Prime Capital Investment Advisors LLC Decreases Holdings in Blackstone Inc. $BX

Prime Capital Investment Advisors LLC reduced its position in shares of Blackstone Inc. (NYSE:BX) by 11.0% in the second quarter, HoldingsChannel reports. The firm owned 88,409 shares of the asset manager’s stock after selling 10,876 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Blackstone were worth $13,224,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. 1248 Management LLC purchased a new stake in shares of Blackstone in the first quarter worth $25,000. von Borstel & Associates Inc. bought a new position in Blackstone during the first quarter valued at $28,000. Wealth Preservation Advisors LLC bought a new stake in Blackstone during the first quarter worth approximately $28,000. Anderson Financial Strategies LLC purchased a new position in Blackstone during the first quarter worth $28,000. Finally, Family CFO Inc bought a new position in Blackstone during the 2nd quarter valued at about $28,000. Institutional investors own 70.00% of the company’s stock.

Blackstone Stock Performance

Shares of Blackstone stock opened at $168.40 on Monday. The business’s 50 day moving average price is $173.81 and its 200 day moving average price is $153.83. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.74 and a current ratio of 0.74. The company has a market cap of $124.12 billion, a price-to-earnings ratio of 45.27, a PEG ratio of 1.37 and a beta of 1.77. Blackstone Inc. has a one year low of $115.66 and a one year high of $200.96.

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

Blackstone Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, August 4th were given a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Monday, August 4th. This is a positive change from Blackstone’s previous quarterly dividend of $0.93. Blackstone’s dividend payout ratio is 110.75%.

Insider Transactions at Blackstone

In related news, major shareholder Private Multi-Asset Blackstone purchased 2,538,071 shares of Blackstone stock in a transaction on Monday, September 22nd. The shares were bought at an average price of $25.61 per share, with a total value of $64,999,998.31. Following the transaction, the insider directly owned 7,506,209 shares of the company’s stock, valued at approximately $192,234,012.49. This trade represents a 51.09% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Holdings I. L.P. Blackstone bought 1,189,532 shares of the stock in a transaction that occurred on Friday, July 18th. The shares were purchased at an average price of $25.22 per share, with a total value of $29,999,997.04. Following the purchase, the insider owned 4,178,771 shares of the company’s stock, valued at approximately $105,388,604.62. This represents a 39.79% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 3,727,877 shares of company stock worth $95,046,625 and sold 16,984,634 shares worth $155,181,346. 1.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Citigroup reiterated a “market perform” rating on shares of Blackstone in a report on Saturday, July 19th. Evercore ISI raised their price target on Blackstone from $165.00 to $197.00 and gave the stock an “outperform” rating in a report on Friday, July 25th. The Goldman Sachs Group lifted their price target on Blackstone from $172.00 to $173.00 and gave the stock a “neutral” rating in a research report on Friday. Piper Sandler upped their price target on shares of Blackstone from $157.00 to $181.00 and gave the company a “neutral” rating in a report on Monday, July 28th. Finally, Bank of America cut their target price on shares of Blackstone from $200.00 to $199.00 in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $175.53.

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.