Blackstone Inc. (NYSE:BX) Shares Sold by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC cut its stake in shares of Blackstone Inc. (NYSE:BX) by 2.8% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 29,640 shares of the asset manager’s stock after selling 859 shares during the period. Miracle Mile Advisors LLC’s holdings in Blackstone were worth $3,894,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Northwest Financial Advisors acquired a new stake in shares of Blackstone in the fourth quarter valued at about $25,000. Bourgeon Capital Management LLC raised its position in shares of Blackstone by 86.2% in the fourth quarter. Bourgeon Capital Management LLC now owns 216 shares of the asset manager’s stock valued at $28,000 after buying an additional 100 shares during the last quarter. Roble Belko & Company Inc purchased a new stake in shares of Blackstone in the fourth quarter valued at about $30,000. Advantage Trust Co purchased a new stake in shares of Blackstone in the fourth quarter valued at about $30,000. Finally, Exchange Traded Concepts LLC grew its holdings in shares of Blackstone by 763.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 233 shares of the asset manager’s stock valued at $31,000 after purchasing an additional 206 shares during the period. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Blackstone

In other news, Director Ruth Porat purchased 219 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was acquired at an average price of $119.48 per share, with a total value of $26,166.12. Following the purchase, the director now directly owns 34,445 shares of the company’s stock, valued at approximately $4,115,488.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BX. JMP Securities reissued a “market perform” rating on shares of Blackstone in a report on Tuesday, April 9th. Piper Sandler reduced their price target on shares of Blackstone from $150.00 to $146.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 10th. Barclays restated an “equal weight” rating and set a $125.00 target price (down from $129.00) on shares of Blackstone in a research report on Friday, April 19th. Bank of America lowered their target price on shares of Blackstone from $141.00 to $132.00 and set a “buy” rating on the stock in a research report on Friday, April 19th. Finally, Argus raised their target price on shares of Blackstone from $133.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Thirteen equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $123.65.

Blackstone Price Performance

Shares of NYSE BX opened at $122.23 on Tuesday. The firm has a market capitalization of $87.35 billion, a P/E ratio of 43.19, a PEG ratio of 1.04 and a beta of 1.50. Blackstone Inc. has a one year low of $88.59 and a one year high of $133.56. The company’s fifty day moving average is $122.37 and its two-hundred day moving average is $124.53. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.79 and a current ratio of 0.79.

Blackstone (NYSE:BX) last issued its earnings results on Thursday, April 18th. The asset manager reported $0.98 EPS for the quarter, hitting the consensus estimate of $0.98. The company 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 was up 166.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.97 EPS. Analysts forecast that Blackstone Inc. will post 4.77 EPS for the current fiscal year.

Blackstone Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 6th. Stockholders of record on Monday, April 29th were paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 2.72%. The ex-dividend date 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.