Miracle Mile Advisors LLC Sells 812 Shares of Blackstone Inc. (NYSE:BX)

Miracle Mile Advisors LLC trimmed its holdings in shares of Blackstone Inc. (NYSE:BX) by 2.7% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 28,828 shares of the asset manager’s stock after selling 812 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Blackstone were worth $3,569,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. International Assets Investment Management LLC lifted its stake in shares of Blackstone by 6.3% in the 4th quarter. International Assets Investment Management LLC now owns 27,680 shares of the asset manager’s stock valued at $3,624,000 after acquiring an additional 1,640 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Blackstone by 14.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 66,788 shares of the asset manager’s stock worth $8,744,000 after buying an additional 8,210 shares during the last quarter. Everence Capital Management Inc. boosted its holdings in Blackstone by 120.1% in the 4th quarter. Everence Capital Management Inc. now owns 9,510 shares of the asset manager’s stock valued at $1,245,000 after purchasing an additional 5,190 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Blackstone by 0.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 126,453 shares of the asset manager’s stock worth $16,555,000 after purchasing an additional 699 shares during the last quarter. Finally, Tyche Wealth Partners LLC bought a new stake in Blackstone in the 4th quarter worth $765,000. Institutional investors own 70.00% of the company’s stock.

Blackstone Price Performance

BX stock traded down $1.99 during trading on Friday, reaching $134.28. 3,727,431 shares of the company were exchanged, compared to its average volume of 3,535,873. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.77 and a quick ratio of 0.79. The company has a market capitalization of $95.96 billion, a price-to-earnings ratio of 47.45, a P/E/G ratio of 1.17 and a beta of 1.50. Blackstone Inc. has a twelve month low of $88.59 and a twelve month high of $145.16. The company has a 50-day moving average of $129.57 and a two-hundred day moving average of $126.41.

Blackstone (NYSE:BX) last announced its quarterly earnings results on Thursday, July 18th. The asset manager reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.03). The business had revenue of $3.69 billion during the quarter, compared to analyst estimates of $2.58 billion. Blackstone had a net margin of 19.35% and a return on equity of 17.43%. The company’s revenue was up 166.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.93 earnings per share. As a group, equities analysts predict that Blackstone Inc. will post 4.58 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 29th were given a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend was Monday, July 29th. Blackstone’s dividend payout ratio (DPR) is 115.90%.

Analyst Ratings Changes

A number of research analysts recently weighed in on BX shares. Piper Sandler raised their price objective on Blackstone from $134.00 to $149.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Bank of America increased their target price on Blackstone from $130.00 to $145.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. JPMorgan Chase & Co. lowered their price target on Blackstone from $105.00 to $100.00 and set a “neutral” rating for the company in a research report on Friday, April 19th. TD Cowen increased their price target on Blackstone from $114.00 to $120.00 and gave the company a “hold” rating in a report on Friday, July 19th. Finally, Barclays increased their target price on shares of Blackstone from $126.00 to $141.00 and gave the company an “equal weight” rating in a research report on Friday, July 19th. Thirteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $128.65.

Insiders Place Their Bets

In related news, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the transaction, the insider now owns 429,386 shares in the company, valued at approximately $56,567,311.64. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total value of $4,610,900.00. Following the transaction, the insider now directly owns 429,386 shares in the company, valued at $56,567,311.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph Baratta sold 116,448 shares of the company’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $123.00, for a total transaction of $14,323,104.00. Following the completion of the transaction, the director now owns 921,184 shares in the company, valued at $113,305,632. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

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.