Coldstream Capital Management Inc. Cuts Position in Blackstone Inc. (NYSE:BX)

Coldstream Capital Management Inc. cut its position in Blackstone Inc. (NYSE:BX) by 5.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,316 shares of the asset manager’s stock after selling 354 shares during the period. Coldstream Capital Management Inc.’s holdings in Blackstone were worth $782,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Moseley Investment Management Inc. boosted its holdings in shares of Blackstone by 0.7% in the 2nd quarter. Moseley Investment Management Inc. now owns 11,239 shares of the asset manager’s stock valued at $1,391,000 after buying an additional 74 shares in the last quarter. Patrick M Sweeney & Associates Inc. grew its holdings in shares of Blackstone by 0.6% during the second quarter. Patrick M Sweeney & Associates Inc. now owns 13,840 shares of the asset manager’s stock worth $1,713,000 after purchasing an additional 80 shares during the last quarter. Signaturefd LLC lifted its holdings in shares of Blackstone by 0.6% in the 2nd quarter. Signaturefd LLC now owns 13,615 shares of the asset manager’s stock valued at $1,686,000 after purchasing an additional 80 shares during the last quarter. WR Wealth Planners LLC grew its stake in Blackstone by 23.7% during the 2nd quarter. WR Wealth Planners LLC now owns 439 shares of the asset manager’s stock worth $54,000 after buying an additional 84 shares during the last quarter. Finally, Beaumont Asset Management L.L.C. lifted its stake in Blackstone by 1.3% in the second quarter. Beaumont Asset Management L.L.C. now owns 6,672 shares of the asset manager’s stock valued at $826,000 after buying an additional 84 shares during the last quarter. 70.00% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Blackstone news, insider John G. Finley sold 35,000 shares of Blackstone stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total value of $4,610,900.00. Following the completion of the sale, the insider now directly owns 429,386 shares of the company’s stock, valued at approximately $56,567,311.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $123.00, for a total value of $14,323,104.00. Following the completion of the sale, the director now directly owns 921,184 shares in the company, valued at $113,305,632. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider John G. Finley sold 35,000 shares of Blackstone stock in a transaction on 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 transaction, the insider now owns 429,386 shares in the company, valued at approximately $56,567,311.64. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

Analyst Ratings Changes

BX has been the topic of several research reports. Piper Sandler raised their price objective on shares of Blackstone from $134.00 to $149.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Wells Fargo & Company initiated coverage on shares of Blackstone in a research report on Thursday. They issued an “overweight” rating and a $163.00 price objective on the stock. Morgan Stanley raised their target price on shares of Blackstone from $144.00 to $164.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 23rd. Deutsche Bank Aktiengesellschaft increased their price target on shares of Blackstone from $145.00 to $146.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Finally, TD Cowen boosted their target price on Blackstone from $114.00 to $120.00 and gave the stock a “hold” rating in a research report on Friday, July 19th. Fourteen investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $130.78.

Blackstone Stock Performance

Shares of BX opened at $146.56 on Friday. The company has a 50-day moving average of $135.81 and a two-hundred day moving average of $128.13. The stock has a market cap of $104.74 billion, a P/E ratio of 51.79, a PEG ratio of 1.18 and a beta of 1.51. Blackstone Inc. has a 12-month low of $88.59 and a 12-month high of $146.98. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.60.

Blackstone (NYSE:BX) last posted its earnings results on Thursday, July 18th. The asset manager reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.03). Blackstone had a net margin of 19.35% and a return on equity of 17.43%. The company had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $2.58 billion. During the same period in the previous year, the company posted $0.93 EPS. Blackstone’s quarterly revenue was up 166.9% compared to the same quarter last year. As a group, research analysts predict that Blackstone Inc. will post 4.57 EPS for the current fiscal year.

Blackstone Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 29th were paid a dividend of $0.82 per share. The ex-dividend date of this dividend was Monday, July 29th. This represents a $3.28 annualized dividend and a dividend yield of 2.24%. Blackstone’s dividend payout ratio is currently 115.90%.

About Blackstone

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.