Penbrook Management LLC Sells 600 Shares of Blackstone Inc. $BX

Penbrook Management LLC lowered its position in shares of Blackstone Inc. (NYSE:BX) by 3.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,900 shares of the asset manager’s stock after selling 600 shares during the quarter. Blackstone accounts for about 1.6% of Penbrook Management LLC’s holdings, making the stock its 10th largest position. Penbrook Management LLC’s holdings in Blackstone were worth $2,229,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. 1248 Management LLC acquired a new stake in shares of Blackstone during the first quarter valued at approximately $25,000. von Borstel & Associates Inc. acquired a new stake in shares of Blackstone during the first quarter valued at approximately $28,000. Wealth Preservation Advisors LLC acquired a new stake in shares of Blackstone during the first quarter valued at approximately $28,000. Anderson Financial Strategies LLC acquired a new position in Blackstone in the 1st quarter valued at approximately $28,000. Finally, Family CFO Inc acquired a new position in Blackstone in the 2nd quarter valued at approximately $28,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Blackstone Price Performance

NYSE BX opened at $158.13 on Tuesday. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.61. The company has a fifty day simple moving average of $172.29 and a 200 day simple moving average of $154.42. The company has a market cap of $116.56 billion, a P/E ratio of 42.51, a P/E/G ratio of 1.25 and a beta of 1.77. Blackstone Inc. has a 1 year low of $115.66 and a 1 year high of $200.96.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Friday, November 22nd. The asset manager reported $0.97 earnings per share (EPS) for the quarter. The business had revenue of $2.49 billion during the quarter. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. On average, sell-side analysts predict that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, August 4th were issued a dividend of $1.03 per share. The ex-dividend date of this dividend was Monday, August 4th. This represents a $4.12 annualized dividend and a dividend yield of 2.6%. This is an increase from Blackstone’s previous quarterly dividend of $0.93. Blackstone’s payout ratio is currently 110.75%.

Insider Buying and Selling at Blackstone

In related news, insider Vikrant Sawhney sold 50,850 shares of the company’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $173.64, for a total transaction of $8,829,594.00. Following the completion of the sale, the insider directly owned 737,248 shares of the company’s stock, valued at approximately $128,015,742.72. This represents a 6.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Private Multi-Asset Blackstone purchased 2,538,071 shares of Blackstone stock in a transaction on Monday, September 22nd. The stock was bought at an average cost of $25.61 per share, with a total value of $64,999,998.31. Following the completion of the acquisition, the insider owned 7,506,209 shares in the company, valued at approximately $192,234,012.49. This trade represents a 51.09% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 3,727,877 shares of company stock worth $95,046,625 and sold 16,984,634 shares worth $155,181,346. 1.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Evercore ISI upped their price objective on shares of Blackstone from $165.00 to $197.00 and gave the company an “outperform” rating in a research note on Friday, July 25th. Citigroup dropped their price objective on shares of Blackstone from $185.00 to $170.00 and set a “neutral” rating on the stock in a research note on Monday. Barclays dropped their price objective on shares of Blackstone from $181.00 to $171.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. Dbs Bank upgraded shares of Blackstone to a “moderate buy” rating in a research note on Tuesday, August 12th. Finally, BNP Paribas Exane increased their price target on shares of Blackstone from $166.00 to $178.00 and gave the stock a “neutral” rating in a research note on Monday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $179.06.

About Blackstone

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.