Pacific Point Advisors LLC Takes $397,000 Position in Blackstone Inc. (NYSE:BX)

Pacific Point Advisors LLC purchased a new stake in shares of Blackstone Inc. (NYSE:BX) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,325 shares of the asset manager’s stock, valued at approximately $397,000.

A number of other large investors also recently modified their holdings of BX. Hager Investment Management Services LLC acquired a new position in shares of Blackstone during the fourth quarter valued at $28,000. Centricity Wealth Management LLC acquired a new position in shares of Blackstone during the fourth quarter valued at $30,000. Murphy & Mullick Capital Management Corp acquired a new position in shares of Blackstone during the fourth quarter valued at $33,000. Berbice Capital Management LLC acquired a new position in Blackstone during the fourth quarter worth about $34,000. Finally, Comprehensive Financial Planning Inc. PA acquired a new position in Blackstone during the fourth quarter worth about $34,000. 70.00% of the stock is owned by institutional investors and hedge funds.

Blackstone Trading Down 0.6%

Shares of NYSE BX opened at $136.71 on Friday. Blackstone Inc. has a one year low of $115.66 and a one year high of $200.96. The firm has a market capitalization of $99.75 billion, a PE ratio of 37.66, a PEG ratio of 1.07 and a beta of 1.67. The company has a current ratio of 0.67, a quick ratio of 0.71 and a debt-to-equity ratio of 0.61. The business has a 50-day moving average price of $137.21 and a two-hundred day moving average price of $160.78.

Blackstone (NYSE:BX) last announced its quarterly earnings data on Thursday, April 17th. The asset manager reported $1.09 EPS for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.13). The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.95 billion. Blackstone had a return on equity of 19.58% and a net margin of 20.99%. During the same quarter in the previous year, the business posted $0.98 earnings per share. As a group, analysts predict that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Monday, April 28th were issued a dividend of $0.93 per share. The ex-dividend date was Monday, April 28th. This represents a $3.72 annualized dividend and a dividend yield of 2.72%. Blackstone’s dividend payout ratio is 112.05%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on BX shares. Morgan Stanley lowered their target price on Blackstone from $222.00 to $150.00 and set an “overweight” rating on the stock in a report on Monday, April 14th. Citigroup lowered their target price on Blackstone from $190.00 to $137.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Barclays lifted their target price on Blackstone from $129.00 to $136.00 and gave the stock an “equal weight” rating in a report on Monday, April 21st. Keefe, Bruyette & Woods lowered their target price on Blackstone from $141.00 to $139.00 and set a “market perform” rating on the stock in a report on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. increased their price target on Blackstone from $149.00 to $154.00 and gave the company a “neutral” rating in a research report on Friday, January 31st. Ten equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $154.82.

Insider Activity

In related news, insider John G. Finley sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $138.47, for a total value of $3,461,750.00. Following the completion of the sale, the insider now directly owns 475,336 shares in the company, valued at approximately $65,819,775.92. The trade was a 5.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Private Credit Stra Blackstone bought 1,660,000 shares of Blackstone stock in a transaction that occurred on Thursday, May 1st. The stock was bought at an average price of $15.00 per share, with a total value of $24,900,000.00. Following the completion of the acquisition, the insider now owns 1,666,667 shares in the company, valued at approximately $25,000,005. The trade was a 24,898.76% increase in their position. The disclosure for this purchase can be found here. 1.00% of the stock is owned by corporate insiders.

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.