Bank of New York Mellon Corp Sells 288,843 Shares of Blackstone Inc. $BX

Bank of New York Mellon Corp decreased its stake in shares of Blackstone Inc. (NYSE:BX) by 6.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,053,802 shares of the asset manager’s stock after selling 288,843 shares during the quarter. Bank of New York Mellon Corp owned about 0.56% of Blackstone worth $606,368,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of BX. Kera Capital Partners Inc. purchased a new stake in Blackstone during the second quarter worth $273,000. Redmond Asset Management LLC boosted its holdings in Blackstone by 21.2% during the second quarter. Redmond Asset Management LLC now owns 18,785 shares of the asset manager’s stock worth $2,810,000 after buying an additional 3,281 shares in the last quarter. Bourgeon Capital Management LLC purchased a new stake in Blackstone during the second quarter worth $423,000. Sandy Cove Advisors LLC raised its position in Blackstone by 22.1% during the second quarter. Sandy Cove Advisors LLC now owns 12,042 shares of the asset manager’s stock worth $1,801,000 after acquiring an additional 2,182 shares during the period. Finally, Edmond DE Rothschild Holding S.A. raised its position in Blackstone by 14.5% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 14,708 shares of the asset manager’s stock worth $2,056,000 after acquiring an additional 1,863 shares during the period. Institutional investors and hedge funds own 70.00% of the company’s stock.

Blackstone Price Performance

Shares of NYSE BX opened at $144.11 on Tuesday. The firm has a 50-day simple moving average of $168.00 and a 200-day simple moving average of $157.09. The stock has a market capitalization of $106.22 billion, a price-to-earnings ratio of 41.17, a price-to-earnings-growth ratio of 1.18 and a beta of 1.77. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt-to-equity ratio of 0.60. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $200.96.

Blackstone (NYSE:BX) last issued its earnings results on Friday, November 22nd. The asset manager reported $0.97 EPS for the quarter. Blackstone had a net margin of 20.56% and a return on equity of 22.30%. The business had revenue of $2.49 billion during the quarter. On average, equities analysts predict that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Investors of record on Monday, November 3rd will be given a dividend of $1.29 per share. The ex-dividend date is Monday, November 3rd. This is an increase from Blackstone’s previous quarterly dividend of $1.03. This represents a $5.16 annualized dividend and a yield of 3.6%. Blackstone’s dividend payout ratio (DPR) is 147.43%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BX. Barclays reduced their price objective on shares of Blackstone from $171.00 to $165.00 and set an “equal weight” rating for the company in a research report on Friday, October 24th. JPMorgan Chase & Co. reduced their price objective on shares of Blackstone from $177.00 to $176.00 and set a “neutral” rating for the company in a research report on Friday, October 24th. BNP Paribas Exane reduced their price objective on shares of Blackstone from $178.00 to $167.00 and set a “neutral” rating for the company in a research report on Friday, October 24th. The Goldman Sachs Group upped their price objective on shares of Blackstone from $173.00 to $174.00 and gave the stock a “neutral” rating in a research report on Friday, October 24th. Finally, Piper Sandler reduced their price objective on shares of Blackstone from $173.00 to $168.00 and set a “neutral” rating for the company in a research report on Friday, October 24th. Eleven analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $179.74.

Insider Activity

In other news, Director James Breyer acquired 13,170 shares of the business’s stock in a transaction that occurred on Wednesday, October 29th. The stock was purchased at an average cost of $151.23 per share, for a total transaction of $1,991,699.10. Following the completion of the transaction, the director owned 55,006 shares in the company, valued at approximately $8,318,557.38. This trade represents a 31.48% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Private Multi-Asset Blackstone acquired 2,538,071 shares of the business’s stock in a transaction that occurred on Monday, September 22nd. The shares were purchased at an average price of $25.61 per share, with a total value of $64,999,998.31. Following the completion of the transaction, the insider owned 7,506,209 shares of the company’s stock, valued at $192,234,012.49. The trade was a 51.09% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders acquired 2,551,515 shares of company stock valued at $67,038,327 and sold 16,884,634 shares valued at $138,445,346. 1.00% of the stock is currently owned by company insiders.

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.