Syntegra Private Wealth Group LLC Lowers Position in Blackstone Inc. $BX

Key Points

• Syntegra Private Wealth Group LLC cut its Blackstone stake by 60.1% in the first quarter, selling 27,390 shares and leaving it with 18,190 shares worth about $2.09 million.
• Blackstone reported Q1 earnings of $1.36 per share, slightly ahead of estimates, while revenue came in at $3.43 billion, up 10% year over year.
• The company paid a $1.16 quarterly dividend and has a 3.8% annualized yield, but the payout ratio is elevated at 118.67%.

Syntegra Private Wealth Group LLC lowered its stake in shares of Blackstone Inc. (NYSE:BX - Free Report) by 60.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,190 shares of the asset manager's stock after selling 27,390 shares during the period. Syntegra Private Wealth Group LLC's holdings in Blackstone were worth $2,092,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in BX. Family CFO Inc purchased a new stake in Blackstone during the fourth quarter valued at about $28,000. Ares Financial Consulting LLC acquired a new position in shares of Blackstone in the 4th quarter valued at about $28,000. Richardson Financial Services Inc. purchased a new stake in shares of Blackstone during the 4th quarter worth about $29,000. Strive Asset Management LLC purchased a new position in Blackstone in the third quarter valued at approximately $30,000. Finally, Palladiem LLC acquired a new position in Blackstone during the fourth quarter valued at approximately $31,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Blackstone

In other news, Director Ruth Porat acquired 355 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was purchased at an average cost of $123.04 per share, with a total value of $43,679.20. Following the completion of the acquisition, the director directly owned 41,818 shares in the company, valued at $5,145,286.72. This represents a 0.86% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the company's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $3.78, for a total value of $28,264,950.00. Following the sale, the insider owned 19,374 shares in the company, valued at $73,233.72. The trade was a 99.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have purchased 10,252,345 shares of company stock valued at $209,789,893. Corporate insiders own 1.00% of the company's stock.

Blackstone Price Performance

BX stock opened at $122.73 on Friday. The stock's 50 day moving average is $119.67 and its two-hundred day moving average is $128.02. Blackstone Inc. has a 52-week low of $101.73 and a 52-week high of $190.09. The company has a market capitalization of $91.17 billion, a PE ratio of 31.39, a P/E/G ratio of 1.33 and a beta of 1.58. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.66.

Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share for the quarter, topping analysts' consensus estimates of $1.34 by $0.02. The business had revenue of $3.43 billion during the quarter, compared to the consensus estimate of $3.45 billion. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The business's quarterly revenue was up 10.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.11 earnings per share. Analysts predict that Blackstone Inc. will post 5.9 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 11th. Stockholders of record on Monday, May 4th were paid a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Monday, May 4th. Blackstone's dividend payout ratio is 118.67%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on BX shares. Oppenheimer upped their price target on shares of Blackstone from $154.00 to $156.00 and gave the stock an "outperform" rating in a research report on Friday, April 24th. Citizens Jmp dropped their target price on Blackstone from $195.00 to $190.00 and set a "market outperform" rating on the stock in a report on Wednesday, April 22nd. Weiss Ratings cut Blackstone from a "hold (c)" rating to a "hold (c-)" rating in a report on Monday, May 4th. The Goldman Sachs Group dropped their price objective on shares of Blackstone from $116.00 to $114.00 and set a "neutral" rating on the stock in a research note on Tuesday. Finally, Zacks Research upgraded shares of Blackstone from a "strong sell" rating to a "hold" rating in a research note on Monday, June 8th. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $149.36.

Blackstone Company Profile

Blackstone Inc NYSE: BX is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone's business is organized around several principal investment platforms.

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