Highland Capital Management LLC Has $1.72 Million Position in Blackstone Inc. (NYSE:BX)

Highland Capital Management LLC increased its stake in shares of Blackstone Inc. (NYSE:BXGet Rating) by 12.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,875 shares of the asset manager’s stock after purchasing an additional 2,100 shares during the quarter. Highland Capital Management LLC’s holdings in Blackstone were worth $1,722,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Western Pacific Wealth Management LP bought a new stake in shares of Blackstone in the 4th quarter valued at $27,000. Financial Advantage Inc. acquired a new position in shares of Blackstone during the 1st quarter valued at $26,000. Landmark Wealth Management LLC acquired a new position in Blackstone during the first quarter worth $27,000. Citizens National Bank Trust Department acquired a new position in Blackstone during the fourth quarter worth $39,000. Finally, Independence Bank of Kentucky raised its holdings in Blackstone by 152.0% during the first quarter. Independence Bank of Kentucky now owns 315 shares of the asset manager’s stock worth $40,000 after buying an additional 190 shares during the last quarter. 61.87% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on BX shares. Piper Sandler reduced their price target on shares of Blackstone from $154.00 to $120.00 and set an “overweight” rating for the company in a research report on Monday, July 25th. Barclays began coverage on shares of Blackstone in a research report on Wednesday, August 31st. They issued an “overweight” rating and a $120.00 price objective for the company. StockNews.com raised shares of Blackstone from a “sell” rating to a “hold” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft raised their target price on shares of Blackstone from $147.00 to $153.00 and gave the company a “buy” rating in a research note on Friday, August 12th. Finally, Keefe, Bruyette & Woods downgraded shares of Blackstone from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $127.00 to $115.00 in a research note on Wednesday, August 3rd. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $131.33.

Blackstone Trading Down 3.8 %

Shares of NYSE:BX opened at $85.40 on Friday. The stock has a 50 day moving average of $98.89 and a 200 day moving average of $105.50. The company has a market cap of $59.92 billion, a PE ratio of 15.58, a price-to-earnings-growth ratio of 1.69 and a beta of 1.45. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.47. Blackstone Inc. has a 12-month low of $84.11 and a 12-month high of $149.78.

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

Blackstone Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 8th. Shareholders of record on Monday, August 1st were paid a $1.27 dividend. The ex-dividend date of this dividend was Friday, July 29th. This represents a $5.08 annualized dividend and a yield of 5.95%. Blackstone’s payout ratio is 92.70%.

Blackstone 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.

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Institutional Ownership by Quarter for Blackstone (NYSE:BX)

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