Blackstone Inc. (NYSE:BX) Shares Sold by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co trimmed its holdings in Blackstone Inc. (NYSE:BX) by 3.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 62,681 shares of the asset manager’s stock after selling 2,243 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Blackstone were worth $7,760,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Chilton Capital Management LLC purchased a new stake in Blackstone in the first quarter valued at $26,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Blackstone in the 2nd quarter valued at about $26,000. EdgeRock Capital LLC acquired a new position in Blackstone during the second quarter worth approximately $27,000. Bank & Trust Co purchased a new stake in Blackstone in the second quarter valued at approximately $29,000. Finally, Ridgewood Investments LLC purchased a new position in shares of Blackstone during the second quarter worth approximately $31,000. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on BX shares. Barclays raised their price objective on shares of Blackstone from $126.00 to $141.00 and gave the stock an “equal weight” rating in a research report on Friday, July 19th. TD Cowen upped their price objective on Blackstone from $114.00 to $120.00 and gave the company a “hold” rating in a research note on Friday, July 19th. Bank of America boosted their target price on Blackstone from $130.00 to $145.00 and gave the company a “buy” rating in a report on Friday, July 19th. Wells Fargo & Company initiated coverage on shares of Blackstone in a research report on Thursday, September 12th. They issued an “overweight” rating and a $163.00 price objective on the stock. Finally, Morgan Stanley raised their target price on shares of Blackstone from $144.00 to $164.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 23rd. Fourteen analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Blackstone has a consensus rating of “Hold” and a consensus target price of $130.78.

Blackstone Stock Up 0.3 %

Blackstone stock opened at $155.07 on Wednesday. The firm has a market capitalization of $110.82 billion, a price-to-earnings ratio of 54.80, a price-to-earnings-growth ratio of 1.23 and a beta of 1.51. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.77 and a current ratio of 0.77. Blackstone Inc. has a fifty-two week low of $88.59 and a fifty-two week high of $156.46. The stock’s fifty day moving average is $137.73 and its two-hundred day moving average is $128.72.

Blackstone (NYSE:BX) last announced its earnings results on Thursday, July 18th. The asset manager reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.03). The business had revenue of $3.69 billion for the quarter, compared to analyst estimates of $2.58 billion. Blackstone had a return on equity of 17.43% and a net margin of 19.35%. The business’s revenue was up 166.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.93 EPS. Analysts predict that Blackstone Inc. will post 4.57 EPS for the current fiscal year.

Blackstone Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 29th were given a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend was Monday, July 29th. Blackstone’s payout ratio is 115.90%.

Insider Activity

In related news, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the insider now owns 429,386 shares of the company’s stock, valued at approximately $56,567,311.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Blackstone news, insider John G. Finley sold 35,000 shares of the 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 owns 429,386 shares of the company’s stock, valued at approximately $56,567,311.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $123.00, for a total value of $14,323,104.00. Following the completion of the sale, the director now directly owns 921,184 shares of the company’s stock, valued at approximately $113,305,632. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

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.