Blackstone Inc. $BX Shares Sold by Allen Investment Management LLC

Key Points

• Allen Investment Management cut its Blackstone stake by 7.5% in the third quarter, selling 20,277 shares and ending the period with 248,756 shares worth about $27.9 million.
• Blackstone reported quarterly EPS of $1.32, topping the $1.26 consensus estimate, but revenue of $3.06 billion fell short of expectations and declined 0.8% year over year.
• The company lowered its quarterly dividend from $1.29 to $1.12 per share. Analysts’ consensus rating was Moderate Buy, with an average price target of $144.57.

Allen Investment Management LLC lessened its holdings in Blackstone Inc. (NYSE:BX - Free Report) by 7.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 248,756 shares of the asset manager's stock after selling 20,277 shares during the period. Allen Investment Management LLC's holdings in Blackstone were worth $27,883,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Asset Dedication LLC grew its stake in shares of Blackstone by 94.5% during the third quarter. Asset Dedication LLC now owns 1,105 shares of the asset manager's stock worth $124,000 after buying an additional 537 shares during the last quarter. United Advisor Group LLC lifted its stake in shares of Blackstone by 27.4% in the 3rd quarter. United Advisor Group LLC now owns 8,284 shares of the asset manager's stock valued at $929,000 after acquiring an additional 1,784 shares during the last quarter. Alps Advisors Inc. lifted its stake in shares of Blackstone by 17.5% in the 3rd quarter. Alps Advisors Inc. now owns 29,884 shares of the asset manager's stock valued at $3,350,000 after acquiring an additional 4,460 shares during the last quarter. CenterBook Partners LP boosted its holdings in shares of Blackstone by 268.2% during the 3rd quarter. CenterBook Partners LP now owns 29,550 shares of the asset manager's stock valued at $3,312,000 after acquiring an additional 21,524 shares in the last quarter. Finally, Canvas Wealth Advisors LLC boosted its holdings in shares of Blackstone by 75.6% during the 3rd quarter. Canvas Wealth Advisors LLC now owns 3,126 shares of the asset manager's stock valued at $377,000 after acquiring an additional 1,346 shares in the last quarter. Institutional investors and hedge funds own 70.00% of the company's stock.

Insider Activity at Blackstone

In other Blackstone news, major shareholder Holdings I. L.P. Blackstone sold 124,600 shares of the company's stock in a transaction on Friday, September 25th. The shares were sold at an average price of $16.40, for a total transaction of $2,043,440.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 3,767,776 shares of the company's stock in a transaction on Monday, September 28th. The shares were sold at an average price of $2.94, for a total transaction of $11,077,261.44. Following the sale, the insider directly owned 16,120 shares in the company, valued at $47,392.80. This trade represents a 99.57% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders acquired 464,792 shares of company stock valued at $12,205,945 and sold 4,047,276 shares valued at $33,507,144. 1.00% of the stock is owned by corporate insiders.

Blackstone Trading Down 0.1%

Shares of BX stock opened at $119.66 on Friday. Blackstone Inc. has a 1-year low of $101.73 and a 1-year high of $165.14. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.68. The stock has a market cap of $89.82 billion, a price-to-earnings ratio of 26.59, a PEG ratio of 1.52 and a beta of 1.52. The stock has a 50-day moving average of $120.38 and a 200-day moving average of $123.52.

Blackstone (NYSE:BX - Get Free Report) last announced its earnings results on Thursday, October 22nd. The asset manager reported $1.32 EPS for the quarter, beating the consensus estimate of $1.26 by $0.06. Blackstone had a return on equity of 23.16% and a net margin of 22.11%. The business had revenue of $3.06 billion for the quarter, compared to analysts' expectations of $3.27 billion. During the same period in the prior year, the business posted $0.80 earnings per share. The firm's revenue was down .8% on a year-over-year basis. On average, equities research analysts forecast that Blackstone Inc. will post 5.89 earnings per share for the current year.

Blackstone Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 9th. Stockholders of record on Monday, November 2nd will be paid a $1.12 dividend. The ex-dividend date of this dividend is Monday, November 2nd. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.7%. This is a decrease from Blackstone's previous quarterly dividend of $1.29. Blackstone's payout ratio is currently 99.56%.

Analyst Ratings Changes

A number of brokerages have issued reports on BX. Barclays lowered their target price on Blackstone from $128.00 to $124.00 and set an "equal weight" rating for the company in a report on Thursday, October 8th. Argus lifted their price target on Blackstone from $146.00 to $150.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Royal Bank Of Canada boosted their price target on Blackstone from $161.00 to $169.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. UBS Group upped their price objective on Blackstone from $116.00 to $118.00 and gave the company a "neutral" rating in a research note on Friday, October 23rd. Finally, Piper Sandler set a $126.00 price objective on shares of Blackstone in a report on Friday, October 23rd. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $144.57.

Blackstone Company Profile

Blackstone Inc is a global alternative asset manager that invests on behalf of institutional and individual investors. Its businesses span private equity, real estate, credit and insurance, infrastructure, and multi-asset investing, with strategies that include private funds and investment products for a range of clients.

Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson, the firm initially focused on mergers and acquisitions advisory work before expanding into investment management.

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