Parallel Advisors LLC Increases Position in Blackstone Inc. (NYSE:BX)

Parallel Advisors LLC boosted its position in shares of Blackstone Inc. (NYSE:BX - Free Report) by 6.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,212 shares of the asset manager's stock after acquiring an additional 1,943 shares during the period. Parallel Advisors LLC's holdings in Blackstone were worth $4,363,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Hager Investment Management Services LLC acquired a new position in Blackstone during the 4th quarter worth about $28,000. Centricity Wealth Management LLC bought a new stake in shares of Blackstone during the fourth quarter valued at approximately $30,000. Murphy & Mullick Capital Management Corp bought a new position in Blackstone in the 4th quarter worth approximately $33,000. Comprehensive Financial Planning Inc. PA bought a new position in Blackstone in the 4th quarter valued at $34,000. Finally, Roxbury Financial LLC bought a new stake in shares of Blackstone during the fourth quarter worth $34,000. 70.00% of the stock is currently owned by institutional investors.

Blackstone Price Performance

NYSE:BX traded down $0.20 during trading hours on Wednesday, hitting $138.81. 1,021,475 shares of the stock traded hands, compared to its average volume of 3,780,493. Blackstone Inc. has a 1 year low of $115.66 and a 1 year high of $200.96. The company has a quick ratio of 0.71, a current ratio of 0.67 and a debt-to-equity ratio of 0.61. The company has a market cap of $101.28 billion, a price-to-earnings ratio of 38.24, a price-to-earnings-growth ratio of 1.07 and a beta of 1.67. The stock has a 50 day moving average price of $135.55 and a 200 day moving average price of $158.41.

Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings results on Thursday, April 17th. The asset manager reported $1.09 EPS for the quarter, missing analysts' consensus estimates of $1.22 by ($0.13). The business had revenue of $2.76 billion during the quarter, compared to analysts' expectations of $2.95 billion. Blackstone had a return on equity of 19.58% and a net margin of 20.99%. During the same period in the prior year, the firm posted $0.98 earnings per share. Sell-side analysts forecast that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 5th. Investors of record on Monday, April 28th were issued a $0.93 dividend. The ex-dividend date was Monday, April 28th. This represents a $3.72 annualized dividend and a dividend yield of 2.68%. Blackstone's dividend payout ratio is presently 112.05%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Piper Sandler cut their price target on shares of Blackstone from $182.00 to $140.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Citizens Jmp upgraded 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 report on Tuesday, April 8th. Citigroup cut their price target on shares of Blackstone from $190.00 to $137.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. JMP Securities reiterated a "market outperform" rating and issued a $165.00 price target on shares of Blackstone in a research report on Thursday, April 24th. Finally, TD Cowen dropped their target price on shares of Blackstone from $233.00 to $147.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. Ten investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $155.65.

Insiders Place Their Bets

In other Blackstone news, insider John G. Finley sold 25,000 shares of the firm's stock in a transaction that occurred on Thursday, May 8th. The shares were 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 of the company's stock, valued at $65,819,775.92. This trade represents a 5.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Private Credit Stra Blackstone acquired 1,660,000 shares of Blackstone stock in a transaction dated Thursday, May 1st. The stock was bought at an average price of $15.00 per share, for a total transaction of $24,900,000.00. Following the completion of the purchase, the insider now owns 1,666,667 shares of the company's stock, valued at approximately $25,000,005. This represents a 24,898.76% increase in their position. The disclosure for this purchase can be found here. 1.00% of the stock is currently owned by corporate 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.