Chapin Davis Inc. Lowers Position in Blackstone Inc. (NYSE:BX)

Chapin Davis Inc. decreased its position in shares of Blackstone Inc. (NYSE:BX) by 5.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,481 shares of the asset manager’s stock after selling 640 shares during the period. Chapin Davis Inc.’s holdings in Blackstone were worth $1,377,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Blackstone by 30.2% during the 3rd quarter. Vanguard Group Inc. now owns 62,091,903 shares of the asset manager’s stock worth $6,652,526,000 after acquiring an additional 14,396,655 shares in the last quarter. Norges Bank purchased a new stake in Blackstone in the 4th quarter valued at about $708,859,000. International Assets Investment Management LLC grew its position in Blackstone by 13,816.5% during the 4th quarter. International Assets Investment Management LLC now owns 3,623,868 shares of the asset manager’s stock worth $4,744,370,000 after purchasing an additional 3,597,828 shares during the last quarter. Lone Pine Capital LLC purchased a new position in shares of Blackstone during the fourth quarter worth $290,514,000. Finally, Capital World Investors boosted its holdings in Blackstone by 4.2% in the fourth quarter. Capital World Investors now owns 33,738,986 shares of the asset manager’s stock valued at $4,417,140,000 after purchasing an additional 1,367,581 shares during the last quarter. 70.00% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director Ruth Porat purchased 219 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were bought at an average cost of $119.48 per share, for a total transaction of $26,166.12. Following the completion of the purchase, the director now directly owns 34,445 shares of the company’s stock, valued at $4,115,488.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

BX has been the subject of several analyst reports. Argus boosted their price objective on Blackstone from $133.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. UBS Group lifted their target price on shares of Blackstone from $135.00 to $138.00 and gave the company a “neutral” rating in a report on Friday, April 12th. Piper Sandler lowered their price target on shares of Blackstone from $150.00 to $146.00 and set an “overweight” rating on the stock in a report on Wednesday, April 10th. JPMorgan Chase & Co. decreased their price objective on shares of Blackstone from $105.00 to $100.00 and set a “neutral” rating for the company in a research report on Friday, April 19th. Finally, Bank of America reduced their price target on Blackstone from $141.00 to $132.00 and set a “buy” rating for the company in a report on Friday, April 19th. Thirteen research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $123.65.

Blackstone Stock Up 0.4 %

Shares of BX opened at $124.25 on Monday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.61. The stock has a fifty day simple moving average of $122.37 and a two-hundred day simple moving average of $124.53. Blackstone Inc. has a 52-week low of $88.59 and a 52-week high of $133.56. The company has a market capitalization of $88.80 billion, a PE ratio of 43.75, a price-to-earnings-growth ratio of 1.04 and a beta of 1.50.

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

Blackstone Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, May 6th. Shareholders of record on Monday, April 29th were paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 2.67%. The ex-dividend date of this dividend was Friday, April 26th. Blackstone’s dividend payout ratio (DPR) is presently 117.31%.

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.