Bar Harbor Wealth Management Sells 145 Shares of Blackstone Inc. (NYSE:BX)

Bar Harbor Wealth Management lessened its stake in shares of Blackstone Inc. (NYSE:BX) by 2.7% in the 1st quarter, HoldingsChannel.com reports. The fund owned 5,260 shares of the asset manager’s stock after selling 145 shares during the period. Bar Harbor Wealth Management’s holdings in Blackstone were worth $735,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Centricity Wealth Management LLC bought a new stake in Blackstone during the 4th quarter valued at approximately $30,000. Murphy & Mullick Capital Management Corp bought a new stake in Blackstone during the 4th quarter valued at approximately $33,000. Roxbury Financial LLC bought a new stake in Blackstone during the 4th quarter valued at approximately $34,000. Bernard Wealth Management Corp. bought a new stake in Blackstone during the 4th quarter valued at approximately $34,000. Finally, Putney Financial Group LLC bought a new stake in Blackstone during the 4th quarter valued at approximately $34,000. Institutional investors own 70.00% of the company’s stock.

Insider Activity

In related news, insider Private Credit Stra Blackstone acquired 1,660,000 shares of the company’s stock in a transaction that occurred on Thursday, May 1st. The stock was acquired at an average price of $15.00 per share, for a total transaction of $24,900,000.00. Following the completion of the acquisition, the insider now owns 1,666,667 shares of the company’s stock, valued at $25,000,005. This trade represents a 24,898.76% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider John G. Finley sold 25,000 shares of the business’s stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $138.47, for a total value of $3,461,750.00. Following the completion of the transaction, the insider now directly owns 475,336 shares of the company’s stock, valued at approximately $65,819,775.92. The trade was a 5.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Blackstone Trading Down 3.1%

BX stock opened at $136.37 on Friday. The business has a fifty day moving average price of $136.51 and a 200 day moving average price of $155.85. Blackstone Inc. has a fifty-two week low of $115.66 and a fifty-two week high of $200.96. The stock has a market capitalization of $99.50 billion, a price-to-earnings ratio of 37.57, a P/E/G ratio of 1.07 and a beta of 1.65. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.67 and a quick ratio of 0.71.

Blackstone (NYSE:BX) last released its earnings results on Thursday, April 17th. The asset manager reported $1.09 EPS 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 business posted $0.98 earnings per share. Analysts expect that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Monday, April 28th were paid a $0.93 dividend. The ex-dividend date of this dividend was Monday, April 28th. This represents a $3.72 annualized dividend and a dividend yield of 2.73%. Blackstone’s dividend payout ratio (DPR) is currently 112.05%.

Analyst Upgrades and Downgrades

BX has been the subject of a number of research reports. Piper Sandler reduced their price objective on Blackstone from $182.00 to $140.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th. JMP Securities reiterated a “market outperform” rating and issued a $165.00 price objective on shares of Blackstone in a research report on Thursday, April 24th. TD Cowen reduced their price objective on Blackstone from $233.00 to $147.00 and set a “buy” rating for the company in a research report on Wednesday, April 9th. Citizens Jmp upgraded Blackstone from a “market perform” rating to an “outperform” rating and set a $165.00 price objective for the company in a research report on Tuesday, April 8th. Finally, Cowen restated a “buy” rating on shares of Blackstone in a research report on Monday, April 21st. Ten analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $155.65.

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.