Jennison Associates LLC Sells 601,736 Shares of Blackstone Inc. (NYSE:BX)

Jennison Associates LLC trimmed its position in shares of Blackstone Inc. (NYSE:BX - Free Report) by 61.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 371,612 shares of the asset manager's stock after selling 601,736 shares during the period. Jennison Associates LLC owned 0.05% of Blackstone worth $51,944,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Blackstone by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 66,894,632 shares of the asset manager's stock worth $11,533,972,000 after acquiring an additional 889,286 shares during the last quarter. Geode Capital Management LLC increased its stake in Blackstone by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 15,341,300 shares of the asset manager's stock valued at $2,637,266,000 after acquiring an additional 444,887 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Blackstone by 10.8% during the 4th quarter. Northern Trust Corp now owns 7,016,046 shares of the asset manager's stock valued at $1,209,707,000 after purchasing an additional 681,512 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Blackstone by 6.6% in the fourth quarter. Invesco Ltd. now owns 5,987,702 shares of the asset manager's stock worth $1,032,400,000 after purchasing an additional 371,677 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Blackstone during the fourth quarter worth about $974,448,000. 70.00% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BX has been the subject of several recent research reports. Barclays restated an "equal weight" rating on shares of Blackstone in a research report on Thursday, July 10th. Piper Sandler restated a "neutral" rating on shares of Blackstone in a research note on Thursday, July 10th. Citigroup restated a "market perform" rating on shares of Blackstone in a research report on Saturday. Wells Fargo & Company raised their target price on shares of Blackstone from $153.00 to $167.00 and gave the company an "equal weight" rating in a research note on Friday, July 11th. Finally, Citizens Jmp raised shares of Blackstone from a "market perform" rating to an "outperform" rating and set a $165.00 price target on the stock in a research note on Tuesday, April 8th. Ten equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Blackstone currently has a consensus rating of "Hold" and a consensus price target of $162.18.

Blackstone Stock Up 0.9%

BX traded up $1.52 during trading on Wednesday, hitting $170.90. The company had a trading volume of 670,202 shares, compared to its average volume of 3,837,771. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.67. The company has a market capitalization of $124.69 billion, a PE ratio of 51.50, a PEG ratio of 1.50 and a beta of 1.65. Blackstone Inc. has a one year low of $115.66 and a one year high of $200.96. The firm's 50-day moving average price is $146.60 and its 200 day moving average price is $150.39.

Insider Activity

In related news, insider Private Credit Stra Blackstone purchased 1,660,000 shares of Blackstone stock in a transaction that occurred on Thursday, May 1st. The shares were acquired at an average cost of $15.00 per share, for a total transaction of $24,900,000.00. Following the transaction, the insider directly owned 1,666,667 shares in the company, valued at $25,000,005. The trade was 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 is available at the SEC website. Also, major shareholder Holdings I. L.P. Blackstone purchased 1,189,532 shares of the business's stock in a transaction that occurred on Friday, July 18th. The stock was bought at an average price of $25.22 per share, for a total transaction of $29,999,997.04. Following 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 disclosure for this purchase can be found here. Insiders have bought a total of 2,849,769 shares of company stock worth $54,932,307 in the last 90 days. 1.00% of the stock is owned by company insiders.

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.