Seneca House Advisors Sells 5,558 Shares of Blackstone Inc. (NYSE:BX)

Seneca House Advisors reduced its stake in Blackstone Inc. (NYSE:BX) by 9.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 54,988 shares of the asset manager’s stock after selling 5,558 shares during the quarter. Blackstone makes up 3.5% of Seneca House Advisors’ investment portfolio, making the stock its 10th largest holding. Seneca House Advisors’ holdings in Blackstone were worth $8,420,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC increased its holdings in Blackstone by 1.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 431,784 shares of the asset manager’s stock worth $53,455,000 after acquiring an additional 7,692 shares during the last quarter. Norden Group LLC boosted its holdings in Blackstone by 2,072.0% in the 1st quarter. Norden Group LLC now owns 36,555 shares of the asset manager’s stock worth $4,802,000 after buying an additional 34,872 shares during the period. Fisher Asset Management LLC raised its holdings in Blackstone by 10.9% during the 4th quarter. Fisher Asset Management LLC now owns 4,688 shares of the asset manager’s stock valued at $614,000 after acquiring an additional 459 shares during the period. Secured Retirement Advisors LLC bought a new position in shares of Blackstone in the fourth quarter worth $1,073,000. Finally, Global Assets Advisory LLC bought a new stake in shares of Blackstone during the 1st quarter valued at $65,050,000. Institutional investors own 70.00% of the company’s stock.

Insider Transactions at Blackstone

In other news, insider John G. Finley sold 35,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the transaction, the insider now directly owns 429,386 shares of the company’s stock, valued at $56,567,311.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Blackstone news, insider John G. Finley sold 35,000 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total value of $4,610,900.00. Following the transaction, the insider now owns 429,386 shares of the company’s stock, valued at approximately $56,567,311.64. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total transaction of $17,561,522.88. Following the transaction, the director now owns 799,749 shares in the company, valued at $120,610,146.69. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

BX has been the subject of several recent analyst reports. Piper Sandler boosted their price objective on shares of Blackstone from $134.00 to $149.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Blackstone from $145.00 to $146.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. TD Cowen increased their price target on shares of Blackstone from $114.00 to $120.00 and gave the company a “hold” rating in a research report on Friday, July 19th. Wells Fargo & Company initiated coverage on shares of Blackstone in a research note on Thursday, September 12th. They issued an “overweight” rating and a $163.00 price objective for the company. Finally, Barclays boosted their price target on shares of Blackstone from $126.00 to $141.00 and gave the stock an “equal weight” rating in a research note on Friday, July 19th. Thirteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Blackstone has a consensus rating of “Hold” and a consensus price target of $131.17.

Blackstone Stock Up 0.5 %

BX traded up $0.72 on Friday, hitting $151.92. The company had a trading volume of 2,073,752 shares, compared to its average volume of 3,449,274. Blackstone Inc. has a 52-week low of $88.59 and a 52-week high of $161.25. The firm has a market capitalization of $108.57 billion, a P/E ratio of 53.68, a P/E/G ratio of 1.34 and a beta of 1.51. The stock has a fifty day simple moving average of $142.63 and a 200-day simple moving average of $131.34. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.77 and a quick ratio of 0.77.

Blackstone (NYSE:BX) last announced its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.96 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.03). Blackstone had a net margin of 19.35% and a return on equity of 17.43%. The firm had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $2.58 billion. During the same period in the prior year, the business posted $0.93 EPS. The business’s quarterly revenue was up 166.9% compared to the same quarter last year. As a group, equities analysts expect that Blackstone Inc. will post 4.57 EPS for the current fiscal year.

Blackstone Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 29th were paid a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend was Monday, July 29th. Blackstone’s payout ratio is 115.90%.

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.