Corient Private Wealth LLC Sells 8,704 Shares of Blackstone Inc. $BX

Corient Private Wealth LLC lowered its stake in shares of Blackstone Inc. (NYSE:BX) by 2.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 420,189 shares of the asset manager’s stock after selling 8,704 shares during the quarter. Corient Private Wealth LLC’s holdings in Blackstone were worth $64,771,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Family CFO Inc bought a new stake in shares of Blackstone in the 4th quarter valued at about $28,000. Ares Financial Consulting LLC acquired a new stake in Blackstone in the fourth quarter valued at approximately $28,000. Richardson Financial Services Inc. acquired a new position in shares of Blackstone during the fourth quarter worth $29,000. Strive Asset Management LLC purchased a new stake in shares of Blackstone during the 3rd quarter valued at $30,000. Finally, Palladiem LLC purchased a new position in Blackstone during the 4th quarter worth $31,000. 70.00% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on BX shares. Rothschild & Co Redburn decreased their price target on Blackstone from $134.00 to $130.00 and set a “neutral” rating for the company in a research note on Tuesday, June 9th. TD Cowen cut their price objective on shares of Blackstone from $140.00 to $133.00 and set a “buy” rating on the stock in a report on Monday, May 18th. Jefferies Financial Group lifted their target price on shares of Blackstone from $143.00 to $152.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Piper Sandler upped their price target on shares of Blackstone from $122.00 to $130.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Finally, Argus lowered their price objective on shares of Blackstone from $163.00 to $146.00 and set a “buy” rating for the company in a research note on Tuesday, April 28th. Thirteen investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $150.86.

Insider Buying and Selling

In related news, Director Ruth Porat acquired 355 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was acquired at an average price of $123.04 per share, with a total value of $43,679.20. Following 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Vikrant Sawhney sold 30,014 shares of the firm’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $125.79, for a total value of $3,775,461.06. Following the sale, the insider directly owned 899,669 shares in the company, valued at approximately $113,169,363.51. This trade represents a 3.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders acquired 9,487,234 shares of company stock worth $189,789,892. Corporate insiders own 1.00% of the company’s stock.

Blackstone Price Performance

Shares of NYSE:BX opened at $123.78 on Friday. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.66. Blackstone Inc. has a twelve month low of $101.73 and a twelve month high of $190.09. The company’s 50 day moving average is $121.11 and its 200 day moving average is $130.35. The company has a market cap of $91.95 billion, a PE ratio of 31.66, a price-to-earnings-growth ratio of 1.34 and a beta of 1.59.

Blackstone (NYSE:BX) last released its quarterly earnings data on Thursday, April 23rd. The asset manager reported $1.36 EPS for the quarter, beating the consensus estimate of $1.34 by $0.02. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The business had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.45 billion. During the same period in the prior year, the firm earned $1.11 EPS. The business’s revenue for the quarter was up 10.0% on a year-over-year basis. On average, sell-side analysts forecast that Blackstone Inc. will post 5.9 EPS for the current year.

Blackstone Cuts Dividend

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

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.