Balboa Wealth Partners Has $297,000 Stock Holdings in Blackstone Inc. (NYSE:BX)

Balboa Wealth Partners lowered its position in shares of Blackstone Inc. (NYSE:BX - Free Report) by 49.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 2,125 shares of the asset manager's stock after selling 2,083 shares during the period. Balboa Wealth Partners' holdings in Blackstone were worth $297,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the company. Chevy Chase Trust Holdings LLC increased its holdings in shares of Blackstone by 1.5% during the first quarter. Chevy Chase Trust Holdings LLC now owns 386,565 shares of the asset manager's stock valued at $54,034,000 after purchasing an additional 5,638 shares during the period. Embree Financial Group increased its stake in Blackstone by 2.6% during the 1st quarter. Embree Financial Group now owns 63,050 shares of the asset manager's stock valued at $8,813,000 after buying an additional 1,587 shares during the period. Davidson Kahn Capital Management LLC lifted its stake in shares of Blackstone by 40.9% in the 1st quarter. Davidson Kahn Capital Management LLC now owns 11,043 shares of the asset manager's stock worth $1,544,000 after acquiring an additional 3,203 shares during the period. Lazari Capital Management Inc. acquired a new position in shares of Blackstone during the first quarter valued at approximately $218,000. Finally, Gallagher Capital Advisors LLC boosted its stake in Blackstone by 83.4% during the 1st quarter. Gallagher Capital Advisors LLC now owns 10,971 shares of the asset manager's stock valued at $1,534,000 after purchasing an additional 4,990 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors.

Blackstone Stock Up 2.1%

BX traded up $2.96 during trading on Thursday, reaching $146.53. 328,149 shares of the stock traded hands, compared to its average volume of 4,290,583. Blackstone Inc. has a fifty-two week low of $115.66 and a fifty-two week high of $200.96. The stock's 50-day simple moving average is $137.88 and its two-hundred day simple moving average is $153.16. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.75 and a quick ratio of 0.75. The stock has a market cap of $106.91 billion, a price-to-earnings ratio of 44.15, a price-to-earnings-growth ratio of 1.32 and a beta of 1.65.

Blackstone (NYSE:BX - Get Free Report) last posted its earnings results on Thursday, April 17th. The asset manager reported $1.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.22 by ($0.13). The business had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.95 billion. Blackstone had a net margin of 19.83% and a return on equity of 19.84%. During the same quarter last year, the firm earned $0.98 earnings per share. As a group, equities research analysts expect that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Monday, April 28th were paid a dividend of $0.93 per share. The ex-dividend date of this dividend was Monday, April 28th. This represents a $3.72 annualized dividend and a dividend yield of 2.54%. Blackstone's dividend payout ratio (DPR) is presently 112.05%.

Insider Activity at Blackstone

In other Blackstone news, insider Private Credit Stra Blackstone purchased 1,660,000 shares of the company's stock in a transaction on Thursday, May 1st. The shares were bought at an average cost of $15.00 per share, with a total value of $24,900,000.00. Following the transaction, the insider now directly owns 1,666,667 shares in the company, valued at approximately $25,000,005. This represents a 24,898.76% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Ruth Porat acquired 237 shares of Blackstone stock in a transaction dated Monday, May 5th. The stock was acquired at an average cost of $136.33 per share, with a total value of $32,310.21. Following the completion of the transaction, the director now directly owns 37,067 shares of the company's stock, valued at $5,053,344.11. This trade represents a 0.64% increase in their position. The disclosure for this purchase can be found here. 1.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on BX. TD Cowen decreased their target price on Blackstone from $233.00 to $147.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Cowen reaffirmed a "buy" rating on shares of Blackstone in a report on Monday, April 21st. Bank of America reduced their price objective on Blackstone from $219.00 to $207.00 and set a "buy" rating for the company in a research note on Friday, April 4th. Piper Sandler dropped their price target on Blackstone from $182.00 to $140.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Finally, Barclays raised their target price on shares of Blackstone from $129.00 to $136.00 and gave the stock an "equal weight" rating in a report on Monday, April 21st. Ten investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $155.65.

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.