Cambridge Investment Research Advisors Inc. Decreases Stake in Blackstone Inc. (NYSE:BX)

Cambridge Investment Research Advisors Inc. reduced its stake in Blackstone Inc. (NYSE:BX - Free Report) by 2.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 268,653 shares of the asset manager's stock after selling 6,231 shares during the period. Cambridge Investment Research Advisors Inc.'s holdings in Blackstone were worth $37,552,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of Blackstone in the first quarter worth $2,934,000. Vantage Investment Partners LLC grew its stake in shares of Blackstone by 6.0% during the first quarter. Vantage Investment Partners LLC now owns 92,213 shares of the asset manager's stock valued at $12,890,000 after buying an additional 5,241 shares during the last quarter. Heartland Bank & Trust Co bought a new position in shares of Blackstone during the first quarter valued at about $794,000. Rappaport Reiches Capital Management LLC grew its stake in shares of Blackstone by 11.5% in the first quarter. Rappaport Reiches Capital Management LLC now owns 3,495 shares of the asset manager's stock worth $489,000 after purchasing an additional 361 shares during the last quarter. Finally, Garde Capital Inc. bought a new stake in shares of Blackstone in the first quarter worth about $36,000. Hedge funds and other institutional investors own 70.00% of the company's stock.

Insiders Place Their Bets

In other Blackstone news, insider Private Credit Stra Blackstone acquired 1,660,000 shares of the company's stock in a transaction dated Thursday, May 1st. The shares were purchased at an average cost of $15.00 per share, for a total transaction of $24,900,000.00. Following the completion of the purchase, the insider now owns 1,666,667 shares in the company, valued at approximately $25,000,005. This trade represents a 24,898.76% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider John G. Finley sold 25,000 shares of the stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $138.47, for a total transaction of $3,461,750.00. Following the transaction, the insider now owns 475,336 shares in the company, valued at approximately $65,819,775.92. This represents a 5.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company's stock.

Blackstone Price Performance

BX stock traded up $4.58 during mid-day trading on Thursday, hitting $148.15. The company had a trading volume of 4,383,693 shares, compared to its average volume of 3,820,657. The company has a market capitalization of $108.10 billion, a price-to-earnings ratio of 44.62, a P/E/G ratio of 1.32 and a beta of 1.65. Blackstone Inc. has a 12-month low of $115.66 and a 12-month high of $200.96. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.67. The company has a 50-day moving average price of $138.24 and a 200 day moving average price of $152.90.

Blackstone (NYSE:BX - Get Free Report) last announced its earnings results on Thursday, April 17th. The asset manager reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.22 by ($0.13). Blackstone had a net margin of 19.83% and a return on equity of 19.84%. The business had revenue of $2.76 billion for the quarter, compared to analysts' expectations of $2.95 billion. During the same quarter in the prior year, the company posted $0.98 earnings per share. On average, research analysts anticipate that Blackstone Inc. will post 5.87 earnings per share for the current year.

Blackstone Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Investors of record on Monday, April 28th were given a $0.93 dividend. This represents a $3.72 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend was Monday, April 28th. Blackstone's dividend payout ratio (DPR) is currently 112.05%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on BX shares. Cowen reissued a "buy" rating on shares of Blackstone in a research note on Monday, April 21st. Bank of America lowered their target price on shares of Blackstone from $219.00 to $207.00 and set a "buy" rating for the company in a report on Friday, April 4th. UBS Group decreased their price objective on shares of Blackstone from $180.00 to $175.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Barclays boosted their target price on shares of Blackstone from $129.00 to $136.00 and gave the company an "equal weight" rating in a research note on Monday, April 21st. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Blackstone from $141.00 to $139.00 and set a "market perform" rating for the company in a research report on Tuesday, April 22nd. Ten equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Blackstone currently has an average rating of "Hold" and an average target price of $155.65.

About Blackstone

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.