Blackstone Inc. $BX Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services reduced its Blackstone stake by 3.8% in the first quarter, selling 44,097 shares and leaving it with 1,117,529 shares valued at about $128.5 million.
• Blackstone reported better-than-expected quarterly earnings of $1.36 per share, though revenue of $3.43 billion slightly missed forecasts; revenue still rose 10% year over year.
• Analyst sentiment remains constructive, with a consensus rating of Moderate Buy and an average price target of $145.71, even as some firms recently adjusted targets or ratings.

PNC Financial Services Group Inc. trimmed its position in shares of Blackstone Inc. (NYSE:BX - Free Report) by 3.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,117,529 shares of the asset manager's stock after selling 44,097 shares during the quarter. PNC Financial Services Group Inc. owned 0.15% of Blackstone worth $128,505,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in BX. Strive Asset Management LLC acquired a new stake in Blackstone during the 3rd quarter worth approximately $30,000. Family CFO Inc acquired a new position in shares of Blackstone in the fourth quarter worth $28,000. Ares Financial Consulting LLC acquired a new stake in shares of Blackstone in the fourth quarter valued at $28,000. Richardson Financial Services Inc. purchased a new position in Blackstone in the fourth quarter valued at $29,000. Finally, Kelleher Financial Advisors acquired a new position in Blackstone during the 3rd quarter worth $34,000. Institutional investors and hedge funds own 70.00% of the company's stock.

Blackstone Price Performance

Shares of NYSE BX opened at $122.85 on Thursday. The stock's 50-day simple moving average is $120.06 and its 200-day simple moving average is $125.05. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a market capitalization of $91.26 billion, a PE ratio of 31.42, a price-to-earnings-growth ratio of 1.35 and a beta of 1.58. Blackstone Inc. has a fifty-two week low of $101.73 and a fifty-two week high of $190.09.

Blackstone (NYSE:BX - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The asset manager reported $1.36 EPS for the quarter, beating the consensus estimate of $1.34 by $0.02. The company had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.45 billion. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The firm's revenue was up 10.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.11 earnings per share. As a group, equities research analysts forecast that Blackstone Inc. will post 5.85 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

BX has been the topic of a number of analyst reports. Sanford C. Bernstein assumed coverage on Blackstone in a research note on Monday, June 8th. They issued an "outperform" rating for the company. Evercore restated an "outperform" rating and set a $150.00 target price on shares of Blackstone in a research note on Tuesday, April 21st. Morgan Stanley decreased their price target on shares of Blackstone from $215.00 to $184.00 and set an "overweight" rating for the company in a research note on Tuesday, April 21st. BMO Capital Markets increased their price objective on shares of Blackstone from $126.00 to $132.00 and gave the company an "outperform" rating in a research report on Monday, April 13th. Finally, Zacks Research raised shares of Blackstone from a "strong sell" rating to a "hold" rating in a research report on Monday, June 8th. Thirteen investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, Blackstone currently has a consensus rating of "Moderate Buy" and a consensus target price of $145.71.

Blackstone News Roundup

Here are the key news stories impacting Blackstone this week:

• Positive Sentiment: Blackstone, Wellington Management, and Vanguard launched two new investment solutions that simplify access to public and private markets, potentially broadening distribution and supporting future fee growth. Article Title
• Positive Sentiment: Blackstone also expanded its strategic push into India infrastructure and AI services, highlighting new growth avenues beyond its core asset-management business. Article Title
• Neutral Sentiment: Investors are waiting for Blackstone’s earnings release, which is expected to provide fresh guidance on fundraising, realizations, and performance across private equity, credit, and real estate. Article Title
• Neutral Sentiment: Keefe, Bruyette & Woods upgraded Blackstone to hold, suggesting a more balanced near-term view rather than a strongly bullish catalyst. Article Title
• Negative Sentiment: Some coverage suggests Blackstone’s private-market products are launching after an exodus from similar private credit funds earlier this year, which may keep investor sentiment cautious around new offerings. Article Title

Insider Transactions at Blackstone

In related news, insider Vikrant Sawhney sold 30,014 shares of Blackstone stock in a transaction on Friday, May 1st. The shares were sold at an average price of $125.79, for a total transaction of $3,775,461.06. Following the sale, the insider directly owned 899,669 shares in the company, valued at $113,169,363.51. This trade represents a 3.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the company's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $3.78, for a total transaction of $28,264,950.00. Following the completion of the transaction, the insider owned 19,374 shares of the company's stock, valued at $73,233.72. This represents a 99.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders bought 10,252,345 shares of company stock worth $209,789,893. Insiders own 1.00% of the company's stock.

About Blackstone

Blackstone Inc NYSE: BX is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone's business is organized around several principal investment platforms.

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