Baldwin Wealth Partners LLC MA Sells 6,446 Shares of Blackstone Inc. $BX

Key Points

• Baldwin Wealth Partners LLC MA reduced its stake in Blackstone Inc. by 2.6%, selling 6,446 shares, leaving them with 238,004 shares valued at approximately $35.6 million.
• Blackstone recently increased its quarterly dividend to $1.03, with an annualized payout totaling $4.12, reflecting a yield of 2.6%.
• The asset manager reported $1.21 earnings per share for the last quarter, exceeding analysts' expectations of $1.10, and a revenue of $3.07 billion, significantly higher than the estimated $2.77 billion.

Baldwin Wealth Partners LLC MA lessened its stake in Blackstone Inc. (NYSE:BX - Free Report) by 2.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 238,004 shares of the asset manager's stock after selling 6,446 shares during the quarter. Blackstone comprises approximately 2.4% of Baldwin Wealth Partners LLC MA's holdings, making the stock its 10th biggest holding. Baldwin Wealth Partners LLC MA's holdings in Blackstone were worth $35,601,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Illinois Municipal Retirement Fund lifted its holdings in shares of Blackstone by 105.4% during the 1st quarter. Illinois Municipal Retirement Fund now owns 13,405 shares of the asset manager's stock valued at $1,874,000 after acquiring an additional 6,878 shares in the last quarter. Kera Capital Partners Inc. acquired a new position in shares of Blackstone during the 2nd quarter valued at $273,000. Sandy Cove Advisors LLC lifted its holdings in shares of Blackstone by 22.1% during the 2nd quarter. Sandy Cove Advisors LLC now owns 12,042 shares of the asset manager's stock valued at $1,801,000 after acquiring an additional 2,182 shares in the last quarter. Bourgeon Capital Management LLC purchased a new stake in Blackstone during the 2nd quarter worth $423,000. Finally, Edmond DE Rothschild Holding S.A. increased its stake in Blackstone by 14.5% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 14,708 shares of the asset manager's stock worth $2,056,000 after buying an additional 1,863 shares during the period. Institutional investors and hedge funds own 70.00% of the company's stock.

Blackstone Price Performance

Shares of NYSE:BX opened at $160.52 on Friday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61. Blackstone Inc. has a fifty-two week low of $115.66 and a fifty-two week high of $200.96. The firm has a 50-day simple moving average of $172.86 and a 200 day simple moving average of $154.15. The company has a market cap of $118.32 billion, a PE ratio of 43.15, a P/E/G ratio of 1.32 and a beta of 1.77.

Blackstone (NYSE:BX - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The asset manager reported $1.21 earnings per share for the quarter, topping analysts' consensus estimates of $1.10 by $0.11. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. The company had revenue of $3.07 billion during the quarter, compared to analyst estimates of $2.77 billion. During the same period in the prior year, the business posted $0.98 EPS. The business's revenue for the quarter was up 32.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, August 4th were paid a $1.03 dividend. The ex-dividend date was Monday, August 4th. This represents a $4.12 annualized dividend and a yield of 2.6%. This is a boost from Blackstone's previous quarterly dividend of $0.93. Blackstone's dividend payout ratio (DPR) is currently 110.75%.

Insider Transactions at Blackstone

In other Blackstone news, Director Joseph Baratta sold 113,000 shares of the company's stock in a transaction that occurred on Thursday, September 25th. The shares were sold at an average price of $175.69, for a total value of $19,852,970.00. Following the transaction, the director owned 695,757 shares in the company, valued at approximately $122,237,547.33. This represents a 13.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Vikrant Sawhney sold 50,850 shares of the stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $173.64, for a total transaction of $8,829,594.00. Following the transaction, the insider owned 737,248 shares in the company, valued at approximately $128,015,742.72. This trade represents a 6.45% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 3,727,877 shares of company stock worth $95,046,625 and have sold 16,984,634 shares worth $155,181,346. 1.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

BX has been the topic of several analyst reports. BNP Paribas Exane lifted their price target on shares of Blackstone from $166.00 to $178.00 and gave the stock a "neutral" rating in a research note on Monday, September 29th. Bank of America dropped their price target on shares of Blackstone from $200.00 to $199.00 in a research note on Friday, October 3rd. Dbs Bank raised shares of Blackstone to a "moderate buy" rating in a research report on Tuesday, August 12th. Weiss Ratings restated a "hold (c)" rating on shares of Blackstone in a research note on Wednesday. Finally, Citigroup restated a "market perform" rating on shares of Blackstone in a research note on Saturday, July 19th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $179.00.

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.

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