Miracle Mile Advisors LLC Has $3.89 Million Stake in Blackstone Inc. (NYSE:BX)

Miracle Mile Advisors LLC decreased its stake in Blackstone Inc. (NYSE:BX) by 2.8% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 29,640 shares of the asset manager’s stock after selling 859 shares during the period. Miracle Mile Advisors LLC’s holdings in Blackstone were worth $3,894,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of BX. Northwest Financial Advisors acquired a new stake in Blackstone in the 4th quarter valued at $25,000. Bourgeon Capital Management LLC boosted its stake in Blackstone by 86.2% in the fourth quarter. Bourgeon Capital Management LLC now owns 216 shares of the asset manager’s stock worth $28,000 after purchasing an additional 100 shares in the last quarter. Roble Belko & Company Inc acquired a new position in Blackstone in the fourth quarter worth $30,000. Advantage Trust Co acquired a new position in Blackstone in the fourth quarter worth $30,000. Finally, Exchange Traded Concepts LLC boosted its stake in Blackstone by 763.0% in 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 in the last quarter. Institutional investors and hedge funds own 70.00% of the company’s stock.

Insider Activity at Blackstone

In related news, Director Ruth Porat purchased 219 shares of Blackstone stock in a transaction that occurred on Monday, May 6th. The stock was 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 owns 34,445 shares of the company’s stock, valued at approximately $4,115,488.60. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.00% of the company’s stock.

Blackstone Stock Down 1.3 %

Shares of Blackstone stock opened at $122.23 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.79 and a quick ratio of 0.79. The company has a market capitalization of $87.35 billion, a P/E ratio of 43.19, a price-to-earnings-growth ratio of 1.04 and a beta of 1.50. Blackstone Inc. has a 1 year low of $88.59 and a 1 year high of $133.56. The business has a 50-day moving average of $122.37 and a two-hundred day moving average of $124.53.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, April 18th. The asset manager reported $0.98 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.98. The business had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $2.56 billion. Blackstone had a return on equity of 17.33% and a net margin of 20.84%. Blackstone’s quarterly revenue was up 166.9% on a year-over-year basis. During the same period last year, the company earned $0.97 earnings per share. As a group, equities analysts predict that Blackstone Inc. will post 4.77 EPS for the current year.

Blackstone Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 6th. Investors 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 dividend on an annualized basis and a dividend yield of 2.72%. Blackstone’s payout ratio is presently 117.31%.

Analysts Set New Price Targets

BX has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price objective on Blackstone from $144.00 to $145.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 17th. Piper Sandler cut their price target on Blackstone from $150.00 to $146.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 10th. JPMorgan Chase & Co. cut their price target on Blackstone from $105.00 to $100.00 and set a “neutral” rating on the stock in a research note on Friday, April 19th. UBS Group upped their price target on Blackstone from $135.00 to $138.00 and gave the company a “neutral” rating in a research note on Friday, April 12th. Finally, Argus upped their price target on Blackstone from $133.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Thirteen research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $123.65.

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.