Parsons Capital Management Inc. RI Decreases Stock Holdings in Blackstone Inc. (NYSE:BX)

Parsons Capital Management Inc. RI cut its stake in shares of Blackstone Inc. (NYSE:BX - Free Report) by 4.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 107,872 shares of the asset manager's stock after selling 4,821 shares during the quarter. Blackstone makes up about 0.8% of Parsons Capital Management Inc. RI's portfolio, making the stock its 26th largest position. Parsons Capital Management Inc. RI's holdings in Blackstone were worth $15,078,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also bought and sold shares of BX. Lord Abbett & CO. LLC bought a new stake in shares of Blackstone during the fourth quarter worth about $63,109,000. Wealthcare Capital Partners LLC bought a new stake in Blackstone during the 4th quarter worth approximately $2,102,000. Parallel Advisors LLC grew its holdings in Blackstone by 6.6% during the first quarter. Parallel Advisors LLC now owns 31,212 shares of the asset manager's stock worth $4,363,000 after buying an additional 1,943 shares in the last quarter. Comprehensive Money Management Services LLC purchased a new stake in Blackstone in the 4th quarter valued at about $1,747,000. Finally, Vanguard Group Inc. boosted its stake in shares of Blackstone by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 66,894,632 shares of the asset manager's stock worth $11,533,972,000 after buying an additional 889,286 shares during the last quarter. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Blackstone

In other Blackstone news, insider John G. Finley sold 25,000 shares of Blackstone stock in a transaction dated 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 directly owns 475,336 shares of the company's stock, valued at approximately $65,819,775.92. The trade was a 5.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Private Credit Stra Blackstone purchased 1,660,000 shares of the business's stock in a transaction dated Thursday, May 1st. The shares were purchased at an average price of $15.00 per share, for a total transaction of $24,900,000.00. Following the acquisition, the insider now owns 1,666,667 shares of the company's stock, valued at approximately $25,000,005. The trade was a 24,898.76% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on BX. UBS Group lowered their price objective on shares of Blackstone from $180.00 to $175.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Citizens Jmp upgraded Blackstone from a "market perform" rating to an "outperform" rating and set a $165.00 target price for the company in a research note on Tuesday, April 8th. TD Cowen decreased their target price on Blackstone from $233.00 to $147.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. Morgan Stanley lowered 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, Citigroup reduced their target price on Blackstone from $190.00 to $137.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Ten analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $155.65.

Blackstone Trading Up 2.1%

Blackstone stock traded up $3.00 during mid-day trading on Tuesday, reaching $142.98. 3,660,363 shares of the company traded hands, compared to its average volume of 3,791,522. The firm's 50 day moving average price is $135.32 and its 200 day moving average price is $156.79. Blackstone Inc. has a 52-week low of $115.66 and a 52-week high of $200.96. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.67 and a quick ratio of 0.71. The firm has a market capitalization of $104.32 billion, a price-to-earnings ratio of 39.39, a P/E/G ratio of 1.07 and a beta of 1.65.

Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings data on Thursday, April 17th. The asset manager reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.22 by ($0.13). The firm had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.95 billion. Blackstone had a net margin of 20.99% and a return on equity of 19.58%. During the same period in the previous 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 $0.93 dividend. The ex-dividend date was Monday, April 28th. This represents a $3.72 dividend on an annualized basis and a dividend yield of 2.60%. Blackstone's dividend payout ratio is currently 112.05%.

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.