Good Life Advisors LLC Sells 1,310 Shares of Blackstone Inc. (NYSE:BX)

Good Life Advisors LLC lowered its position in Blackstone Inc. (NYSE:BX) by 4.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 27,370 shares of the asset manager’s stock after selling 1,310 shares during the period. Good Life Advisors LLC’s holdings in Blackstone were worth $2,545,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Sanders Morris Harris LLC grew its position in shares of Blackstone by 7.3% in the 2nd quarter. Sanders Morris Harris LLC now owns 579,881 shares of the asset manager’s stock worth $53,941,000 after buying an additional 39,377 shares during the period. Level Four Advisory Services LLC increased its stake in shares of Blackstone by 89.9% during the second quarter. Level Four Advisory Services LLC now owns 16,904 shares of the asset manager’s stock valued at $1,572,000 after purchasing an additional 8,004 shares in the last quarter. Rise Advisors LLC boosted its position in shares of Blackstone by 17.8% in the 2nd quarter. Rise Advisors LLC now owns 1,731 shares of the asset manager’s stock worth $161,000 after purchasing an additional 261 shares in the last quarter. Delta Financial Group Inc. increased its position in Blackstone by 16.5% during the 2nd quarter. Delta Financial Group Inc. now owns 2,817 shares of the asset manager’s stock valued at $262,000 after buying an additional 400 shares in the last quarter. Finally, AE Wealth Management LLC boosted its holdings in Blackstone by 48.6% in the second quarter. AE Wealth Management LLC now owns 62,541 shares of the asset manager’s stock worth $5,814,000 after acquiring an additional 20,443 shares in the last quarter. 63.35% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Blackstone

In related news, Director William G. Parrett sold 3,874 shares of the stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $112.47, for a total transaction of $435,708.78. Following the completion of the sale, the director now owns 30,941 shares in the company, valued at $3,479,934.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO David Payne sold 10,000 shares of Blackstone stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $103.22, for a total value of $1,032,200.00. Following the sale, the chief accounting officer now directly owns 53,281 shares of the company’s stock, valued at $5,499,664.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William G. Parrett sold 3,874 shares of the firm’s stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $112.47, for a total value of $435,708.78. Following the transaction, the director now owns 30,941 shares of the company’s stock, valued at approximately $3,479,934.27. The disclosure for this sale can be found here. Insiders have sold a total of 17,402,086 shares of company stock valued at $198,963,771 over the last ninety days. 1.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BX. Barclays upped their price target on shares of Blackstone from $101.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Friday, July 21st. Piper Sandler raised their price target on shares of Blackstone from $107.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, July 21st. UBS Group increased their target price on Blackstone from $102.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, July 19th. TheStreet upgraded Blackstone from a “c+” rating to a “b” rating in a research note on Thursday, July 20th. Finally, Wells Fargo & Company boosted their target price on Blackstone from $104.00 to $118.00 and gave the stock an “overweight” rating in a research report on Friday, July 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $110.97.

Blackstone Price Performance

Shares of Blackstone stock opened at $113.79 on Friday. The stock’s fifty day moving average is $103.78 and its 200 day moving average is $92.70. Blackstone Inc. has a one year low of $71.72 and a one year high of $115.19. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market cap of $80.76 billion, a P/E ratio of 68.96, a P/E/G ratio of 2.05 and a beta of 1.49.

Blackstone (NYSE:BX) last announced its quarterly earnings data on Thursday, July 20th. The asset manager reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.01. Blackstone had a return on equity of 16.99% and a net margin of 17.92%. The company had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the previous year, the company posted $1.49 EPS. The firm’s revenue was up 347.3% on a year-over-year basis. Sell-side analysts anticipate that Blackstone Inc. will post 4.16 earnings per share for the current year.

Blackstone Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 7th. Investors of record on Monday, July 31st were issued a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 2.78%. The ex-dividend date was Friday, July 28th. Blackstone’s dividend payout ratio is currently 191.52%.

Blackstone Company Profile

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.