Beck Mack & Oliver LLC Has $315.71 Million Stock Holdings in Blackstone Inc. $BX

Key Points

• Beck Mack & Oliver LLC reduced its stake in Blackstone Inc. by 3.0% to approximately $315.71 million, making it their second-largest holding.
• Blackstone recently declared a quarterly dividend of $1.03, an increase from its previous $0.93, reflecting a 2.4% yield on an annualized basis.
• Analysts have a consensus rating of "Moderate Buy" for Blackstone, with target price estimates ranging from $165.00 to $197.00, indicating potential growth in its stock value.

Beck Mack & Oliver LLC decreased its position in Blackstone Inc. (NYSE:BX - Free Report) by 3.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,258,639 shares of the asset manager's stock after selling 69,743 shares during the quarter. Blackstone accounts for about 6.3% of Beck Mack & Oliver LLC's investment portfolio, making the stock its 2nd largest holding. Beck Mack & Oliver LLC owned approximately 0.31% of Blackstone worth $315,713,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Ascent Group LLC increased its position in Blackstone by 0.9% in the fourth quarter. Ascent Group LLC now owns 8,522 shares of the asset manager's stock worth $1,469,000 after purchasing an additional 74 shares during the period. Global Assets Advisory LLC grew its position in Blackstone by 1.9% during the fourth quarter. Global Assets Advisory LLC now owns 4,013 shares of the asset manager's stock worth $697,000 after buying an additional 75 shares in the last quarter. Angeles Wealth Management LLC raised its position in Blackstone by 0.6% during the 1st quarter. Angeles Wealth Management LLC now owns 11,819 shares of the asset manager's stock valued at $1,652,000 after purchasing an additional 76 shares during the last quarter. Aptus Capital Advisors LLC boosted its stake in Blackstone by 0.9% during the 4th quarter. Aptus Capital Advisors LLC now owns 8,466 shares of the asset manager's stock valued at $1,460,000 after purchasing an additional 78 shares during the last quarter. Finally, Nicolet Advisory Services LLC raised its holdings in Blackstone by 0.7% in the 1st quarter. Nicolet Advisory Services LLC now owns 12,075 shares of the asset manager's stock worth $1,539,000 after purchasing an additional 78 shares during the period. Institutional investors own 70.00% of the company's stock.

Insider Buying and Selling at Blackstone

In other news, major shareholder Holdings I. L.P. Blackstone acquired 1,189,532 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was bought at an average price of $25.22 per share, with a total value of $29,999,997.04. Following the transaction, the insider directly owned 4,178,771 shares in the company, valued at approximately $105,388,604.62. The trade was a 39.79% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Vikrant Sawhney sold 50,850 shares of the company's 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. The trade was a 6.45% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have acquired 1,189,806 shares of company stock worth $30,046,627 and have sold 16,850,134 shares worth $131,641,986. Insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. JMP Securities upped their target price on Blackstone from $180.00 to $195.00 and gave the stock a "market outperform" rating in a report on Friday, July 25th. Citigroup reissued a "market perform" rating on shares of Blackstone in a research note on Saturday, July 19th. The Goldman Sachs Group reiterated a "neutral" rating on shares of Blackstone in a research note on Friday, July 25th. Piper Sandler raised their target price on shares of Blackstone from $157.00 to $181.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. Finally, Wells Fargo & Company raised their price objective on shares of Blackstone from $153.00 to $167.00 and gave the company an "equal weight" rating in a research report on Friday, July 11th. Nine investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $172.38.

Blackstone Stock Down 1.4%

NYSE BX traded down $2.41 on Wednesday, reaching $167.14. The company had a trading volume of 2,450,547 shares, compared to its average volume of 3,379,907. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $123.20 billion, a P/E ratio of 44.93, a P/E/G ratio of 1.39 and a beta of 1.77. Blackstone Inc. has a 52-week low of $115.66 and a 52-week high of $200.96. The company's fifty day moving average is $166.29 and its 200 day moving average is $149.82.

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

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 11th. Stockholders of record on Monday, August 4th were given a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Monday, August 4th. This is a positive change from Blackstone's previous quarterly dividend of $0.93. Blackstone's payout ratio is 110.75%.

Blackstone Company 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.