Congress Wealth Management LLC DE Has $3.60 Million Stock Position in Blackstone Inc. (NYSE:BX)

Congress Wealth Management LLC DE cut its stake in Blackstone Inc. (NYSE:BX - Free Report) by 24.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,390 shares of the asset manager's stock after selling 8,825 shares during the period. Congress Wealth Management LLC DE's holdings in Blackstone were worth $3,598,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Northwest Financial Advisors purchased a new stake in shares of Blackstone in the 4th quarter valued at approximately $25,000. Bourgeon Capital Management LLC raised its holdings in Blackstone by 86.2% in the fourth quarter. Bourgeon Capital Management LLC now owns 216 shares of the asset manager's stock valued at $28,000 after acquiring an additional 100 shares in the last quarter. Roble Belko & Company Inc acquired a new position in shares of Blackstone during the fourth quarter worth $30,000. Advantage Trust Co acquired a new position in Blackstone in the fourth quarter valued at approximately $30,000. Finally, Exchange Traded Concepts LLC grew its holdings in shares of Blackstone by 763.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 233 shares of the asset manager's stock worth $31,000 after purchasing an additional 206 shares during the last quarter. Hedge funds and other institutional investors own 70.00% of the company's stock.

Insider Buying and Selling

In other Blackstone news, Director Ruth Porat purchased 219 shares of Blackstone stock in a transaction on Monday, May 6th. The shares were purchased at an average cost of $119.48 per share, with a total value of $26,166.12. Following the completion of the transaction, the director now directly owns 34,445 shares in the company, valued at approximately $4,115,488.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.00% of the company's stock.

Blackstone Price Performance

BX stock traded up $0.97 on Tuesday, reaching $123.20. The company had a trading volume of 2,292,799 shares, compared to its average volume of 3,482,041. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.79 and a current ratio of 0.79. Blackstone Inc. has a 1 year low of $88.59 and a 1 year high of $133.56. The company's fifty day moving average is $122.38 and its 200 day moving average is $124.49. The company has a market cap of $88.04 billion, a P/E ratio of 43.54, a PEG ratio of 1.04 and a beta of 1.50.

Blackstone (NYSE:BX - Get Free Report) last released its earnings results on Thursday, April 18th. The asset manager reported $0.98 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.98. The company had revenue of $3.69 billion for the quarter, compared to analyst estimates of $2.56 billion. Blackstone had a net margin of 20.84% and a return on equity of 17.33%. The firm's quarterly revenue was up 166.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.97 EPS. On average, research analysts forecast that Blackstone Inc. will post 4.77 earnings per share for the current year.

Blackstone Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 6th. Stockholders of record on Monday, April 29th were issued a dividend of $0.83 per share. The ex-dividend date of this dividend was Friday, April 26th. This represents a $3.32 annualized dividend and a dividend yield of 2.69%. Blackstone's payout ratio is currently 117.31%.

Wall Street Analyst Weigh In

Several research analysts have commented on BX shares. Barclays reaffirmed an "equal weight" rating and set a $125.00 price target (down previously from $129.00) on shares of Blackstone in a research report on Friday, April 19th. Argus raised their price target on Blackstone from $133.00 to $135.00 and gave the stock a "buy" rating in a report on Wednesday, April 24th. UBS Group boosted their price target on shares of Blackstone from $135.00 to $138.00 and gave the stock a "neutral" rating in a research note on Friday, April 12th. JMP Securities restated a "market perform" rating on shares of Blackstone in a research note on Tuesday, April 9th. Finally, Piper Sandler cut their price objective on Blackstone from $150.00 to $146.00 and set an "overweight" rating for the company in a research report on Wednesday, April 10th. Thirteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, Blackstone presently has a consensus rating of "Hold" and a consensus target price of $123.65.

Blackstone 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.