Aspetuck Financial Management LLC Invests $639,000 in Blackstone Inc. (NYSE:BX)

Aspetuck Financial Management LLC bought a new position in shares of Blackstone Inc. (NYSE:BX - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 4,575 shares of the asset manager's stock, valued at approximately $639,000.

Other institutional investors have also added to or reduced their stakes in the company. Lord Abbett & CO. LLC bought a new stake in Blackstone in the 4th quarter valued at $63,109,000. Parallel Advisors LLC boosted its stake in Blackstone by 6.6% in the 1st quarter. Parallel Advisors LLC now owns 31,212 shares of the asset manager's stock valued at $4,363,000 after purchasing an additional 1,943 shares during the period. Comprehensive Money Management Services LLC bought a new stake in Blackstone in the 4th quarter valued at $1,747,000. Vanguard Group Inc. boosted its stake in Blackstone by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 66,894,632 shares of the asset manager's stock valued at $11,533,972,000 after purchasing an additional 889,286 shares during the period. Finally, Commonwealth Equity Services LLC boosted its stake in Blackstone by 0.8% in the 4th quarter. Commonwealth Equity Services LLC now owns 716,319 shares of the asset manager's stock valued at $123,508,000 after purchasing an additional 5,951 shares during the period. 70.00% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Blackstone

In other Blackstone news, Director Ruth Porat bought 237 shares of the business's stock in a transaction that occurred on Monday, May 5th. The shares were bought at an average price of $136.33 per share, for a total transaction of $32,310.21. Following the transaction, the director now directly owns 37,067 shares in the company, valued at approximately $5,053,344.11. This trade represents a 0.64% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John G. Finley sold 25,000 shares of the company's stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $138.47, for a total value of $3,461,750.00. Following the sale, the insider now owns 475,336 shares in the company, valued at approximately $65,819,775.92. The trade was a 5.00% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company's stock.

Blackstone Price Performance

Shares of BX opened at $143.62 on Thursday. Blackstone Inc. has a 12-month low of $115.66 and a 12-month high of $200.96. The business has a 50-day simple moving average of $137.88 and a two-hundred day simple moving average of $153.16. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.67. The stock has a market cap of $104.79 billion, a PE ratio of 43.26, a PEG ratio of 1.32 and a beta of 1.65.

Blackstone (NYSE:BX - Get Free Report) last issued its earnings results on Thursday, April 17th. The asset manager reported $1.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.22 by ($0.13). Blackstone had a return on equity of 19.84% and a net margin of 19.83%. The firm had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.95 billion. During the same period in the previous year, the company earned $0.98 EPS. Analysts anticipate that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Monday, April 28th were given a $0.93 dividend. The ex-dividend date was Monday, April 28th. This represents a $3.72 dividend on an annualized basis and a dividend yield of 2.59%. Blackstone's dividend payout ratio (DPR) is presently 112.05%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on BX shares. Piper Sandler cut their target price on Blackstone from $182.00 to $140.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. JMP Securities reiterated a "market outperform" rating and set a $165.00 target price on shares of Blackstone in a research report on Thursday, April 24th. UBS Group cut their target price on Blackstone from $180.00 to $175.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Wells Fargo & Company upped their target price on Blackstone from $139.00 to $153.00 and gave the company an "equal weight" rating in a research report on Friday, May 23rd. Finally, TD Cowen cut their target price on Blackstone from $233.00 to $147.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. Ten research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $155.65.

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.

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