JRM Investment Counsel LLC Has $578,000 Stock Position in Blackstone Inc. $BX

JRM Investment Counsel LLC trimmed its position in shares of Blackstone Inc. (NYSE:BX) by 57.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,384 shares of the asset manager’s stock after selling 4,641 shares during the quarter. Blackstone makes up about 0.2% of JRM Investment Counsel LLC’s investment portfolio, making the stock its 19th largest holding. JRM Investment Counsel LLC’s holdings in Blackstone were worth $578,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Blackstone in the second quarter worth $1,071,348,000. Vanguard Group Inc. boosted its holdings in Blackstone by 2.2% in the 2nd quarter. Vanguard Group Inc. now owns 69,492,377 shares of the asset manager’s stock valued at $10,394,670,000 after purchasing an additional 1,494,796 shares during the period. Close Asset Management Ltd increased its holdings in shares of Blackstone by 16,035.1% during the 3rd quarter. Close Asset Management Ltd now owns 1,140,264 shares of the asset manager’s stock worth $194,746,000 after purchasing an additional 1,133,197 shares during the period. Lazard Asset Management LLC raised its position in shares of Blackstone by 31.9% during the second quarter. Lazard Asset Management LLC now owns 3,803,344 shares of the asset manager’s stock valued at $568,902,000 after buying an additional 919,773 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its position in Blackstone by 115.4% during the second quarter. Canada Pension Plan Investment Board now owns 1,088,786 shares of the asset manager’s stock worth $162,861,000 after buying an additional 583,384 shares in the last quarter. Institutional investors own 70.00% of the company’s stock.

Blackstone Stock Performance

Shares of Blackstone stock opened at $115.19 on Tuesday. Blackstone Inc. has a 52 week low of $109.25 and a 52 week high of $190.09. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.75 and a current ratio of 0.76. The stock has a market capitalization of $85.06 billion, a price-to-earnings ratio of 29.69, a PEG ratio of 0.97 and a beta of 1.80. The firm has a fifty day moving average of $143.13 and a two-hundred day moving average of $154.03.

Blackstone (NYSE:BX) last issued its quarterly earnings data on Thursday, January 29th. The asset manager reported $1.75 EPS for the quarter, topping the consensus estimate of $1.54 by $0.21. Blackstone had a return on equity of 22.17% and a net margin of 20.89%.The business had revenue of $4.36 billion for the quarter, compared to the consensus estimate of $3.69 billion. During the same quarter last year, the business posted $1.69 EPS. The firm’s revenue was up 41.4% compared to the same quarter last year. As a group, equities research analysts predict that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 17th. Shareholders of record on Monday, February 9th were issued a $1.49 dividend. This is an increase from Blackstone’s previous quarterly dividend of $1.29. This represents a $5.96 annualized dividend and a dividend yield of 5.2%. The ex-dividend date was Monday, February 9th. Blackstone’s dividend payout ratio is presently 153.61%.

Insider Transactions at Blackstone

In other news, major shareholder Holdings Iv Gp Mana Blackstone purchased 1,146,789 shares of Blackstone stock in a transaction that occurred on Monday, February 23rd. The stock was acquired at an average cost of $26.16 per share, for a total transaction of $30,000,000.24. Following the purchase, the insider directly owned 16,716,249 shares of the company’s stock, valued at $437,297,073.84. This trade represents a 7.37% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Tactical Opportunit Blackstone sold 1,596,142 shares of the business’s stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $10.00, for a total transaction of $15,961,420.00. Following the completion of the sale, the insider directly owned 2,161 shares of the company’s stock, valued at approximately $21,610. The trade was a 99.86% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on BX shares. Piper Sandler decreased their price objective on Blackstone from $168.00 to $158.00 and set a “neutral” rating on the stock in a report on Monday, February 2nd. JPMorgan Chase & Co. decreased their price target on shares of Blackstone from $176.00 to $158.00 and set a “neutral” rating on the stock in a research note on Friday, January 30th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Blackstone from $164.00 to $185.00 and gave the stock a “buy” rating in a report on Wednesday, December 17th. UBS Group lowered their target price on shares of Blackstone from $171.00 to $137.00 and set a “neutral” rating on the stock in a research note on Friday, February 20th. Finally, The Goldman Sachs Group cut their price target on shares of Blackstone from $166.00 to $158.00 and set a “neutral” rating for the company in a research note on Friday, January 30th. Eleven analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $167.57.

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.