Institute for Wealth Management LLC. Sells 503 Shares of Blackstone Inc. (NYSE:BX)

Institute for Wealth Management LLC. lowered its position in shares of Blackstone Inc. (NYSE:BX) by 2.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,741 shares of the asset manager’s stock after selling 503 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Blackstone were worth $2,192,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the company. Beaumont Financial Advisors LLC lifted its position in shares of Blackstone by 1.3% during the 4th quarter. Beaumont Financial Advisors LLC now owns 11,280 shares of the asset manager’s stock worth $1,477,000 after buying an additional 148 shares in the last quarter. Western Wealth Management LLC raised its holdings in shares of Blackstone by 17.7% in the 4th quarter. Western Wealth Management LLC now owns 17,580 shares of the asset manager’s stock worth $2,302,000 after purchasing an additional 2,649 shares during the period. Obermeyer Wood Investment Counsel Lllp raised its holdings in shares of Blackstone by 4.6% in the 4th quarter. Obermeyer Wood Investment Counsel Lllp now owns 3,211 shares of the asset manager’s stock worth $420,000 after purchasing an additional 140 shares during the period. Trust Investment Advisors bought a new stake in shares of Blackstone in the 4th quarter worth approximately $229,000. Finally, Integral Investment Advisors Inc. bought a new stake in shares of Blackstone in the 4th quarter worth approximately $212,000. Institutional investors own 70.00% of the company’s stock.

Analyst Ratings Changes

BX has been the topic of a number of research reports. Morgan Stanley lifted their price target on shares of Blackstone from $144.00 to $145.00 and gave the stock an “overweight” rating in a report on Wednesday. Barclays reiterated an “equal weight” rating and issued a $125.00 price objective (down from $129.00) on shares of Blackstone in a research note on Friday. JMP Securities restated a “market perform” rating on shares of Blackstone in a research report on Tuesday, April 9th. Keefe, Bruyette & Woods boosted their price target on shares of Blackstone from $123.00 to $127.00 and gave the company a “market perform” rating in a research report on Friday, January 26th. Finally, Wells Fargo & Company boosted their price target on shares of Blackstone from $127.00 to $130.00 and gave the stock an “overweight” rating in a research note on Monday, January 22nd. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $118.92.

Insiders Place Their Bets

In other Blackstone news, Director Ruth Porat acquired 232 shares of the business’s stock in a transaction on Monday, February 12th. The shares were acquired at an average price of $127.08 per share, for a total transaction of $29,482.56. Following the completion of the acquisition, the director now owns 34,225 shares in the company, valued at $4,349,313. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Ruth Porat purchased 232 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were purchased at an average price of $127.08 per share, for a total transaction of $29,482.56. Following the completion of the acquisition, the director now directly owns 34,225 shares in the company, valued at approximately $4,349,313. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of the stock in a transaction that occurred on Sunday, March 3rd. The shares were sold at an average price of $11.10, for a total transaction of $27,853,407.60. Following the sale, the insider now owns 12,802 shares in the company, valued at approximately $142,102.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,587,168 shares of company stock worth $37,816,476. 1.00% of the stock is currently owned by company insiders.

Blackstone Trading Down 1.5 %

Shares of NYSE BX traded down $1.79 during midday trading on Friday, hitting $118.53. 2,683,701 shares of the company traded hands, compared to its average volume of 3,707,027. Blackstone Inc. has a 12-month low of $79.92 and a 12-month high of $133.56. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a 50-day moving average price of $126.66 and a 200 day moving average price of $117.66. The firm has a market cap of $84.71 billion, a P/E ratio of 65.23, a P/E/G ratio of 1.01 and a beta of 1.51.

Blackstone (NYSE:BX) last announced its quarterly earnings results on Thursday, April 18th. The asset manager reported $0.98 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.98. Blackstone had a net margin of 17.34% and a return on equity of 17.30%. The company had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $2.56 billion. During the same quarter in the previous year, the company earned $0.97 earnings per share. Blackstone’s quarterly revenue was up 166.9% on a year-over-year basis. As a group, analysts expect that Blackstone Inc. will post 4.88 earnings per share for the current year.

Blackstone Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 6th. Shareholders of record on Monday, April 29th will be issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 2.80%. Blackstone’s dividend payout ratio (DPR) is presently 205.46%.

Blackstone Company 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.