Joel Isaacson & Co. LLC Acquires 705 Shares of Blackstone Inc. (NYSE:BX)

Joel Isaacson & Co. LLC raised its holdings in Blackstone Inc. (NYSE:BXGet Rating) by 4.9% in the second quarter, HoldingsChannel.com reports. The firm owned 15,075 shares of the asset manager’s stock after purchasing an additional 705 shares during the quarter. Joel Isaacson & Co. LLC’s holdings in Blackstone were worth $1,375,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of BX. Financial Advantage Inc. bought a new stake in shares of Blackstone during the 1st quarter worth approximately $26,000. Western Pacific Wealth Management LP bought a new stake in shares of Blackstone during the 4th quarter worth approximately $27,000. Landmark Wealth Management LLC bought a new stake in shares of Blackstone during the 1st quarter worth approximately $27,000. Providence Capital Advisors LLC lifted its holdings in shares of Blackstone by 1,137.6% during the 1st quarter. Providence Capital Advisors LLC now owns 2,995 shares of the asset manager’s stock worth $31,000 after acquiring an additional 2,753 shares during the period. Finally, Citizens National Bank Trust Department bought a new stake in shares of Blackstone during the 4th quarter worth approximately $39,000. Institutional investors own 61.87% of the company’s stock.

Blackstone Trading Down 3.2 %

NYSE BX traded down $2.75 on Friday, hitting $82.65. The company’s stock had a trading volume of 211,285 shares, compared to its average volume of 3,186,851. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.47. Blackstone Inc. has a 1-year low of $84.11 and a 1-year high of $149.78. The company’s 50-day moving average is $98.89 and its 200 day moving average is $105.50. The firm has a market cap of $57.99 billion, a PE ratio of 15.10, a PEG ratio of 1.69 and a beta of 1.45.

Blackstone (NYSE:BXGet Rating) last announced its quarterly earnings results on Thursday, July 21st. The asset manager reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.02. Blackstone had a net margin of 22.48% and a return on equity of 20.80%. The firm had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.46 billion. During the same period in the prior year, the company posted $0.82 EPS. The company’s revenue was up 96.1% on a year-over-year basis. As a group, analysts predict that Blackstone Inc. will post 5.16 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 8th. Stockholders of record on Monday, August 1st were given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 6.15%. The ex-dividend date of this dividend was Friday, July 29th. Blackstone’s dividend payout ratio (DPR) is presently 92.70%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. StockNews.com raised shares of Blackstone from a “sell” rating to a “hold” rating in a report on Thursday. Piper Sandler dropped their price objective on shares of Blackstone from $154.00 to $120.00 and set an “overweight” rating for the company in a research note on Monday, July 25th. Barclays assumed coverage on shares of Blackstone in a research note on Wednesday, August 31st. They issued an “overweight” rating and a $120.00 price objective for the company. Keefe, Bruyette & Woods downgraded shares of Blackstone from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $127.00 to $115.00 in a research note on Wednesday, August 3rd. Finally, Morgan Stanley dropped their price objective on shares of Blackstone from $154.00 to $125.00 and set an “overweight” rating for the company in a research note on Tuesday, July 19th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $131.33.

Insider Transactions at Blackstone

In other news, Director Joseph Baratta sold 71,223 shares of the stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $93.95, for a total transaction of $6,691,400.85. Following the completion of the sale, the director now directly owns 1,141,965 shares in the company, valued at $107,287,611.75. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Blackstone news, Director Joseph Baratta sold 71,223 shares of the firm’s stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $93.95, for a total value of $6,691,400.85. Following the completion of the sale, the director now directly owns 1,141,965 shares in the company, valued at $107,287,611.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Holdings L.P. Blackstone III sold 7,200 shares of the firm’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $32.68, for a total transaction of $235,296.00. Following the completion of the sale, the insider now owns 862,800 shares of the company’s stock, valued at $28,196,304. The disclosure for this sale can be found here. Insiders sold a total of 161,423 shares of company stock worth $9,660,717 over the last three months. 1.00% of the stock is owned by company insiders.

Blackstone Company Profile

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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.

See Also

Want to see what other hedge funds are holding BX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blackstone Inc. (NYSE:BXGet Rating).

Institutional Ownership by Quarter for Blackstone (NYSE:BX)

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