KCM Investment Advisors LLC Has $32.74 Million Stock Position in Blackstone Inc. $BX

KCM Investment Advisors LLC decreased its position in shares of Blackstone Inc. (NYSE:BX) by 3.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 212,406 shares of the asset manager’s stock after selling 8,381 shares during the period. Blackstone comprises 1.0% of KCM Investment Advisors LLC’s holdings, making the stock its 28th largest holding. KCM Investment Advisors LLC’s holdings in Blackstone were worth $32,740,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the company. Redmont Wealth Advisors LLC bought a new position in Blackstone during the third quarter valued at about $30,000. Strive Asset Management LLC bought a new position in Blackstone during the third quarter valued at about $30,000. Family CFO Inc bought a new position in Blackstone during the fourth quarter valued at about $28,000. Ares Financial Consulting LLC bought a new position in Blackstone during the fourth quarter valued at about $28,000. Finally, Richardson Financial Services Inc. bought a new position in Blackstone during the fourth quarter valued at about $29,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Blackstone Stock Up 1.5%

Shares of BX stock opened at $122.63 on Friday. The stock has a market cap of $91.10 billion, a P/E ratio of 31.36, a price-to-earnings-growth ratio of 1.33 and a beta of 1.59. Blackstone Inc. has a one year low of $101.73 and a one year high of $190.09. The stock has a fifty day moving average price of $119.98 and a 200 day moving average price of $131.03. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.76 and a quick ratio of 0.76.

Blackstone (NYSE:BX) last issued its earnings results on Thursday, April 23rd. The asset manager reported $1.36 EPS for the quarter, topping the consensus estimate of $1.34 by $0.02. The firm had revenue of $3.43 billion during the quarter, compared to analysts’ expectations of $3.45 billion. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.Blackstone’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same period last year, the business earned $1.11 earnings per share. Analysts predict that Blackstone Inc. will post 5.9 earnings per share for the current year.

Blackstone Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were given a $1.16 dividend. This represents a $4.64 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Monday, May 4th. Blackstone’s dividend payout ratio (DPR) is 118.67%.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. cut their target price on Blackstone from $142.00 to $136.00 and set a “neutral” rating on the stock in a report on Friday, April 24th. Piper Sandler raised their target price on Blackstone from $122.00 to $130.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Rothschild & Co Redburn dropped their price objective on Blackstone from $134.00 to $130.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 9th. Deutsche Bank Aktiengesellschaft assumed coverage on Blackstone in a research note on Monday, June 8th. They issued a “buy” rating on the stock. Finally, UBS Group dropped their price objective on Blackstone from $171.00 to $137.00 and set a “neutral” rating on the stock in a research note on Friday, February 20th. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $150.86.

Insider Activity at Blackstone

In related news, Director Ruth Porat acquired 355 shares of the firm’s stock in a transaction on Monday, May 11th. The shares were bought at an average cost of $123.04 per share, with a total value of $43,679.20. Following the completion of the acquisition, the director owned 41,818 shares of the company’s stock, valued at $5,145,286.72. This trade represents a 0.86% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Vikrant Sawhney sold 30,014 shares of Blackstone stock in a transaction that occurred on Friday, May 1st. The shares were 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 $113,169,363.51. The trade was a 3.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders acquired 12,355,303 shares of company stock valued at $264,789,896. Corporate insiders own 1.00% of the company’s stock.

About Blackstone

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.