Adell Harriman & Carpenter Inc. Cuts Position in Blackstone Inc. $BX

Adell Harriman & Carpenter Inc. reduced its stake in shares of Blackstone Inc. (NYSE:BX) by 1.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 251,002 shares of the asset manager’s stock after selling 4,291 shares during the period. Blackstone makes up about 1.8% of Adell Harriman & Carpenter Inc.’s holdings, making the stock its 15th largest position. Adell Harriman & Carpenter Inc.’s holdings in Blackstone were worth $28,863,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Strive Asset Management LLC purchased a new position in Blackstone in the 3rd quarter valued at approximately $30,000. Family CFO Inc acquired a new stake in Blackstone in the fourth quarter valued at $28,000. Ares Financial Consulting LLC purchased a new position in shares of Blackstone in the fourth quarter valued at $28,000. Richardson Financial Services Inc. acquired a new position in shares of Blackstone during the 4th quarter worth $29,000. Finally, Kelleher Financial Advisors acquired a new stake in Blackstone in the 3rd quarter valued at about $34,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on BX shares. Dbs Bank upgraded shares of Blackstone to a “moderate buy” rating in a research report on Wednesday, May 27th. JPMorgan Chase & Co. dropped their price objective on shares of Blackstone from $142.00 to $136.00 and set a “neutral” rating for the company in a research note on Friday, April 24th. Sanford C. Bernstein initiated coverage on Blackstone in a research note on Monday, June 8th. They issued an “outperform” rating on the stock. BMO Capital Markets raised their price target on Blackstone from $126.00 to $132.00 and gave the stock an “outperform” rating in a research report on Monday, April 13th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Blackstone in a research report on Monday, June 8th. They issued a “buy” rating on the stock. Thirteen research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $146.52.

Insider Buying and Selling

In other news, insider Vikrant Sawhney sold 30,014 shares of Blackstone stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $125.79, for a total value of $3,775,461.06. Following the transaction, the insider directly owned 899,669 shares of the company’s stock, valued at $113,169,363.51. The trade was a 3.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Ruth Porat bought 355 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were acquired at an average cost of $123.04 per share, with a total value of $43,679.20. Following the transaction, the director owned 41,818 shares in the company, valued at approximately $5,145,286.72. This represents a 0.86% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders bought 10,252,345 shares of company stock worth $209,789,893. Corporate insiders own 1.00% of the company’s stock.

Blackstone Stock Performance

Shares of BX stock opened at $124.46 on Wednesday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a market capitalization of $92.46 billion, a price-to-earnings ratio of 31.83, a price-to-earnings-growth ratio of 1.33 and a beta of 1.58. Blackstone Inc. has a one year low of $101.73 and a one year high of $190.09. The company has a 50 day moving average price of $119.68 and a 200 day moving average price of $126.29.

Blackstone (NYSE:BX) last announced its quarterly earnings data on Thursday, April 23rd. The asset manager reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.02. The company had revenue of $3.43 billion during the quarter, compared to analysts’ expectations of $3.45 billion. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The business’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.11 EPS. Sell-side analysts anticipate that Blackstone Inc. will post 5.89 EPS for the current year.

Blackstone Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, May 4th were paid a dividend of $1.16 per share. The ex-dividend date was Monday, May 4th. This represents a $4.64 annualized dividend and a yield of 3.7%. Blackstone’s dividend payout ratio is currently 118.67%.

About Blackstone

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.