Envestnet Portfolio Solutions Inc. Cuts Stake in Blackstone Inc. (NYSE:BX)

Envestnet Portfolio Solutions Inc. decreased its holdings in shares of Blackstone Inc. (NYSE:BX - Free Report) by 26.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,262 shares of the asset manager's stock after selling 3,767 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Blackstone were worth $1,434,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in BX. Murphy & Mullick Capital Management Corp bought a new position in Blackstone in the 4th quarter valued at $33,000. Bernard Wealth Management Corp. bought a new stake in Blackstone during the fourth quarter valued at $34,000. Putney Financial Group LLC purchased a new position in Blackstone during the fourth quarter worth about $34,000. WFA Asset Management Corp purchased a new stake in shares of Blackstone in the 1st quarter valued at about $38,000. Finally, Wood Tarver Financial Group LLC purchased a new position in shares of Blackstone during the fourth quarter worth about $46,000. 70.00% of the stock is owned by institutional investors.

Blackstone Trading Down 0.3%

Shares of NYSE BX traded down $0.43 during trading hours on Wednesday, hitting $143.62. The company's stock had a trading volume of 1,908,569 shares, compared to its average volume of 3,811,605. Blackstone Inc. has a 12 month low of $115.66 and a 12 month high of $200.96. The stock has a market cap of $104.79 billion, a price-to-earnings ratio of 43.26, a P/E/G ratio of 1.32 and a beta of 1.65. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.75 and a current ratio of 0.75. The business has a 50-day simple moving average of $137.88 and a 200-day simple moving average of $153.16.

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 the consensus estimate of $1.22 by ($0.13). The business had revenue of $2.76 billion for the quarter, compared to analysts' expectations of $2.95 billion. Blackstone had a net margin of 19.83% and a return on equity of 19.84%. During the same period last year, the firm posted $0.98 earnings per share. On average, analysts anticipate that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The business also recently announced 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. This represents a $3.72 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date of this dividend was Monday, April 28th. Blackstone's payout ratio is 112.05%.

Insider Buying and Selling

In other Blackstone news, insider John G. Finley sold 25,000 shares of the stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $138.47, for a total value of $3,461,750.00. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ruth Porat bought 237 shares of the company's stock in a transaction dated Monday, May 5th. The shares were acquired at an average price of $136.33 per share, for a total transaction of $32,310.21. Following the acquisition, the director now owns 37,067 shares in the company, valued at approximately $5,053,344.11. This 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 insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on BX shares. Wells Fargo & Company boosted their price target on shares of Blackstone from $139.00 to $153.00 and gave the stock an "equal weight" rating in a research note on Friday, May 23rd. TD Cowen lowered their price target on Blackstone from $233.00 to $147.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. Piper Sandler cut their price objective on Blackstone from $182.00 to $140.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Bank of America dropped their target price on Blackstone from $219.00 to $207.00 and set a "buy" rating for the company in a research report on Friday, April 4th. Finally, Morgan Stanley reduced their price target on shares of Blackstone from $222.00 to $150.00 and set an "overweight" rating on the stock in a research report on Monday, April 14th. Ten research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Blackstone currently has a consensus rating of "Hold" and an average price target 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.