Burling Wealth Partners LLC Cuts Stock Holdings in Blackstone Inc. $BX

Burling Wealth Partners LLC decreased its stake in shares of Blackstone Inc. (NYSE:BX) by 4.3% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 93,015 shares of the asset manager’s stock after selling 4,181 shares during the period. Blackstone accounts for about 2.6% of Burling Wealth Partners LLC’s holdings, making the stock its 9th largest position. Burling Wealth Partners LLC’s holdings in Blackstone were worth $15,892,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. REAP Financial Group LLC bought a new stake in Blackstone during the third quarter valued at about $26,000. Redmont Wealth Advisors LLC bought a new stake in Blackstone during the 3rd quarter valued at approximately $30,000. Traub Capital Management LLC bought a new position in Blackstone in the 2nd quarter worth approximately $27,000. Parvin Asset Management LLC bought a new stake in shares of Blackstone in the second quarter valued at approximately $35,000. Finally, Rexford Capital Inc. acquired a new stake in shares of Blackstone in the second quarter worth $35,000. Institutional investors own 70.00% of the company’s stock.

Blackstone Stock Performance

NYSE BX opened at $133.02 on Thursday. Blackstone Inc. has a 1-year low of $115.66 and a 1-year high of $190.09. The company has a 50 day moving average of $148.74 and a 200-day moving average of $157.14. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.61. The firm has a market cap of $98.23 billion, a price-to-earnings ratio of 34.28, a PEG ratio of 1.02 and a beta of 1.76.

Blackstone (NYSE:BX) last released its quarterly earnings results on Thursday, January 29th. The asset manager reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.21. The business had revenue of $4.36 billion for the quarter, compared to analyst estimates of $3.69 billion. Blackstone had a return on equity of 22.17% and a net margin of 20.89%.Blackstone’s revenue for the quarter was up 41.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.69 EPS. On average, equities analysts forecast that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 17th. Stockholders of record on Monday, February 9th were given a dividend of $1.49 per share. The ex-dividend date was Monday, February 9th. This is a positive change from Blackstone’s previous quarterly dividend of $1.29. This represents a $5.96 dividend on an annualized basis and a dividend yield of 4.5%. Blackstone’s dividend payout ratio (DPR) is currently 153.61%.

Insider Buying and Selling

In other Blackstone news, major shareholder Holdings Iv Gp Mana Blackstone bought 384,468 shares of the business’s stock in a transaction on Friday, December 19th. The shares were bought at an average cost of $26.01 per share, for a total transaction of $10,000,012.68. Following the transaction, the insider owned 16,525,117 shares in the company, valued at approximately $429,818,293.17. This trade represents a 2.38% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Tactical Opportunit Blackstone sold 1,596,142 shares of the business’s stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $10.00, for a total transaction of $15,961,420.00. Following the sale, the insider directly owned 2,161 shares of the company’s stock, valued at approximately $21,610. This trade represents a 99.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. reduced their price target on shares of Blackstone from $176.00 to $158.00 and set a “neutral” rating for the company in a report on Friday, January 30th. Royal Bank Of Canada set a $195.00 target price on Blackstone in a research report on Friday, January 30th. TD Cowen lowered their price objective on Blackstone from $183.00 to $164.00 and set a “buy” rating on the stock in a research report on Thursday, February 12th. Weiss Ratings reissued a “hold (c)” rating on shares of Blackstone in a report on Wednesday, January 21st. Finally, Argus decreased their target price on shares of Blackstone from $195.00 to $163.00 and set a “buy” rating on the stock in a research report on Wednesday, February 4th. Ten investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $171.76.

Blackstone Company 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.