager’s stock after selling 8,088 shares during the period. Blackstone makes up about 0.7% of Legacy Capital Wealth Partners LLC’s portfolio, making the stock its 27th biggest holding. Legacy Capital Wealth Partners LLC’s holdings in Blackstone were worth $2,495,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BX. Handelsbanken Fonder AB lifted its stake in shares of Blackstone by 4.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 163,003 shares of the asset manager’s stock valued at $17,464,000 after purchasing an additional 6,559 shares during the last quarter. Ballentine Partners LLC lifted its stake in shares of Blackstone by 6.9% in the 3rd quarter. Ballentine Partners LLC now owns 5,710 shares of the asset manager’s stock valued at $612,000 after purchasing an additional 371 shares during the last quarter. Valeo Financial Advisors LLC lifted its stake in shares of Blackstone by 31.0% in the 3rd quarter. Valeo Financial Advisors LLC now owns 13,447 shares of the asset manager’s stock valued at $1,441,000 after purchasing an additional 3,184 shares during the last quarter. Mitchell Mcleod Pugh & Williams Inc. bought a new stake in shares of Blackstone in the 3rd quarter valued at approximately $255,000. Finally, Arthur M. Cohen & Associates LLC bought a new stake in shares of Blackstone in the 3rd quarter valued at approximately $209,000. 70.00% of the stock is owned by institutional investors.

Blackstone Stock Down 0.0 %

Shares of Blackstone stock traded down $0.04 during trading on Friday, reaching $122.49. The company’s stock had a trading volume of 2,962,718 shares, compared to its average volume of 3,161,162. The company has a quick ratio of 0.80, a current ratio of 0.79 and a debt-to-equity ratio of 0.61. The company has a market cap of $87.54 billion, a price-to-earnings ratio of 43.28, a P/E/G ratio of 1.02 and a beta of 1.51. Blackstone Inc. has a 1-year low of $79.92 and a 1-year high of $133.56. The company has a 50-day simple moving average of $125.96 and a two-hundred day simple moving average of $118.49.

Blackstone (NYSE:BX) last issued its quarterly earnings results on Thursday, April 18th. The asset manager reported $0.98 EPS for the quarter, hitting analysts’ consensus estimates of $0.98. Blackstone had a return on equity of 17.33% and a net margin of 20.84%. The company had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $2.56 billion. During the same quarter in the previous year, the firm posted $0.97 EPS. The firm’s revenue was up 166.9% compared to the same quarter last year. As a group, equities analysts forecast that Blackstone Inc. will post 4.77 earnings per share for the current year.

Blackstone Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, May 6th. Shareholders of record on Monday, April 29th will be given a dividend of $0.83 per share. The ex-dividend date is Friday, April 26th. This represents a $3.32 dividend on an annualized basis and a yield of 2.71%. Blackstone’s dividend payout ratio is currently 132.86%.

Insiders Place Their Bets

In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of Blackstone stock in a transaction dated Sunday, March 3rd. The stock was sold at an average price of $11.10, for a total transaction of $27,853,407.60. Following the completion of the transaction, the insider now owns 12,802 shares in the company, valued at approximately $142,102.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Joseph Baratta sold 28,852 shares of Blackstone stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $128.05, for a total value of $3,694,498.60. Following the completion of the transaction, the director now owns 982,221 shares in the company, valued at approximately $125,773,399.05. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of Blackstone stock in a transaction dated Sunday, March 3rd. The shares were sold at an average price of $11.10, for a total value of $27,853,407.60. Following the completion of the transaction, the insider now owns 12,802 shares of the company’s stock, valued at approximately $142,102.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,587,168 shares of company stock valued at $37,816,476. 1.00% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Argus increased their price target on Blackstone from $133.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday. BMO Capital Markets increased their price target on Blackstone from $95.00 to $101.00 and gave the stock a “market perform” rating in a report on Friday, January 26th. The Goldman Sachs Group downgraded Blackstone from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $115.00 to $128.00 in a report on Wednesday, January 3rd. Barclays restated an “equal weight” rating and set a $125.00 price objective (down from $129.00) on shares of Blackstone in a report on Friday, April 19th. Finally, JPMorgan Chase & Co. reduced their price objective on Blackstone from $105.00 to $100.00 and set a “neutral” rating on the stock in a report on Friday, April 19th. Thirteen research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Blackstone currently has an average rating of “Hold” and an average price target of $123.65.

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.