Corebridge Financial Inc. Sells 4,499 Shares of Blackstone Inc. $BX

Key Points

• Corebridge Financial Inc. reduced its shares in Blackstone Inc. by 2.4%, now holding 186,852 shares, valued at $26.12 million.
• Blackstone reported $1.21 earnings per share for the quarter, exceeding estimates, with a revenue of $3.07 billion, a year-over-year increase of 32.7%.
• The company announced a quarterly dividend increase to $1.03, representing an annualized dividend yield of 2.4%.

Corebridge Financial Inc. trimmed its position in shares of Blackstone Inc. (NYSE:BX - Free Report) by 2.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 186,852 shares of the asset manager's stock after selling 4,499 shares during the quarter. Corebridge Financial Inc.'s holdings in Blackstone were worth $26,118,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Brighton Jones LLC increased its position in shares of Blackstone by 34.6% during the 4th quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager's stock valued at $1,365,000 after purchasing an additional 2,035 shares during the last quarter. Coldstream Capital Management Inc. increased its position in shares of Blackstone by 4.0% during the 4th quarter. Coldstream Capital Management Inc. now owns 11,576 shares of the asset manager's stock valued at $1,996,000 after purchasing an additional 449 shares during the last quarter. Johnson Financial Group Inc. increased its position in shares of Blackstone by 31.4% during the 4th quarter. Johnson Financial Group Inc. now owns 1,711 shares of the asset manager's stock valued at $303,000 after purchasing an additional 409 shares during the last quarter. Prosperity Consulting Group LLC increased its position in shares of Blackstone by 10.4% during the 4th quarter. Prosperity Consulting Group LLC now owns 12,576 shares of the asset manager's stock valued at $2,168,000 after purchasing an additional 1,183 shares during the last quarter. Finally, Mission Creek Capital Partners Inc. purchased a new stake in Blackstone in the 4th quarter worth about $1,151,000. 70.00% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BX has been the subject of several recent research reports. Citigroup reissued a "market perform" rating on shares of Blackstone in a report on Saturday, July 19th. Dbs Bank raised Blackstone to a "moderate buy" rating in a report on Tuesday, August 12th. Evercore ISI lifted their price objective on Blackstone from $165.00 to $197.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Deutsche Bank Aktiengesellschaft raised their target price on Blackstone from $170.00 to $192.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Finally, Keefe, Bruyette & Woods raised their target price on Blackstone from $168.00 to $180.00 and gave the stock a "market perform" rating in a research note on Friday, July 25th. Nine analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $172.38.

Blackstone Trading Down 0.3%

Blackstone stock traded down $0.44 during trading hours on Friday, reaching $171.59. The company had a trading volume of 1,943,575 shares, compared to its average volume of 4,202,943. 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 company has a 50-day moving average price of $164.43 and a 200 day moving average price of $149.74. The firm has a market cap of $126.47 billion, a price-to-earnings ratio of 46.13, a P/E/G ratio of 1.39 and a beta of 1.71. Blackstone Inc. has a 12-month low of $115.66 and a 12-month high of $200.96.

Blackstone (NYSE:BX - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The asset manager reported $1.21 EPS for the quarter, topping analysts' consensus estimates of $1.10 by $0.11. Blackstone had a return on equity of 20.47% and a net margin of 20.83%.The business had revenue of $3.07 billion for the quarter, compared to analysts' expectations of $2.77 billion. During the same period in the previous year, the firm earned $0.98 EPS. The business's quarterly revenue was up 32.7% on a year-over-year basis. Equities analysts forecast that Blackstone Inc. will post 5.87 earnings per share for the current year.

Blackstone Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, August 4th were given a dividend of $1.03 per share. This is a boost from Blackstone's previous quarterly dividend of $0.93. This represents a $4.12 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Monday, August 4th. Blackstone's dividend payout ratio is presently 110.75%.

Insider Activity at Blackstone

In related news, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of Blackstone stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $6.26, for a total transaction of $104,478,673.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Vikrant Sawhney sold 50,850 shares of the business's 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 sale, the insider directly owned 737,248 shares in the company, valued at $128,015,742.72. This trade represents a 6.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 1,189,806 shares of company stock valued at $30,046,627 and sold 16,850,134 shares valued at $131,641,986. Company insiders own 1.00% of the company's stock.

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.