Blackstone Inc. (NYSE:BX) Shares Sold by Moran Wealth Management LLC

20 Nov 2024, 12:00 by Doug Wharley · The Cerbat Gem

Moran Wealth Management LLC reduced its holdings in Blackstone Inc. (NYSE:BX – Free Report) by 2.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 199,242 shares of the asset manager’s stock after selling 4,181 shares during the quarter. Blackstone accounts for 0.9% of Moran Wealth Management LLC’s portfolio, making the stock its 19th largest position. Moran Wealth Management LLC’s holdings in Blackstone were worth $30,510,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in BX. West Financial Advisors LLC bought a new position in Blackstone during the 3rd quarter valued at $27,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Blackstone during the 2nd quarter valued at $26,000. EdgeRock Capital LLC bought a new position in Blackstone during the 2nd quarter valued at $27,000. Bank & Trust Co bought a new position in Blackstone during the 2nd quarter valued at $29,000. Finally, Ridgewood Investments LLC bought a new stake in shares of Blackstone during the 2nd quarter worth $31,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BX has been the subject of several research reports. Cowen reissued a “hold” rating on shares of Blackstone in a research note on Friday, October 18th. TD Cowen raised their price objective on Blackstone from $133.00 to $149.00 and gave the stock a “hold” rating in a research note on Friday, October 18th. UBS Group raised their price objective on Blackstone from $140.00 to $160.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. Morgan Stanley raised their target price on Blackstone from $164.00 to $177.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Finally, BMO Capital Markets raised their target price on Blackstone from $112.00 to $134.00 and gave the stock a “market perform” rating in a research report on Friday, October 18th. Thirteen investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Blackstone has an average rating of “Hold” and an average price target of $157.63.

Check Out Our Latest Stock Analysis on BX

Insiders Place Their Bets

In other Blackstone news, insider John G. Finley sold 42,249 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $175.94, for a total transaction of $7,433,289.06. Following the completion of the sale, the insider now directly owns 387,137 shares in the company, valued at $68,112,883.78. This trade represents a 9.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Joseph Baratta sold 116,448 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total transaction of $17,561,522.88. Following the transaction, the director now directly owns 799,749 shares in the company, valued at $120,610,146.69. This represents a 12.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

Blackstone Stock Down 0.3 %

Shares of NYSE BX traded down $0.64 during mid-day trading on Wednesday, hitting $184.27. The company had a trading volume of 485,008 shares, compared to its average volume of 3,394,774. The company has a market capitalization of $133.04 billion, a PE ratio of 63.53, a price-to-earnings-growth ratio of 1.54 and a beta of 1.49. The firm has a 50-day simple moving average of $163.11 and a two-hundred day simple moving average of $141.27. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.58. Blackstone Inc. has a one year low of $105.47 and a one year high of $187.12.

Blackstone (NYSE:BX – Get Free Report) last issued its earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.10. Blackstone had a net margin of 19.46% and a return on equity of 17.53%. The business had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.37 billion. On average, equities analysts expect that Blackstone Inc. will post 4.39 EPS for the current year.

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Monday, October 28th were given a dividend of $0.86 per share. The ex-dividend date of this dividend was Monday, October 28th. This is an increase from Blackstone’s previous quarterly dividend of $0.82. This represents a $3.44 annualized dividend and a yield of 1.87%. Blackstone’s dividend payout ratio (DPR) is 118.21%.

Blackstone Company Profile

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