Alpha Cubed Investments LLC Sells 213 Shares of Blackstone Inc. (NYSE:BX)

Alpha Cubed Investments LLC lowered its stake in Blackstone Inc. (NYSE:BX) by 4.0% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,074 shares of the asset manager’s stock after selling 213 shares during the quarter. Alpha Cubed Investments LLC’s holdings in Blackstone were worth $777,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Logan Capital Management Inc. increased its stake in Blackstone by 37.5% during the 4th quarter. Logan Capital Management Inc. now owns 4,125 shares of the asset manager’s stock valued at $540,000 after purchasing an additional 1,125 shares in the last quarter. Regal Investment Advisors LLC increased its stake in Blackstone by 7.9% during the 4th quarter. Regal Investment Advisors LLC now owns 3,006 shares of the asset manager’s stock valued at $394,000 after purchasing an additional 221 shares in the last quarter. Cullen Capital Management LLC increased its stake in Blackstone by 62.1% during the 4th quarter. Cullen Capital Management LLC now owns 5,571 shares of the asset manager’s stock valued at $729,000 after purchasing an additional 2,135 shares in the last quarter. MGO One Seven LLC increased its stake in Blackstone by 4.7% during the 4th quarter. MGO One Seven LLC now owns 23,647 shares of the asset manager’s stock valued at $3,096,000 after purchasing an additional 1,059 shares in the last quarter. Finally, First Financial Bankshares Inc bought a new stake in shares of Blackstone in the 4th quarter worth $105,063,000. Institutional investors own 70.00% of the company’s stock.

Blackstone Price Performance

NYSE BX opened at $149.44 on Wednesday. The firm’s 50-day simple moving average is $142.79 and its two-hundred day simple moving average is $131.54. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.60. Blackstone Inc. has a 52 week low of $88.59 and a 52 week high of $161.25. The company has a market cap of $106.80 billion, a PE ratio of 52.81, a price-to-earnings-growth ratio of 1.34 and a beta of 1.51.

Blackstone (NYSE:BX) last released its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.96 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter last year, the business posted $0.93 earnings per share. Blackstone’s revenue was up 166.9% compared to the same quarter last year. Research analysts predict that Blackstone Inc. will post 4.57 earnings per share for the current year.

Blackstone Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 29th were given a $0.82 dividend. The ex-dividend date of this dividend was Monday, July 29th. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.19%. Blackstone’s dividend payout ratio (DPR) is currently 115.90%.

Insider Activity at Blackstone

In related news, insider John G. Finley sold 35,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total value of $4,610,900.00. Following the sale, the insider now directly owns 429,386 shares of the company’s stock, valued at $56,567,311.64. This trade 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, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $150.81, for a total transaction of $17,561,522.88. Following the transaction, the director now directly owns 799,749 shares of the company’s stock, valued at approximately $120,610,146.69. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider John G. Finley sold 35,000 shares of Blackstone stock in a transaction that occurred 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 in the company, valued at $56,567,311.64. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Bank of America upped their target price on shares of Blackstone from $130.00 to $145.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. TD Cowen upped their target price on shares of Blackstone from $114.00 to $120.00 and gave the stock a “hold” 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 note on Thursday, August 15th. The Goldman Sachs Group boosted their price target on shares of Blackstone from $130.00 to $135.00 and gave the stock a “neutral” rating in a report on Thursday, October 3rd. Finally, Redburn Atlantic started coverage on shares of Blackstone in a report on Tuesday, August 27th. They issued a “neutral” rating and a $134.00 price target on the stock. Eleven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $133.06.

Blackstone Company 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.