Purus Wealth Management LLC Reduces Stock Position in Blackstone Inc. (NYSE:BX)

Purus Wealth Management LLC reduced its position in shares of Blackstone Inc. (NYSE:BX) by 1.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,230 shares of the asset manager’s stock after selling 77 shares during the period. Purus Wealth Management LLC’s holdings in Blackstone were worth $1,074,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of BX. Sather Financial Group Inc grew its holdings in Blackstone by 202.5% in the 3rd quarter. Sather Financial Group Inc now owns 6,050 shares of the asset manager’s stock valued at $926,000 after buying an additional 4,050 shares during the period. Portside Wealth Group LLC acquired a new position in Blackstone during the third quarter worth approximately $201,000. Aljian Capital Management LLC purchased a new position in Blackstone during the third quarter worth approximately $1,951,000. Icon Wealth Advisors LLC raised its position in shares of Blackstone by 2,185.4% in the 3rd quarter. Icon Wealth Advisors LLC now owns 18,946 shares of the asset manager’s stock worth $2,901,000 after buying an additional 18,117 shares during the period. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Blackstone by 3.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,169,526 shares of the asset manager’s stock worth $179,089,000 after purchasing an additional 36,343 shares during the period. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Insiders Place Their Bets

In other news, insider John G. Finley sold 42,249 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $175.94, for a total transaction of $7,433,289.06. Following the completion of the transaction, the insider now directly owns 387,137 shares of the company’s stock, valued at approximately $68,112,883.78. This represents a 9.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is owned by corporate insiders.

Blackstone Stock Performance

Shares of BX stock opened at $180.00 on Monday. The company’s 50-day simple moving average is $180.73 and its 200-day simple moving average is $158.49. Blackstone Inc. has a one year low of $115.63 and a one year high of $200.96. The stock has a market capitalization of $129.96 billion, a price-to-earnings ratio of 61.86, a PEG ratio of 1.02 and a beta of 1.53. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.71 and a current ratio of 0.71.

Blackstone (NYSE:BX) last posted its quarterly earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.10. Blackstone had a return on equity of 17.53% and a net margin of 19.46%. The business had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.37 billion. Equities analysts anticipate that Blackstone Inc. will post 4.45 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on BX shares. Keefe, Bruyette & Woods cut their price target on shares of Blackstone from $175.00 to $174.00 and set a “market perform” rating on the stock in a report on Monday, January 13th. Wells Fargo & Company reduced their target price on shares of Blackstone from $195.00 to $180.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 14th. Bank of America raised their price objective on Blackstone from $171.00 to $192.00 and gave the company a “buy” rating in a research report on Friday, October 18th. TD Cowen upgraded Blackstone from a “hold” rating to a “buy” rating and increased their target price for the company from $149.00 to $230.00 in a research note on Monday, December 9th. Finally, Evercore ISI upped their price target on Blackstone from $148.00 to $155.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Twelve equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $169.56.

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.