Royal Capital Wealth Management LLC Sells 387 Shares of Blackstone Inc. (NYSE:BX)

Royal Capital Wealth Management LLC cut its holdings in Blackstone Inc. (NYSE:BX) by 2.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 17,621 shares of the asset manager’s stock after selling 387 shares during the quarter. Blackstone comprises 2.1% of Royal Capital Wealth Management LLC’s portfolio, making the stock its 13th largest position. Royal Capital Wealth Management LLC’s holdings in Blackstone were worth $3,038,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of BX. Hager Investment Management Services LLC bought a new position in shares of Blackstone during the 4th quarter valued at about $28,000. Centricity Wealth Management LLC acquired a new position in shares of Blackstone in the fourth quarter valued at approximately $30,000. Roxbury Financial LLC acquired a new stake in shares of Blackstone during the fourth quarter worth $34,000. Murphy & Mullick Capital Management Corp acquired a new position in Blackstone in the 4th quarter worth $33,000. Finally, Bernard Wealth Management Corp. acquired a new stake in shares of Blackstone in the 4th quarter valued at about $34,000. 70.00% of the stock is owned by institutional investors.

Insider Activity

In other news, insider John G. Finley sold 25,000 shares of the company’s stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $138.47, for a total value of $3,461,750.00. Following the sale, the insider now directly owns 475,336 shares of the company’s stock, valued at $65,819,775.92. This represents a 5.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Private Credit Stra Blackstone purchased 1,660,000 shares of the stock in a transaction that occurred on Thursday, May 1st. The shares were acquired at an average cost of $15.00 per share, with a total value of $24,900,000.00. Following the completion of the transaction, the insider now owns 1,666,667 shares in the company, valued at $25,000,005. This trade represents a 24,898.76% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.00% of the company’s stock.

Analyst Ratings Changes

BX has been the topic of a number of recent research reports. TD Cowen dropped their target price on Blackstone from $233.00 to $147.00 and set a “buy” rating on the stock in a research report on Wednesday, April 9th. Piper Sandler cut their price objective on shares of Blackstone from $182.00 to $140.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Wells Fargo & Company cut their price target on shares of Blackstone from $160.00 to $139.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 8th. Morgan Stanley lowered their price target on Blackstone from $222.00 to $150.00 and set an “overweight” rating on the stock in a research report on Monday, April 14th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Blackstone from $149.00 to $154.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Ten analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $154.82.

Blackstone Price Performance

BX opened at $144.10 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.71 and a current ratio of 0.67. The firm has a 50-day moving average of $137.50 and a 200 day moving average of $161.16. Blackstone Inc. has a fifty-two week low of $115.66 and a fifty-two week high of $200.96. The firm has a market cap of $105.14 billion, a P/E ratio of 39.70, a PEG ratio of 1.07 and a beta of 1.67.

Blackstone (NYSE:BX) last announced its quarterly earnings data on Thursday, April 17th. The asset manager reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.22 by ($0.13). Blackstone had a return on equity of 19.58% and a net margin of 20.99%. The firm had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.95 billion. During the same period last year, the business posted $0.98 EPS. On average, research analysts expect that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Monday, April 28th were paid a $0.93 dividend. The ex-dividend date was Monday, April 28th. This represents a $3.72 dividend on an annualized basis and a dividend yield of 2.58%. Blackstone’s dividend payout ratio (DPR) is 112.05%.

Blackstone 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.