Jackson Wealth Management LLC Sells 280 Shares of Blackstone Inc. $BX

Jackson Wealth Management LLC cut its holdings in shares of Blackstone Inc. (NYSE:BX) by 0.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 58,497 shares of the asset manager’s stock after selling 280 shares during the quarter. Blackstone makes up about 1.0% of Jackson Wealth Management LLC’s investment portfolio, making the stock its 29th biggest position. Jackson Wealth Management LLC’s holdings in Blackstone were worth $8,750,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the company. Mattern Wealth Management LLC grew its position in shares of Blackstone by 2.8% during the second quarter. Mattern Wealth Management LLC now owns 2,213 shares of the asset manager’s stock valued at $331,000 after purchasing an additional 60 shares in the last quarter. Sage Rhino Capital LLC grew its position in shares of Blackstone by 0.8% during the second quarter. Sage Rhino Capital LLC now owns 8,036 shares of the asset manager’s stock valued at $1,202,000 after purchasing an additional 63 shares in the last quarter. Jeppson Wealth Management LLC grew its position in shares of Blackstone by 1.0% during the second quarter. Jeppson Wealth Management LLC now owns 6,549 shares of the asset manager’s stock valued at $980,000 after purchasing an additional 66 shares in the last quarter. McAdam LLC grew its position in shares of Blackstone by 4.4% during the first quarter. McAdam LLC now owns 1,762 shares of the asset manager’s stock valued at $246,000 after purchasing an additional 75 shares in the last quarter. Finally, Angeles Wealth Management LLC grew its position in Blackstone by 0.6% in the first quarter. Angeles Wealth Management LLC now owns 11,819 shares of the asset manager’s stock worth $1,652,000 after acquiring an additional 76 shares in the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Blackstone Stock Up 1.1%

Shares of NYSE:BX opened at $168.40 on Friday. Blackstone Inc. has a 1 year low of $115.66 and a 1 year high of $200.96. The business has a 50 day simple moving average of $173.81 and a two-hundred day simple moving average of $153.77. The firm has a market capitalization of $124.12 billion, a PE ratio of 45.27, a price-to-earnings-growth ratio of 1.35 and a beta of 1.77. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.74 and a quick ratio of 0.74.

Blackstone (NYSE:BX) last issued its earnings results on Thursday, July 24th. The asset manager reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.11. Blackstone had a return on equity of 20.47% and a net margin of 20.83%.The business had revenue of $3.07 billion during the quarter, compared to analysts’ expectations of $2.77 billion. During the same period in the prior year, the business earned $0.98 EPS. The business’s revenue for the quarter was up 32.7% compared to the same quarter last year. On average, equities analysts predict that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, August 4th were issued a $1.03 dividend. The ex-dividend date was Monday, August 4th. This represents a $4.12 annualized dividend and a dividend yield of 2.4%. This is a positive change from Blackstone’s previous quarterly dividend of $0.93. Blackstone’s dividend payout ratio (DPR) is currently 110.75%.

Wall Street Analyst Weigh In

BX has been the subject of several recent research reports. Dbs Bank upgraded Blackstone to a “moderate buy” rating in a research report on Tuesday, August 12th. Keefe, Bruyette & Woods lifted their price target on Blackstone from $168.00 to $180.00 and gave the stock a “market perform” rating in a research report on Friday, July 25th. Barclays lifted their price target on Blackstone from $168.00 to $181.00 and gave the stock an “equal weight” rating in a research report on Friday, July 25th. Evercore ISI lifted their price target on Blackstone from $165.00 to $197.00 and gave the stock an “outperform” rating in a research report on Friday, July 25th. Finally, BNP Paribas Exane boosted their target price on Blackstone from $166.00 to $178.00 and gave the company a “neutral” rating in a research report on Monday, September 29th. Ten analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, Blackstone presently has a consensus rating of “Moderate Buy” and an average price target of $176.00.

Insider Activity at Blackstone

In other Blackstone news, insider John G. Finley sold 21,500 shares of the company’s stock in a transaction on Monday, September 8th. The stock was sold at an average price of $171.46, for a total transaction of $3,686,390.00. Following the completion of the sale, the insider owned 453,836 shares in the company, valued at $77,814,720.56. This represents a 4.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Vikrant Sawhney sold 50,850 shares of the company’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $173.64, for a total value of $8,829,594.00. Following the sale, the insider owned 737,248 shares of the company’s stock, valued at approximately $128,015,742.72. This represents a 6.45% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have bought 3,727,877 shares of company stock valued at $95,046,625 and have sold 16,984,634 shares valued at $155,181,346. Corporate insiders own 1.00% of the company’s stock.

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.