Naviter Wealth LLC Has $789,000 Position in Blackstone Inc. (NYSE:BX)

Naviter Wealth LLC lowered its stake in Blackstone Inc. (NYSE:BX) by 16.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,003 shares of the asset manager’s stock after selling 1,210 shares during the period. Naviter Wealth LLC’s holdings in Blackstone were worth $789,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of BX. State of Michigan Retirement System raised its holdings in Blackstone by 1.3% in the 1st quarter. State of Michigan Retirement System now owns 197,100 shares of the asset manager’s stock valued at $25,893,000 after buying an additional 2,600 shares during the last quarter. Cullinan Associates Inc. increased its holdings in Blackstone by 10.0% in the first quarter. Cullinan Associates Inc. now owns 26,442 shares of the asset manager’s stock valued at $3,474,000 after purchasing an additional 2,400 shares during the period. O ROURKE & COMPANY Inc grew its position in shares of Blackstone by 2.3% in the 1st quarter. O ROURKE & COMPANY Inc now owns 65,886 shares of the asset manager’s stock valued at $8,655,000 after buying an additional 1,481 shares during the last quarter. Claro Advisors LLC lifted its stake in shares of Blackstone by 8.5% in the first quarter. Claro Advisors LLC now owns 5,875 shares of the asset manager’s stock worth $772,000 after acquiring an additional 459 shares during the period. Finally, CCG Wealth Management LLC acquired a new stake in Blackstone during the 1st quarter valued at approximately $249,000. 70.00% of the stock is currently owned by institutional investors.

Blackstone Stock Performance

Shares of Blackstone stock opened at $123.20 on Wednesday. Blackstone Inc. has a 12 month low of $88.59 and a 12 month high of $133.56. The firm has a market capitalization of $88.04 billion, a P/E ratio of 43.53, a price-to-earnings-growth ratio of 1.04 and a beta of 1.50. The business’s fifty day simple moving average is $122.38 and its 200 day simple moving average is $124.49. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.61.

Blackstone (NYSE:BX) last released its earnings results on Thursday, April 18th. The asset manager reported $0.98 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.98. Blackstone had a net margin of 20.84% and a return on equity of 17.33%. The firm had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $2.56 billion. During the same period in the previous year, the company earned $0.97 earnings per share. The company’s quarterly revenue was up 166.9% on a year-over-year basis. As a group, analysts anticipate that Blackstone Inc. will post 4.77 EPS for the current year.

Blackstone Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, May 6th. Stockholders of record on Monday, April 29th were given a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 2.69%. The ex-dividend date was Friday, April 26th. Blackstone’s dividend payout ratio (DPR) is currently 117.31%.

Insider Activity at Blackstone

In related news, Director Ruth Porat bought 219 shares of the business’s stock in a transaction on Monday, May 6th. The stock was acquired at an average price of $119.48 per share, for a total transaction of $26,166.12. Following the purchase, the director now directly owns 34,445 shares in the company, valued at $4,115,488.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Blackstone from $105.00 to $100.00 and set a “neutral” rating for the company in a research report on Friday, April 19th. Argus lifted their target price on Blackstone from $133.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Piper Sandler lowered their price objective on shares of Blackstone from $150.00 to $146.00 and set an “overweight” rating for the company in a research note on Wednesday, April 10th. UBS Group raised their price target on shares of Blackstone from $135.00 to $138.00 and gave the stock a “neutral” rating in a report on Friday, April 12th. Finally, Barclays reissued an “equal weight” rating and set a $125.00 price objective (down previously from $129.00) on shares of Blackstone in a research report on Friday, April 19th. Thirteen analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Blackstone has an average rating of “Hold” and an average target price of $123.65.

Blackstone Profile

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.