Adell Harriman & Carpenter Inc. Cuts Stock Position in Blackstone Inc. $BX

Adell Harriman & Carpenter Inc. trimmed its position in shares of Blackstone Inc. (NYSE:BX) by 1.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 251,002 shares of the asset manager’s stock after selling 4,291 shares during the quarter. Blackstone accounts for approximately 1.8% of Adell Harriman & Carpenter Inc.’s investment portfolio, making the stock its 15th biggest position. Adell Harriman & Carpenter Inc.’s holdings in Blackstone were worth $28,863,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Family CFO Inc acquired a new position in Blackstone during the 4th quarter worth $28,000. Ares Financial Consulting LLC purchased 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 fourth quarter worth approximately $29,000. Strive Asset Management LLC acquired a new stake in Blackstone in the third quarter valued at approximately $30,000. Finally, Palladiem LLC acquired a new position in Blackstone during the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Blackstone Trading Up 2.0%

NYSE BX opened at $124.46 on Wednesday. Blackstone Inc. has a one year low of $101.73 and a one year high of $190.09. The firm has a market cap of $92.46 billion, a PE ratio of 31.83, a P/E/G ratio of 1.33 and a beta of 1.58. The firm’s fifty day moving average is $119.68 and its two-hundred day moving average is $126.29. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.76 and a current ratio of 0.76.

Blackstone (NYSE:BX) last issued its quarterly earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.02. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.The firm had revenue of $3.43 billion for the quarter, compared to analysts’ expectations of $3.45 billion. During the same quarter in the previous year, the firm posted $1.11 EPS. The firm’s revenue for the quarter was up 10.0% on a year-over-year basis. Analysts expect that Blackstone Inc. will post 5.89 earnings per share for the current year.

Blackstone Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were issued a dividend of $1.16 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $4.64 annualized dividend and a dividend yield of 3.7%. Blackstone’s dividend payout ratio (DPR) is currently 118.67%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on BX shares. Royal Bank Of Canada decreased their price objective on shares of Blackstone from $173.00 to $161.00 and set an “outperform” rating for the company in a research report on Monday. BNP Paribas Exane cut their price target on Blackstone from $126.00 to $125.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 30th. Oppenheimer upped their price objective on Blackstone from $154.00 to $156.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Zacks Research raised Blackstone from a “strong sell” rating to a “hold” rating in a research report on Monday, June 8th. Finally, Argus lowered their price target on Blackstone from $163.00 to $146.00 and set a “buy” rating for the company in a report on Tuesday, April 28th. Thirteen research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $146.52.

Insider Transactions at Blackstone

In other news, major shareholder Treasury Holdings I. Blackstone purchased 9,486,795 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were acquired at an average cost of $20.00 per share, for a total transaction of $189,735,900.00. Following the completion of the purchase, the insider directly owned 9,111,800 shares in the company, valued at $182,236,000. The trade was a -2,529.85% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Private Multi-Asset Blackstone acquired 765,111 shares of Blackstone stock in a transaction that occurred on Tuesday, June 23rd. The stock was purchased at an average price of $26.14 per share, with a total value of $20,000,001.54. Following the transaction, the insider owned 7,882,145 shares of the company’s stock, valued at $206,039,270.30. This trade represents a 10.75% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought a total of 10,252,345 shares of company stock worth $209,789,893 over the last quarter. 1.00% of the stock is currently owned by corporate insiders.

Blackstone 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.