Corient Private Wealth LP Sells 42,331 Shares of Blackstone Inc. $BX

Key Points

• Corient Private Wealth reduced its Blackstone stake by 10.7%, selling 42,331 shares in the second quarter and retaining 351,704 shares valued at approximately $41.4 million.
• Analysts maintain a generally favorable outlook, with Blackstone receiving a consensus “Moderate Buy” rating and an average price target of $149.43.
• Blackstone reported stronger-than-expected quarterly results, with EPS of $1.52 and revenue of $5.04 billion, while increasing its quarterly dividend to $1.29 per share, representing a 4.0% yield.

Corient Private Wealth LP trimmed its position in shares of Blackstone Inc. (NYSE:BX - Free Report) by 10.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 351,704 shares of the asset manager's stock after selling 42,331 shares during the period. Corient Private Wealth LP's holdings in Blackstone were worth $41,385,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of BX. Strive Asset Management LLC bought a new position in shares of Blackstone during the 3rd quarter worth $30,000. Kelleher Financial Advisors purchased a new stake in Blackstone in the third quarter worth about $34,000. Palladiem LLC bought a new position in Blackstone during the 4th quarter worth about $31,000. Entrust Financial LLC purchased a new position in Blackstone during the 4th quarter valued at about $32,000. Finally, IFC & Insurance Marketing Inc. purchased a new stake in shares of Blackstone in the 4th quarter worth approximately $33,000. Hedge funds and other institutional investors own 70.00% of the company's stock.

Analyst Upgrades and Downgrades

BX has been the topic of several research reports. HSBC reissued a "hold" rating and set a $135.00 price objective on shares of Blackstone in a report on Monday, July 20th. Weiss Ratings raised Blackstone from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, July 24th. Dbs Bank raised Blackstone to a "moderate buy" rating in a research report on Wednesday, May 27th. Sanford C. Bernstein assumed coverage on Blackstone in a research report on Monday, June 8th. They set an "outperform" rating on the stock. Finally, Keefe, Bruyette & Woods upgraded shares of Blackstone to a "hold" rating in a report on Monday, July 20th. Thirteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $149.43.

Blackstone Stock Up 2.4%

NYSE:BX opened at $128.48 on Friday. The company's 50 day moving average is $133.85 and its two-hundred day moving average is $123.23. The company has a market cap of $96.44 billion, a PE ratio of 28.74, a P/E/G ratio of 1.44 and a beta of 1.56. Blackstone Inc. has a twelve month low of $101.73 and a twelve month high of $190.09. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.63.

Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The asset manager reported $1.52 EPS for the quarter, topping the consensus estimate of $1.34 by $0.18. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The business had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $3.42 billion. During the same period in the previous year, the firm posted $0.98 earnings per share. The business's revenue for the quarter was up 35.9% compared to the same quarter last year. Analysts anticipate that Blackstone Inc. will post 5.99 EPS for the current year.

Blackstone Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Monday, August 3rd were paid a dividend of $1.29 per share. This represents a $5.16 annualized dividend and a yield of 4.0%. The ex-dividend date was Monday, August 3rd. This is a boost from Blackstone's previous quarterly dividend of $1.16. Blackstone's dividend payout ratio (DPR) is presently 115.44%.

Insider Transactions at Blackstone

In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the firm's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $3.78, for a total value of $28,264,950.00. Following the completion of the transaction, the insider directly owned 19,374 shares in the company, valued at $73,233.72. This trade represents a 99.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Vikrant Sawhney sold 30,000 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $135.55, for a total value of $4,066,500.00. Following the completion of the sale, the insider owned 869,669 shares in the company, valued at approximately $117,883,632.95. This represents a 3.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders bought 1,611,822 shares of company stock valued at $42,189,294 and sold 7,562,000 shares valued at $40,331,085. 1.00% of the stock is owned by company insiders.

About Blackstone

Blackstone Inc is a global alternative asset management firm that provides investment management and advisory services to institutions, corporations, and individual investors. The company invests across multiple asset classes, including private equity, real estate, credit, infrastructure, insurance solutions, and hedge fund solutions.

Its investment activities include acquiring and managing businesses, commercial and residential properties, infrastructure assets, and credit investments.

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