Newbridge Financial Services Group Inc. Sells 195 Shares of Blackstone Inc. (NYSE:BX)

Newbridge Financial Services Group Inc. lowered its position in Blackstone Inc. (NYSE:BXGet Rating) by 2.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,903 shares of the asset manager’s stock after selling 195 shares during the period. Newbridge Financial Services Group Inc.’s holdings in Blackstone were worth $630,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in BX. Western Pacific Wealth Management LP purchased a new stake in shares of Blackstone during the fourth quarter valued at approximately $27,000. Financial Advantage Inc. bought a new stake in Blackstone during the first quarter valued at $26,000. Landmark Wealth Management LLC bought a new stake in Blackstone during the first quarter valued at $27,000. Citizens National Bank Trust Department bought a new stake in Blackstone during the fourth quarter valued at $39,000. Finally, Independence Bank of Kentucky boosted its stake in Blackstone by 152.0% during the first quarter. Independence Bank of Kentucky now owns 315 shares of the asset manager’s stock valued at $40,000 after buying an additional 190 shares during the period. Institutional investors own 61.87% of the company’s stock.

Blackstone Stock Performance

Shares of NYSE:BX traded down $2.97 during midday trading on Friday, hitting $82.43. The company had a trading volume of 257,549 shares, compared to its average volume of 3,186,851. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market cap of $57.84 billion, a price-to-earnings ratio of 15.10, a PEG ratio of 1.69 and a beta of 1.45. Blackstone Inc. has a 12-month low of $84.11 and a 12-month high of $149.78. The company has a fifty day moving average of $98.89 and a two-hundred day moving average of $105.50.

Blackstone (NYSE:BXGet Rating) last announced its quarterly earnings results on Thursday, July 21st. The asset manager reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.47 by $0.02. Blackstone had a net margin of 22.48% and a return on equity of 20.80%. The firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.46 billion. During the same quarter last year, the firm earned $0.82 EPS. The firm’s revenue for the quarter was up 96.1% compared to the same quarter last year. On average, equities research analysts expect that Blackstone Inc. will post 5.16 EPS for the current fiscal year.

Blackstone Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 8th. Shareholders of record on Monday, August 1st were paid a $1.27 dividend. The ex-dividend date of this dividend was Friday, July 29th. This represents a $5.08 annualized dividend and a yield of 6.16%. Blackstone’s dividend payout ratio (DPR) is 92.70%.

Insider Buying and Selling at Blackstone

In other Blackstone news, Director Joseph Baratta sold 71,223 shares of the firm’s stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $93.95, for a total value of $6,691,400.85. Following the completion of the sale, the director now directly owns 1,141,965 shares in the company, valued at $107,287,611.75. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Joseph Baratta sold 71,223 shares of Blackstone stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $93.95, for a total transaction of $6,691,400.85. Following the completion of the sale, the director now directly owns 1,141,965 shares in the company, valued at $107,287,611.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Holdings L.P. Blackstone III sold 41,500 shares of the business’s stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $32.94, for a total transaction of $1,367,010.00. Following the transaction, the insider now owns 898,993 shares of the company’s stock, valued at $29,612,829.42. The disclosure for this sale can be found here. Insiders sold a total of 161,423 shares of company stock worth $9,660,717 over the last three months. Corporate insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Keefe, Bruyette & Woods lowered Blackstone from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $127.00 to $115.00 in a research note on Wednesday, August 3rd. Piper Sandler dropped their price target on Blackstone from $154.00 to $120.00 and set an “overweight” rating for the company in a research note on Monday, July 25th. Wells Fargo & Company lifted their price target on Blackstone to $102.00 in a research note on Friday, July 22nd. StockNews.com upgraded Blackstone from a “sell” rating to a “hold” rating in a report on Thursday. Finally, Morgan Stanley decreased their price objective on Blackstone from $154.00 to $125.00 and set an “overweight” rating on the stock in a report on Tuesday, July 19th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Blackstone presently has an average rating of “Moderate Buy” and an average target price of $131.33.

About Blackstone

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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.

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Institutional Ownership by Quarter for Blackstone (NYSE:BX)

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