D.A. Davidson & CO. lifted its position in shares of Blackstone Inc. (NYSE:BX – Free Report) by 30.0% during the third quarter, Holdings Channel.com reports. The firm owned 195,410 shares of the asset manager’s stock after buying an additional 45,140 shares during the quarter. D.A. Davidson & CO.’s holdings in Blackstone were worth $21,904,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in BX. BOKF NA lifted its holdings in shares of Blackstone by 5.4% during the 3rd quarter. BOKF NA now owns 36,270 shares of the asset manager’s stock worth $4,066,000 after acquiring an additional 1,860 shares during the period. Redmond Asset Management LLC boosted its position in shares of Blackstone by 8.7% during the 3rd quarter. Redmond Asset Management LLC now owns 25,069 shares of the asset manager’s stock worth $2,810,000 after acquiring an additional 2,014 shares in the last quarter. North Dakota State Investment Board increased its stake in Blackstone by 3.4% in the third quarter. North Dakota State Investment Board now owns 22,805 shares of the asset manager’s stock valued at $2,556,000 after acquiring an additional 749 shares during the last quarter. Laurel Wealth Advisors LLC acquired a new position in Blackstone during the third quarter valued at approximately $87,000. Finally, Great Lakes Retirement Inc. lifted its stake in Blackstone by 1.5% during the third quarter. Great Lakes Retirement Inc. now owns 47,416 shares of the asset manager’s stock worth $5,315,000 after purchasing an additional 698 shares during the last quarter. 70.00% of the stock is currently owned by institutional investors.
Blackstone Stock Performance
Shares of BX stock opened at $120.46 on Friday. The business’s 50-day moving average price is $123.12 and its 200-day moving average price is $124.65. Blackstone Inc. has a 12 month low of $101.73 and a 12 month high of $165.14. The firm has a market capitalization of $90.42 billion, a price-to-earnings ratio of 26.77, a PEG ratio of 1.49 and a beta of 1.59. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.68.
Blackstone (NYSE:BX – Get Free Report) last posted its quarterly earnings data on Thursday, October 22nd. The asset manager reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.06. The business had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $3.27 billion. Blackstone had a return on equity of 23.16% and a net margin of 22.11%. Blackstone’s quarterly revenue was down .8% on a year-over-year basis. During the same period in the prior year, the business posted $0.80 earnings per share. Equities research analysts forecast that Blackstone Inc. will post 5.89 EPS for the current year.
Blackstone Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, November 9th. Stockholders of record on Monday, November 2nd will be paid a $1.12 dividend. The ex-dividend date of this dividend is Monday, November 2nd. This is a negative change from Blackstone’s previous quarterly dividend of $1.29. This represents a $4.48 annualized dividend and a dividend yield of 3.7%. Blackstone’s payout ratio is currently 99.56%.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on BX. Credit Suisse Group set a $165.00 price target on Blackstone in a research note on Friday, October 23rd. HSBC restated a “hold” rating and set a $135.00 price objective on shares of Blackstone in a research report on Monday, July 20th. Citigroup reiterated a “market outperform” rating on shares of Blackstone in a research report on Friday, October 23rd. The Goldman Sachs Group reissued a “neutral” rating and set a $128.00 target price on shares of Blackstone in a research note on Thursday, October 22nd. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $130.00 target price on shares of Blackstone in a report on Wednesday, October 21st. Thirteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, Blackstone has a consensus rating of “Moderate Buy” and an average price target of $144.57.
Read Our Latest Stock Analysis on BX
Insider Activity at Blackstone
In other Blackstone news, insider John G. Finley sold 45,000 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $147.11, for a total transaction of $6,619,950.00. Following the completion of the sale, the insider owned 516,017 shares of the company’s stock, valued at approximately $75,911,260.87. This represents a 8.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 3,767,776 shares of the business’s stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $2.94, for a total transaction of $11,077,261.44. Following the completion of the transaction, the insider owned 16,120 shares in the company, valued at $47,392.80. This trade represents a 99.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders purchased 464,792 shares of company stock valued at $12,205,945 and sold 4,077,276 shares valued at $37,573,644. 1.00% of the stock is owned by insiders.
Blackstone Profile
Blackstone Inc (NYSE:BX) is a global alternative asset management firm that provides investment and advisory services to institutional investors, companies, and qualified individual investors. The company manages capital across private equity, real estate, credit and insurance, infrastructure, hedge fund solutions, secondaries, and growth-oriented investments.
Blackstone invests in and manages portfolios of businesses, properties, infrastructure assets, and credit instruments across a range of industries.
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