Parkside Financial Bank & Trust Sells 1,028 Shares of Blackstone Inc. $BX

Parkside Financial Bank & Trust decreased its stake in Blackstone Inc. (NYSE:BX) by 23.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,448 shares of the asset manager’s stock after selling 1,028 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Blackstone were worth $516,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of BX. Arcus Capital Partners LLC lifted its stake in Blackstone by 1.2% in the second quarter. Arcus Capital Partners LLC now owns 4,937 shares of the asset manager’s stock valued at $739,000 after buying an additional 58 shares in the last quarter. Mattern Wealth Management LLC lifted its position in Blackstone by 2.8% in the 2nd quarter. Mattern Wealth Management LLC now owns 2,213 shares of the asset manager’s stock valued at $331,000 after acquiring an additional 60 shares in the last quarter. GHP Investment Advisors Inc. boosted its stake in Blackstone by 3.5% in the 2nd quarter. GHP Investment Advisors Inc. now owns 1,784 shares of the asset manager’s stock worth $267,000 after purchasing an additional 61 shares during the period. Sage Rhino Capital LLC lifted its holdings in shares of Blackstone by 0.8% in the second quarter. Sage Rhino Capital LLC now owns 8,036 shares of the asset manager’s stock valued at $1,202,000 after purchasing an additional 63 shares in the last quarter. Finally, WNY Asset Management LLC boosted its position in shares of Blackstone by 1.7% during the second quarter. WNY Asset Management LLC now owns 3,852 shares of the asset manager’s stock worth $576,000 after buying an additional 64 shares during the period. Institutional investors own 70.00% of the company’s stock.

Blackstone Stock Performance

Shares of NYSE BX opened at $146.00 on Friday. Blackstone Inc. has a 12 month low of $115.66 and a 12 month high of $200.96. The stock has a 50 day moving average of $165.79 and a 200-day moving average of $157.40. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $107.61 billion, a P/E ratio of 41.71, a P/E/G ratio of 1.18 and a beta of 1.76.

Blackstone (NYSE:BX) last announced its quarterly earnings results 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 return on equity of 22.30% and a net margin of 20.56%. 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 declared a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Monday, November 3rd will be issued a $1.29 dividend. The ex-dividend date of this dividend is Monday, November 3rd. This represents a $5.16 annualized dividend and a yield of 3.5%. This is an increase from Blackstone’s previous quarterly dividend of $1.03. Blackstone’s payout ratio is currently 147.43%.

Insider Activity

In other news, insider Vikrant Sawhney sold 50,850 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The stock was 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 owned 737,248 shares in the company, valued at $128,015,742.72. The trade was a 6.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Private Multi-Asset Blackstone bought 2,538,071 shares of the stock in a transaction dated Monday, September 22nd. The shares were purchased at an average price of $25.61 per share, for a total transaction of $64,999,998.31. Following the purchase, the insider owned 7,506,209 shares of the company’s stock, valued at $192,234,012.49. This trade represents a 51.09% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders acquired 2,565,415 shares of company stock valued at $69,037,981 and sold 16,875,234 shares valued at $136,847,628. 1.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

BX has been the topic of several research reports. TD Cowen cut their target price on Blackstone from $208.00 to $205.00 and set a “buy” rating on the stock in a research note on Friday, October 24th. JMP Securities restated a “market outperform” rating and set a $195.00 target price on shares of Blackstone in a report on Friday, October 24th. HSBC lowered their price target on shares of Blackstone from $179.00 to $178.00 in a research note on Monday, October 27th. JPMorgan Chase & Co. reduced their price objective on shares of Blackstone from $177.00 to $176.00 and set a “neutral” rating for the company in a research note on Friday, October 24th. Finally, Citigroup dropped their target price on Blackstone from $185.00 to $170.00 and set a “neutral” rating on the stock in a report on Monday, October 13th. Eleven research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $179.74.

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.