HCR Wealth Advisors Sells 1,438 Shares of Blackstone Inc. (NYSE:BX)

12 Oct 2024, 22:10 by Michael Walen · The Markets Daily

HCR Wealth Advisors trimmed its position in Blackstone Inc. (NYSE:BX – Free Report) by 32.7% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 2,961 shares of the asset manager’s stock after selling 1,438 shares during the period. HCR Wealth Advisors’ holdings in Blackstone were worth $453,000 as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in BX. Chilton Capital Management LLC acquired a new stake in Blackstone during the 1st quarter worth $26,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Blackstone during the second quarter worth about $26,000. EdgeRock Capital LLC bought a new stake in shares of Blackstone during the second quarter worth approximately $27,000. West Financial Advisors LLC bought a new stake in shares of Blackstone during the third quarter worth approximately $27,000. Finally, Bank & Trust Co bought a new stake in shares of Blackstone during the second quarter worth approximately $29,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Blackstone Price Performance

BX stock traded up $4.01 during trading on Friday, reaching $153.04. The company’s stock had a trading volume of 2,205,616 shares, compared to its average volume of 3,418,553. Blackstone Inc. has a 1 year low of $88.59 and a 1 year high of $161.25. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $110.20 billion, a P/E ratio of 58.42, a price-to-earnings-growth ratio of 1.24 and a beta of 1.51. The company’s fifty day moving average is $143.72 and its 200-day moving average is $132.10.

Blackstone (NYSE:BX – Get Free Report) last announced its quarterly earnings results on Thursday, July 18th. The asset manager reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.03). The business had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $2.58 billion. Blackstone had a net margin of 19.35% and a return on equity of 17.43%. The firm’s revenue was up 166.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.93 EPS. On average, research analysts expect that Blackstone Inc. will post 4.46 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 29th were given a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date was Monday, July 29th. Blackstone’s dividend payout ratio (DPR) is presently 125.19%.

Insider Activity at Blackstone

In other Blackstone news, Director Joseph Baratta sold 116,448 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $150.81, for a total value of $17,561,522.88. Following the completion of the sale, the director now directly owns 799,749 shares in the company, valued at $120,610,146.69. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider John G. Finley sold 35,000 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the completion of the sale, the insider now owns 429,386 shares of the company’s stock, valued at approximately $56,567,311.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph Baratta sold 116,448 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $150.81, for a total transaction of $17,561,522.88. Following the sale, the director now directly owns 799,749 shares of the company’s stock, valued at approximately $120,610,146.69. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on BX. Redburn Atlantic assumed coverage on shares of Blackstone in a research report on Tuesday, August 27th. They issued a “neutral” rating and a $134.00 price target for the company. Bank of America boosted their target price on shares of Blackstone from $130.00 to $145.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Piper Sandler lowered Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 target price for the company. in a research report on Wednesday. The Goldman Sachs Group upped their price target on Blackstone from $130.00 to $135.00 and gave the stock a “neutral” rating in a research note on Thursday, October 3rd. Finally, Barclays upped their price target on Blackstone from $141.00 to $155.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Twelve equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Blackstone currently has a consensus rating of “Hold” and an average target price of $135.00.

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