Harmony Asset Management LLC Grows Position in Blackstone Inc. (NYSE:BX)

Harmony Asset Management LLC lifted its holdings in shares of Blackstone Inc. (NYSE:BX - Free Report) by 20.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,611 shares of the asset manager's stock after buying an additional 1,603 shares during the period. Harmony Asset Management LLC's holdings in Blackstone were worth $1,343,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Callahan Advisors LLC purchased a new position in Blackstone in the first quarter worth about $227,000. Diversify Wealth Management LLC boosted its position in Blackstone by 28.9% in the first quarter. Diversify Wealth Management LLC now owns 28,797 shares of the asset manager's stock worth $3,845,000 after purchasing an additional 6,452 shares during the last quarter. Xponance Inc. boosted its position in Blackstone by 1.3% in the first quarter. Xponance Inc. now owns 168,713 shares of the asset manager's stock worth $23,583,000 after purchasing an additional 2,159 shares during the last quarter. Kesler Norman & Wride LLC raised its stake in shares of Blackstone by 157.9% in the first quarter. Kesler Norman & Wride LLC now owns 4,462 shares of the asset manager's stock worth $624,000 after buying an additional 2,732 shares during the period. Finally, Sage Rhino Capital LLC lifted its position in shares of Blackstone by 4.1% during the 1st quarter. Sage Rhino Capital LLC now owns 7,973 shares of the asset manager's stock valued at $1,114,000 after buying an additional 312 shares in the last quarter. 70.00% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Blackstone

In other news, insider Private Credit Stra Blackstone purchased 1,660,000 shares of the company's stock in a transaction dated Thursday, May 1st. The shares were acquired at an average price of $15.00 per share, with a total value of $24,900,000.00. Following the transaction, the insider owned 1,666,667 shares of the company's stock, valued at $25,000,005. This represents a 24,898.76% increase 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, 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 transaction, the insider directly owned 475,336 shares in the company, valued at $65,819,775.92. The trade was a 5.00% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company's stock.

Blackstone Stock Performance

Shares of Blackstone stock opened at $162.21 on Friday. The stock's fifty day moving average is $143.68 and its two-hundred day moving average is $150.98. The company has a market capitalization of $118.36 billion, a PE ratio of 48.86, a price-to-earnings-growth ratio of 1.50 and a beta of 1.65. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.67. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $200.96.

Blackstone (NYSE:BX - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The asset manager reported $1.09 EPS for the quarter, missing the consensus estimate of $1.22 by ($0.13). The business had revenue of $2.76 billion during the quarter, compared to the consensus estimate 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 company earned $0.98 EPS. As a group, analysts expect that Blackstone Inc. will post 5.87 earnings per share for the current year.

Blackstone Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Monday, April 28th were given a dividend of $0.93 per share. This represents a $3.72 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date was Monday, April 28th. Blackstone's payout ratio is 112.05%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. TD Cowen lowered their price target on Blackstone from $233.00 to $147.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. Citizens Jmp raised Blackstone from a "market perform" rating to an "outperform" rating and set a $165.00 price objective on the stock in a report on Tuesday, April 8th. JMP Securities reaffirmed a "market outperform" rating and set a $165.00 price objective on shares of Blackstone in a report on Thursday, April 24th. Wells Fargo & Company increased their price target on Blackstone from $153.00 to $167.00 and gave the company an "equal weight" rating in a report on Friday. Finally, Morgan Stanley decreased their price target on Blackstone from $222.00 to $150.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. Ten investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $161.29.

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.

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