Prime Capital Investment Advisors LLC Cuts Position in Blackstone Inc. $BX

Key Points

• Prime Capital Investment Advisors LLC has reduced its holdings in Blackstone Inc. by 11% during Q2, selling 10,876 shares, bringing their total to 88,409 shares valued at approximately $13.22 million.
• Blackstone reported a strong quarterly earnings performance with an EPS of $1.21, exceeding analyst expectations and showing a revenue increase of 32.7% year-over-year.
• The company recently increased its quarterly dividend to $1.03, up from $0.93, resulting in an annualized dividend of $4.12 and a dividend yield of 2.4%.

Prime Capital Investment Advisors LLC decreased its position in shares of Blackstone Inc. (NYSE:BX - Free Report) by 11.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 88,409 shares of the asset manager's stock after selling 10,876 shares during the period. Prime Capital Investment Advisors LLC's holdings in Blackstone were worth $13,224,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. 1248 Management LLC bought a new stake in shares of Blackstone in the 1st quarter worth approximately $25,000. Family CFO Inc purchased a new stake in Blackstone during the second quarter valued at about $28,000. Wealth Preservation Advisors LLC purchased a new position in shares of Blackstone in the first quarter worth about $28,000. Anderson Financial Strategies LLC bought a new stake in shares of Blackstone in the 1st quarter valued at about $28,000. Finally, Livelsberger Financial Advisory bought a new position in Blackstone during the 2nd quarter worth approximately $30,000. 70.00% of the stock is owned by hedge funds and other institutional investors.

Blackstone Trading Up 1.1%

Shares of NYSE BX opened at $168.40 on Monday. The stock has a market cap of $124.12 billion, a P/E ratio of 45.27, a price-to-earnings-growth ratio of 1.37 and a beta of 1.77. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.74 and a quick ratio of 0.74. Blackstone Inc. has a 1 year low of $115.66 and a 1 year high of $200.96. The firm has a 50-day moving average of $173.81 and a 200 day moving average of $153.83.

Blackstone (NYSE:BX - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The asset manager reported $1.21 EPS for the quarter, topping analysts' consensus estimates of $1.10 by $0.11. The firm had revenue of $3.07 billion for the quarter, compared to analysts' expectations of $2.77 billion. Blackstone had a return on equity of 20.47% and a net margin of 20.83%.The business's revenue for the quarter was up 32.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.98 EPS. As a group, sell-side analysts expect that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 11th. Stockholders of record on Monday, August 4th were paid a $1.03 dividend. This is a boost from Blackstone's previous quarterly dividend of $0.93. This represents a $4.12 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Monday, August 4th. Blackstone's payout ratio is currently 110.75%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on BX shares. Wells Fargo & Company increased their price objective on Blackstone from $153.00 to $167.00 and gave the company an "equal weight" rating in a research note on Friday, July 11th. Weiss Ratings reissued a "hold (c)" rating on shares of Blackstone in a research report on Saturday, September 27th. Keefe, Bruyette & Woods boosted their price objective on shares of Blackstone from $168.00 to $180.00 and gave the company a "market perform" rating in a research report on Friday, July 25th. Dbs Bank raised shares of Blackstone to a "moderate buy" rating in a research note on Tuesday, August 12th. Finally, Piper Sandler increased their price target on shares of Blackstone from $157.00 to $181.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $175.53.

Insider Activity at Blackstone

In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of the business's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $6.26, for a total value of $104,478,673.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Vikrant Sawhney sold 50,850 shares of the stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $173.64, for a total value of $8,829,594.00. Following the sale, the insider directly owned 737,248 shares in the company, valued at $128,015,742.72. This trade represents a 6.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 3,727,877 shares of company stock valued at $95,046,625 and have sold 16,984,634 shares valued at $155,181,346. 1.00% of the stock is currently owned by insiders.

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.

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