Blackstone Inc. $BX Shares Sold by Northeast Investment Management

Key Points

• Northeast Investment Management reduced its stake in Blackstone Inc. by 0.8%, owning a total of 218,314 shares valued at approximately $32.66 million.
• Blackstone's recent insider transactions included the sale of 50,850 shares by Vikrant Sawhney for about $8.83 million, representing a 6.45% decrease in his ownership.
• Several analysts have updated their price targets for Blackstone shares, with HSBC raising its target to $179.00, while Citigroup lowered it to $170.00, maintaining varying ratings for the stock.

Northeast Investment Management reduced its stake in Blackstone Inc. (NYSE:BX - Free Report) by 0.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 218,314 shares of the asset manager's stock after selling 1,750 shares during the period. Blackstone accounts for about 1.4% of Northeast Investment Management's holdings, making the stock its 20th biggest position. Northeast Investment Management's holdings in Blackstone were worth $32,655,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in BX. Kingstone Capital Partners Texas LLC increased its stake in Blackstone by 519,669.1% in the second quarter. Kingstone Capital Partners Texas LLC now owns 70,132,441 shares of the asset manager's stock valued at $10,490,411,000 after purchasing an additional 70,118,948 shares during the last quarter. Vanguard Group Inc. increased its stake in Blackstone by 1.6% in the first quarter. Vanguard Group Inc. now owns 67,997,581 shares of the asset manager's stock valued at $9,504,702,000 after purchasing an additional 1,102,949 shares during the last quarter. Nuveen LLC purchased a new position in Blackstone in the first quarter valued at approximately $151,524,000. Amundi increased its stake in Blackstone by 69.3% in the first quarter. Amundi now owns 2,421,502 shares of the asset manager's stock valued at $323,000,000 after purchasing an additional 990,947 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Blackstone by 16.3% in the first quarter. Goldman Sachs Group Inc. now owns 5,292,320 shares of the asset manager's stock valued at $739,761,000 after acquiring an additional 742,829 shares during the period. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Blackstone

In other Blackstone news, 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 value of $8,829,594.00. Following the completion of the transaction, the insider owned 737,248 shares in the company, valued at approximately $128,015,742.72. This represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John G. Finley sold 21,500 shares of the stock in a transaction on Monday, September 8th. The stock was sold at an average price of $171.46, for a total value of $3,686,390.00. Following the completion of the transaction, the insider owned 453,836 shares of the company's stock, valued at $77,814,720.56. The trade was a 4.52% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have bought 2,538,345 shares of company stock valued at $65,046,628 and have sold 16,984,634 shares valued at $155,181,346. 1.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on BX shares. HSBC increased their price objective on Blackstone from $170.00 to $179.00 in a report on Wednesday. Deutsche Bank Aktiengesellschaft decreased their price objective on Blackstone from $194.00 to $188.00 and set a "buy" rating for the company in a report on Thursday, October 9th. Dbs Bank raised Blackstone to a "moderate buy" rating in a report on Tuesday, August 12th. Citigroup decreased their price objective on Blackstone from $185.00 to $170.00 and set a "neutral" rating for the company in a report on Monday, October 13th. Finally, Keefe, Bruyette & Woods decreased their price target on Blackstone from $180.00 to $171.00 and set a "market perform" rating for the company in a report on Monday, October 13th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $180.26.

Blackstone Price Performance

Shares of NYSE BX opened at $156.37 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.74 and a quick ratio of 0.74. The stock has a fifty day moving average price of $171.66 and a 200 day moving average price of $154.82. Blackstone Inc. has a 1-year low of $115.66 and a 1-year high of $200.96. The company has a market cap of $115.26 billion, a PE ratio of 42.03, a P/E/G ratio of 1.27 and a beta of 1.77.

Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings data on Friday, November 22nd. The asset manager reported $0.97 earnings per share (EPS) for the quarter. The firm had revenue of $2.49 billion during the quarter. Blackstone had a return on equity of 20.47% and a net margin of 20.83%. Sell-side analysts forecast that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

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

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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