Harbour Trust & Investment Management Co Has $10.56 Million Position in Blackstone Inc. $BX

Harbour Trust & Investment Management Co increased its stake in Blackstone Inc. (NYSE:BX) by 3.0% in the 2nd quarter, Holdings Channel reports. The firm owned 70,612 shares of the asset manager’s stock after purchasing an additional 2,028 shares during the period. Blackstone accounts for approximately 1.2% of Harbour Trust & Investment Management Co’s holdings, making the stock its 26th biggest position. Harbour Trust & Investment Management Co’s holdings in Blackstone were worth $10,562,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. 1248 Management LLC acquired a new stake in Blackstone in the 1st quarter worth approximately $25,000. von Borstel & Associates Inc. bought a new position in Blackstone in the 1st quarter worth approximately $28,000. Wealth Preservation Advisors LLC bought a new position in Blackstone in the 1st quarter worth approximately $28,000. Anderson Financial Strategies LLC bought a new position in Blackstone in the 1st quarter worth approximately $28,000. Finally, Family CFO Inc bought a new position in Blackstone in the 2nd quarter worth approximately $28,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Blackstone Stock Performance

Shares of NYSE:BX opened at $158.13 on Tuesday. The business’s fifty day moving average price is $172.29 and its two-hundred day moving average price is $154.42. Blackstone Inc. has a fifty-two week low of $115.66 and a fifty-two week high of $200.96. The stock has a market capitalization of $116.56 billion, a price-to-earnings ratio of 42.51, a price-to-earnings-growth ratio of 1.25 and a beta of 1.77. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.74 and a quick ratio of 0.74.

Blackstone (NYSE:BX) last announced its quarterly earnings results on Friday, November 22nd. The asset manager reported $0.97 earnings per share for the quarter. Blackstone had a return on equity of 20.47% and a net margin of 20.83%.The firm had revenue of $2.49 billion for the quarter. As a group, analysts predict that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 11th. Stockholders of record on Monday, August 4th were issued a dividend of $1.03 per share. The ex-dividend date was Monday, August 4th. This is a boost from Blackstone’s previous quarterly dividend of $0.93. This represents a $4.12 annualized dividend and a dividend yield of 2.6%. Blackstone’s dividend payout ratio (DPR) is currently 110.75%.

Insider Activity at Blackstone

In other news, insider Vikrant Sawhney sold 50,850 shares of the stock in a transaction 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 sale, the insider owned 737,248 shares in the company, valued at approximately $128,015,742.72. This represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $6.26, for a total value of $104,478,673.84. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 3,727,877 shares of company stock valued at $95,046,625 and have sold 16,984,634 shares valued at $155,181,346. Company insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on BX. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Blackstone in a research report on Wednesday, October 8th. Jefferies Financial Group dropped their price target on Blackstone from $207.00 to $199.00 and set a “buy” rating on the stock in a research report on Tuesday, October 7th. TD Cowen cut their target price on Blackstone from $215.00 to $208.00 and set a “buy” rating for the company in a research note on Wednesday, October 8th. JMP Securities upped their target price on Blackstone from $180.00 to $195.00 and gave the company a “market outperform” rating in a research note on Friday, July 25th. Finally, Barclays cut their target price on Blackstone from $181.00 to $171.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, Blackstone presently has an average rating of “Moderate Buy” and an average price target of $179.06.

Blackstone Company 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.