Jackson Wealth Management LLC Sells 64,015 Shares of Blackstone Inc. $BX

Jackson Wealth Management LLC trimmed its stake in Blackstone Inc. (NYSE:BX) by 92.1% in the 2nd quarter, HoldingsChannel reports. The fund owned 5,457 shares of the asset manager’s stock after selling 64,015 shares during the quarter. Jackson Wealth Management LLC’s holdings in Blackstone were worth $642,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BX. Brighton Jones LLC raised its stake in shares of Blackstone by 34.6% during the 4th quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager’s stock worth $1,365,000 after acquiring an additional 2,035 shares in the last quarter. Sivia Capital Partners LLC boosted its stake in Blackstone by 9.3% in the second quarter. Sivia Capital Partners LLC now owns 2,076 shares of the asset manager’s stock valued at $310,000 after acquiring an additional 177 shares in the last quarter. United Bank increased its position in shares of Blackstone by 14.7% during the second quarter. United Bank now owns 13,528 shares of the asset manager’s stock worth $2,024,000 after purchasing an additional 1,729 shares in the last quarter. Nebula Research & Development LLC purchased a new stake in shares of Blackstone during the 2nd quarter valued at $1,124,000. Finally, Sei Investments Co. boosted its position in shares of Blackstone by 1.9% in the 2nd quarter. Sei Investments Co. now owns 452,619 shares of the asset manager’s stock worth $67,703,000 after purchasing an additional 8,655 shares in the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Insider Activity

In related news, insider John G. Finley sold 45,000 shares of the firm’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $147.11, for a total transaction of $6,619,950.00. Following the sale, the insider owned 516,017 shares in the company, valued at approximately $75,911,260.87. This trade represents a 8.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ruth Porat acquired 371 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was purchased at an average price of $137.17 per share, with a total value of $50,890.07. Following the transaction, the director owned 42,189 shares of the company’s stock, valued at approximately $5,787,065.13. This trade represents a 0.89% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders bought 1,611,822 shares of company stock valued at $42,189,294 and sold 7,562,000 shares valued at $40,331,085. 1.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Rothschild & Co Redburn decreased their price target on Blackstone from $134.00 to $130.00 and set a “neutral” rating for the company in a research note on Tuesday, June 9th. Zacks Research upgraded shares of Blackstone from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Royal Bank Of Canada boosted their target price on shares of Blackstone from $161.00 to $169.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Dbs Bank raised shares of Blackstone to a “moderate buy” rating in a report on Wednesday, May 27th. Finally, Oppenheimer boosted their price objective on shares of Blackstone from $140.00 to $171.00 and gave the company an “outperform” rating in a report on Thursday, August 27th. Thirteen analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, Blackstone has an average rating of “Moderate Buy” and an average price target of $149.43.

Blackstone Price Performance

NYSE:BX opened at $143.32 on Tuesday. The firm’s fifty day moving average is $131.06 and its two-hundred day moving average is $122.93. The firm has a market cap of $107.58 billion, a price-to-earnings ratio of 32.06, a PEG ratio of 1.55 and a beta of 1.55. Blackstone Inc. has a one year low of $101.73 and a one year high of $190.09. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.72 and a current ratio of 0.72.

Blackstone (NYSE:BX) last issued its quarterly earnings data on Thursday, July 23rd. The asset manager reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.18. The business had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $3.42 billion. Blackstone had a return on equity of 23.77% and a net margin of 21.84%.The company’s revenue for the quarter was up 35.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.98 EPS. Research analysts expect that Blackstone Inc. will post 5.99 EPS for the current year.

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Monday, August 3rd were issued a dividend of $1.29 per share. This is a positive change from Blackstone’s previous quarterly dividend of $1.16. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $5.16 annualized dividend and a dividend yield of 3.6%. Blackstone’s payout ratio is presently 115.44%.

Blackstone Company Profile

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.