Cozad Asset Management Inc. Sells 4,002 Shares of Blackstone Inc. (NYSE:BX)

Key Points

• Cozad Asset Management Inc. decreased its stake in Blackstone Inc. by 4.1%, selling 4,002 shares, leaving it with 92,955 shares valued at approximately $12.99 million.
• In recent insider activity, Director Ruth Porat purchased 237 shares at an average price of $136.33, contributing to a total ownership worth about $5.05 million.
• Blackstone recently declared an increase in its quarterly dividend from $0.93 to $1.03 per share, yielding an annualized rate of 2.33%.

Cozad Asset Management Inc. cut its holdings in Blackstone Inc. (NYSE:BX - Free Report) by 4.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 92,955 shares of the asset manager's stock after selling 4,002 shares during the period. Blackstone accounts for approximately 1.3% of Cozad Asset Management Inc.'s portfolio, making the stock its 15th biggest holding. Cozad Asset Management Inc.'s holdings in Blackstone were worth $12,993,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Bernard Wealth Management Corp. acquired a new stake in Blackstone in the 4th quarter worth $34,000. Putney Financial Group LLC bought a new stake in Blackstone in the 4th quarter valued at $34,000. von Borstel & Associates Inc. acquired a new position in shares of Blackstone in the 1st quarter worth approximately $28,000. Garde Capital Inc. bought a new stake in Blackstone in the first quarter valued at $36,000. Finally, Wayfinding Financial LLC acquired a new stake in shares of Blackstone in the 1st quarter valued at $36,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently commented on BX shares. Cowen reissued a "buy" rating on shares of Blackstone in a report on Monday, April 21st. Deutsche Bank Aktiengesellschaft lifted their price target on Blackstone from $170.00 to $192.00 and gave the company a "buy" rating in a report on Friday. Citigroup reiterated a "market perform" rating on shares of Blackstone in a research report on Saturday, July 19th. Morgan Stanley reduced their target price on shares of Blackstone from $222.00 to $150.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. Finally, JMP Securities raised their target price on Blackstone from $180.00 to $195.00 and gave the stock a "market outperform" rating in a report on Friday. Ten equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $170.12.

Insider Activity at Blackstone

In other news, major shareholder Holdings I. L.P. Blackstone bought 1,189,532 shares of the company's stock in a transaction dated Friday, July 18th. The stock was bought at an average price of $25.22 per share, with a total value of $29,999,997.04. Following the completion of the acquisition, the insider owned 4,178,771 shares of the company's stock, valued at $105,388,604.62. This represents a 39.79% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ruth Porat purchased 237 shares of the stock in a transaction that occurred on Monday, May 5th. The shares were acquired at an average cost of $136.33 per share, for a total transaction of $32,310.21. Following the completion of the transaction, the director owned 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. Insiders bought 2,849,769 shares of company stock valued at $54,932,307 in the last 90 days. Insiders own 1.00% of the company's stock.

Blackstone Stock Up 0.0%

BX stock traded up $0.06 during mid-day trading on Tuesday, reaching $177.00. The company had a trading volume of 2,750,131 shares, compared to its average volume of 3,887,971. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $200.96. The company has a market capitalization of $129.15 billion, a price-to-earnings ratio of 47.58, a PEG ratio of 1.45 and a beta of 1.65. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.74 and a quick ratio of 0.75. The stock has a 50 day simple moving average of $150.38 and a two-hundred day simple moving average of $150.62.

Blackstone (NYSE:BX - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The asset manager reported $1.21 EPS for the quarter, beating analysts' consensus estimates of $1.10 by $0.11. The company had revenue of $3.07 billion during the quarter, compared to the consensus estimate of $2.77 billion. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. The company's quarterly revenue was up 32.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.98 EPS. As a group, equities analysts predict that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 11th. Investors of record on Monday, August 4th will be issued a dividend of $1.03 per share. This is an increase from Blackstone's previous quarterly dividend of $0.93. The ex-dividend date is Monday, August 4th. This represents a $4.12 annualized dividend and a dividend yield of 2.33%. Blackstone's payout ratio is presently 100.00%.

Blackstone Company 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.