Golden State Wealth Management LLC Cuts Stock Holdings in Blackstone Inc. $BX

Golden State Wealth Management LLC reduced its position in shares of Blackstone Inc. (NYSE:BX) by 7.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 50,461 shares of the asset manager’s stock after selling 4,324 shares during the period. Blackstone accounts for about 1.0% of Golden State Wealth Management LLC’s holdings, making the stock its 23rd biggest position. Golden State Wealth Management LLC’s holdings in Blackstone were worth $8,621,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Traub Capital Management LLC purchased a new position in shares of Blackstone in the 2nd quarter worth approximately $27,000. Family CFO Inc purchased a new position in Blackstone in the second quarter worth $28,000. Parvin Asset Management LLC purchased a new stake in shares of Blackstone during the 2nd quarter valued at $35,000. Rexford Capital Inc. purchased a new position in shares of Blackstone in the 2nd quarter worth about $35,000. Finally, RMG Wealth Management LLC purchased a new stake in Blackstone during the second quarter worth about $40,000. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Blackstone Trading Down 1.2%

Shares of Blackstone stock opened at $146.64 on Thursday. The company’s 50-day moving average price is $152.95 and its 200-day moving average price is $161.08. The company has a market cap of $108.28 billion, a price-to-earnings ratio of 41.90, a PEG ratio of 1.05 and a beta of 1.75. Blackstone Inc. has a 12-month low of $115.66 and a 12-month high of $190.09. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.60.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on BX shares. TD Cowen reduced their target price on shares of Blackstone from $205.00 to $183.00 and set a “buy” rating for the company in a research report on Wednesday, January 14th. Deutsche Bank Aktiengesellschaft raised their target price on Blackstone from $164.00 to $185.00 and gave the stock a “buy” rating in a research report on Wednesday, December 17th. UBS Group dropped their price target on Blackstone from $175.00 to $172.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 13th. HSBC lowered their price objective on Blackstone from $178.00 to $174.00 and set a “hold” rating on the stock in a research note on Wednesday. Finally, BNP Paribas Exane cut their target price on shares of Blackstone from $167.00 to $156.00 and set a “neutral” rating for the company in a research report on Monday, January 12th. Nine analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $177.05.

Insider Activity

In other Blackstone news, Director James Breyer purchased 13,900 shares of the stock in a transaction on Tuesday, November 4th. The shares were purchased at an average price of $143.86 per share, with a total value of $1,999,654.00. Following the acquisition, the director directly owned 68,906 shares in the company, valued at approximately $9,912,817.16. The trade was a 25.27% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ruth Porat acquired 324 shares of the business’s stock in a transaction dated Monday, November 10th. The shares were acquired at an average cost of $146.92 per share, with a total value of $47,602.08. Following the acquisition, the director directly owned 39,077 shares of the company’s stock, valued at $5,741,192.84. This represents a 0.84% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought 783,978 shares of company stock valued at $22,058,454 over the last 90 days. Company insiders own 1.00% of the company’s stock.

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.