Towne Trust Company N.A decreased its position in shares of Blackstone Inc. (NYSE:BX – Free Report) by 16.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,180 shares of the asset manager’s stock after selling 6,420 shares during the quarter. Blackstone makes up approximately 1.2% of Towne Trust Company N.A’s portfolio, making the stock its 28th biggest position. Towne Trust Company N.A’s holdings in Blackstone were worth $3,700,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in BX. Jain Global LLC acquired a new stake in shares of Blackstone in the third quarter valued at about $9,116,000. Fayez Sarofim & Co boosted its holdings in Blackstone by 1.9% in the third quarter. Fayez Sarofim & Co now owns 1,270,608 shares of the asset manager’s stock valued at $217,083,000 after acquiring an additional 24,237 shares during the last quarter. Natixis Advisors LLC raised its holdings in Blackstone by 20.4% during the 3rd quarter. Natixis Advisors LLC now owns 840,401 shares of the asset manager’s stock worth $143,582,000 after purchasing an additional 142,479 shares during the last quarter. Mackenzie Financial Corp lifted its position in shares of Blackstone by 2.1% in the 3rd quarter. Mackenzie Financial Corp now owns 904,237 shares of the asset manager’s stock worth $154,489,000 after purchasing an additional 18,339 shares during the period. Finally, Bedell Frazier Investment Counselling LLC increased its position in shares of Blackstone by 1,130.2% during the third quarter. Bedell Frazier Investment Counselling LLC now owns 18,822 shares of the asset manager’s stock worth $3,216,000 after buying an additional 17,292 shares during the period. 70.00% of the stock is owned by institutional investors and hedge funds.
Blackstone Stock Up 1.3%
Shares of NYSE BX opened at $115.66 on Friday. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.76 and a quick ratio of 0.76. Blackstone Inc. has a 1 year low of $101.73 and a 1 year high of $190.09. The stock has a market capitalization of $85.92 billion, a P/E ratio of 29.58, a P/E/G ratio of 1.25 and a beta of 1.59. The company has a 50-day moving average price of $120.62 and a 200-day moving average price of $129.22.
Blackstone Cuts Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were given a dividend of $1.16 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $4.64 annualized dividend and a dividend yield of 4.0%. Blackstone’s payout ratio is presently 118.67%.
Wall Street Analysts Forecast Growth
BX has been the subject of several recent analyst reports. Argus reduced their price objective on shares of Blackstone from $163.00 to $146.00 and set a “buy” rating for the company in a research report on Tuesday, April 28th. Weiss Ratings cut shares of Blackstone from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, May 4th. HSBC dropped their price objective on shares of Blackstone from $164.00 to $131.00 and set a “hold” rating on the stock in a report on Friday, April 10th. Citizens Jmp decreased their target price on Blackstone from $195.00 to $190.00 and set a “market outperform” rating for the company in a research report on Wednesday, April 22nd. Finally, Rothschild & Co Redburn cut their price target on Blackstone from $134.00 to $130.00 and set a “neutral” rating on the stock in a report on Tuesday, June 9th. Thirteen analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $150.86.
Get Our Latest Stock Analysis on BX
Insiders Place Their Bets
In other news, major shareholder Treasury Holdings I. Blackstone purchased 9,486,795 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The shares were bought at an average cost of $20.00 per share, with a total value of $189,735,900.00. Following the completion of the transaction, the insider directly owned 9,111,800 shares of the company’s stock, valued at approximately $182,236,000. This trade represents a -2,529.85% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Vikrant Sawhney sold 30,014 shares of the stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $125.79, for a total transaction of $3,775,461.06. Following the completion of the sale, the insider owned 899,669 shares of the company’s stock, valued at approximately $113,169,363.51. This trade represents a 3.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders bought a total of 10,252,345 shares of company stock worth $209,789,893 in the last three months. 1.00% of the stock is owned by corporate insiders.
About Blackstone
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.
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