Coastal Bridge Advisors LLC Sells 639 Shares of Blackstone Inc. (NYSE:BX)

Coastal Bridge Advisors LLC trimmed its stake in Blackstone Inc. (NYSE:BX) by 1.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,799 shares of the asset manager’s stock after selling 639 shares during the period. Blackstone comprises approximately 1.6% of Coastal Bridge Advisors LLC’s investment portfolio, making the stock its 16th biggest position. Coastal Bridge Advisors LLC’s holdings in Blackstone were worth $6,345,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Avidian Wealth Enterprises LLC lifted its holdings in shares of Blackstone by 0.4% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 16,184 shares of the asset manager’s stock valued at $2,790,000 after purchasing an additional 59 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in Blackstone by 0.5% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,426 shares of the asset manager’s stock worth $1,970,000 after acquiring an additional 62 shares in the last quarter. McAdam LLC increased its holdings in shares of Blackstone by 3.9% during the fourth quarter. McAdam LLC now owns 1,687 shares of the asset manager’s stock valued at $291,000 after acquiring an additional 63 shares in the last quarter. CENTRAL TRUST Co boosted its stake in Blackstone by 0.6% in the 4th quarter. CENTRAL TRUST Co now owns 11,035 shares of the asset manager’s stock worth $1,903,000 after purchasing an additional 63 shares in the last quarter. Finally, Catalina Capital Group LLC raised its holdings in shares of Blackstone by 3.2% in the fourth quarter. Catalina Capital Group LLC now owns 2,117 shares of the asset manager’s stock worth $365,000 after buying an additional 65 shares during the last quarter. Institutional investors own 70.00% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on BX. StockNews.com downgraded Blackstone from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Wells Fargo & Company decreased their target price on shares of Blackstone from $160.00 to $139.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 8th. Citizens Jmp raised shares of Blackstone from a “market perform” rating to an “outperform” rating and set a $165.00 target price on the stock in a research note on Tuesday, April 8th. JPMorgan Chase & Co. upped their target price on shares of Blackstone from $149.00 to $154.00 and gave the company a “neutral” rating in a research report on Friday, January 31st. Finally, TD Cowen dropped their price objective on shares of Blackstone from $233.00 to $147.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. Ten investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $154.82.

Insider Activity at Blackstone

In other news, Director Ruth Porat purchased 301 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was acquired at an average cost of $164.85 per share, with a total value of $49,619.85. Following the acquisition, the director now owns 36,829 shares in the company, valued at approximately $6,071,260.65. This trade represents a 0.82 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Private Credit Stra Blackstone bought 1,660,000 shares of the stock in a transaction dated Thursday, May 1st. The shares were acquired at an average price of $15.00 per share, with a total value of $24,900,000.00. Following the completion of the purchase, the insider now directly owns 1,666,667 shares of the company’s stock, valued at approximately $25,000,005. This represents a 24,898.76 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 1,660,538 shares of company stock worth $24,981,930. 1.00% of the stock is currently owned by insiders.

Blackstone Stock Performance

NYSE:BX opened at $136.11 on Thursday. The stock has a market cap of $99.28 billion, a PE ratio of 37.49, a price-to-earnings-growth ratio of 1.07 and a beta of 1.67. Blackstone Inc. has a fifty-two week low of $115.66 and a fifty-two week high of $200.96. The firm’s fifty day simple moving average is $137.46 and its 200-day simple moving average is $162.68. The company has a quick ratio of 0.71, a current ratio of 0.67 and a debt-to-equity ratio of 0.61.

Blackstone (NYSE:BX) last posted its earnings results on Thursday, April 17th. The asset manager reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.22 by ($0.13). The firm had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.95 billion. Blackstone had a net margin of 20.99% and a return on equity of 19.58%. During the same period last year, the company posted $0.98 EPS. Analysts expect that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Monday, April 28th were paid a dividend of $0.93 per share. This represents a $3.72 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date was Monday, April 28th. Blackstone’s dividend payout ratio is presently 112.05%.

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.