Blackstone Inc. (NYSE:BX) Shares Sold by Spinnaker Investment Group LLC

by · The Cerbat Gem

Spinnaker Investment Group LLC decreased its holdings in shares of Blackstone Inc. (NYSE:BX – Free Report) by 26.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,134 shares of the asset manager’s stock after selling 1,504 shares during the quarter. Spinnaker Investment Group LLC’s holdings in Blackstone were worth $541,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Exchange Traded Concepts LLC raised its stake in Blackstone by 763.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 233 shares of the asset manager’s stock worth $31,000 after acquiring an additional 206 shares during the period. Halpern Financial Inc. increased its stake in shares of Blackstone by 327.1% in the third quarter. Halpern Financial Inc. now owns 252 shares of the asset manager’s stock valued at $27,000 after purchasing an additional 193 shares during the period. Bruce G. Allen Investments LLC acquired a new stake in shares of Blackstone in the fourth quarter valued at approximately $33,000. Coppell Advisory Solutions LLC acquired a new stake in shares of Blackstone in the second quarter valued at approximately $25,000. Finally, Family CFO Inc bought a new position in shares of Blackstone in the third quarter valued at approximately $33,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Blackstone Stock Up 0.4 %

BX stock traded up $0.56 during midday trading on Monday, reaching $131.93. The company had a trading volume of 348,098 shares, compared to its average volume of 3,752,729. Blackstone Inc. has a 1 year low of $79.29 and a 1 year high of $133.56. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.67. The company has a market capitalization of $94.28 billion, a P/E ratio of 72.07, a PEG ratio of 1.05 and a beta of 1.51. The company has a 50 day moving average of $126.13 and a two-hundred day moving average of $116.26.

Blackstone (NYSE:BX – Get Free Report) last released its earnings results on Thursday, January 25th. The asset manager reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.16. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $2.48 billion. Blackstone had a net margin of 17.34% and a return on equity of 17.30%. During the same quarter in the prior year, the firm earned $1.07 EPS. On average, equities research analysts expect that Blackstone Inc. will post 4.92 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, February 12th. Stockholders of record on Monday, February 5th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Friday, February 2nd. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.85%. This is an increase from Blackstone’s previous quarterly dividend of $0.80. Blackstone’s dividend payout ratio (DPR) is currently 205.46%.

Analyst Upgrades and Downgrades

BX has been the subject of several recent analyst reports. Wells Fargo & Company increased their price objective on shares of Blackstone from $127.00 to $130.00 and gave the company an “overweight” rating in a report on Monday, January 22nd. BMO Capital Markets increased their price objective on shares of Blackstone from $95.00 to $101.00 and gave the company a “market perform” rating in a report on Friday, January 26th. Morgan Stanley raised their target price on shares of Blackstone from $120.00 to $144.00 and gave the stock an “overweight” rating in a report on Wednesday, January 24th. Keefe, Bruyette & Woods raised their target price on shares of Blackstone from $123.00 to $127.00 and gave the stock a “market perform” rating in a report on Friday, January 26th. Finally, Citigroup cut shares of Blackstone from a “buy” rating to a “neutral” rating and raised their target price for the stock from $116.00 to $124.00 in a report on Friday, January 19th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $119.53.

View Our Latest Research Report on Blackstone

Insider Activity

In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of the firm’s stock in a transaction on Sunday, March 3rd. The shares were sold at an average price of $11.10, for a total transaction of $27,853,407.60. Following the transaction, the insider now owns 12,802 shares in the company, valued at approximately $142,102.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of the firm’s stock in a transaction on Sunday, March 3rd. The shares were sold at an average price of $11.10, for a total value of $27,853,407.60. Following the transaction, the insider now directly owns 12,802 shares in the company, valued at approximately $142,102.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John G. Finley sold 49,000 shares of the firm’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $127.93, for a total transaction of $6,268,570.00. Following the completion of the transaction, the insider now owns 393,143 shares in the company, valued at $50,294,783.99. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,587,168 shares of company stock worth $37,816,476. 1.00% of the stock is owned by corporate insiders.

About Blackstone

(Free Report)

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.

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