International Assets Investment Management LLC decreased its holdings in Blackstone Inc. (NYSE:BX – Free Report) by 71.2% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 10,000 shares of the asset manager’s stock after selling 24,751 shares during the quarter. International Assets Investment Management LLC’s holdings in Blackstone were worth $1,121,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Lebenthal Global Advisors LLC boosted its holdings in Blackstone by 5.2% during the third quarter. Lebenthal Global Advisors LLC now owns 11,041 shares of the asset manager’s stock valued at $1,237,000 after purchasing an additional 541 shares in the last quarter. Canopy Partners LLC acquired a new position in shares of Blackstone in the 3rd quarter worth approximately $214,000. Brian Low Financial Group LLC lifted its position in shares of Blackstone by 28.1% during the 3rd quarter. Brian Low Financial Group LLC now owns 20,191 shares of the asset manager’s stock worth $2,263,000 after buying an additional 4,423 shares during the period. CHICAGO TRUST Co NA lifted its position in shares of Blackstone by 8.2% during the 3rd quarter. CHICAGO TRUST Co NA now owns 5,274 shares of the asset manager’s stock worth $591,000 after buying an additional 400 shares during the period. Finally, Glenview Trust Co boosted its stake in Blackstone by 1.7% in the 3rd quarter. Glenview Trust Co now owns 24,172 shares of the asset manager’s stock valued at $2,709,000 after buying an additional 400 shares in the last quarter. 70.00% of the stock is owned by institutional investors.
Analysts Set New Price Targets
BX has been the topic of a number of analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Blackstone in a research report on Thursday, October 22nd. Morgan Stanley reissued an “overweight” rating and set a $165.00 price objective on shares of Blackstone in a report on Friday, October 16th. JPMorgan Chase & Co. reduced their target price on shares of Blackstone from $136.00 to $135.00 and set a “neutral” rating on the stock in a research note on Friday, October 23rd. UBS Group upped their target price on shares of Blackstone from $116.00 to $118.00 and gave the stock a “neutral” rating in a report on Friday, October 23rd. Finally, Argus increased their target price on shares of Blackstone from $146.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Thirteen analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat.com, Blackstone currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.57.
Read Our Latest Analysis on BX
Insiders Place Their Bets
In other Blackstone news, CAO David Payne sold 9,500 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $145.23, for a total value of $1,379,685.00. Following the transaction, the chief accounting officer directly owned 64,448 shares in the company, valued at approximately $9,359,783.04. This trade represents a 12.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Holdings I. L.P. Blackstone sold 124,600 shares of Blackstone stock in a transaction on Friday, September 25th. The shares were sold at an average price of $16.40, for a total value of $2,043,440.00. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have acquired 464,792 shares of company stock valued at $12,205,945 and have sold 4,047,276 shares valued at $33,507,144. 1.00% of the stock is currently owned by company insiders.
Blackstone Price Performance
Shares of BX stock opened at $125.61 on Thursday. Blackstone Inc. has a 52 week low of $101.73 and a 52 week high of $165.14. The stock has a market capitalization of $94.29 billion, a PE ratio of 27.91, a PEG ratio of 1.50 and a beta of 1.52. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.72 and a current ratio of 0.71. The stock’s fifty day moving average is $121.32 and its 200-day moving average is $123.91.
Blackstone (NYSE:BX – Get Free Report) last issued its quarterly earnings results on Thursday, October 22nd. The asset manager reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.06. Blackstone had a net margin of 22.11% and a return on equity of 23.16%. The business had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $3.27 billion. During the same quarter in the prior year, the company earned $0.80 EPS. The firm’s quarterly revenue was down .8% on a year-over-year basis. Equities research analysts expect that Blackstone Inc. will post 5.89 EPS for the current fiscal 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 dividend of $1.12 per share. This represents a $4.48 annualized dividend and a dividend yield of 3.6%. This is a decrease from Blackstone’s previous quarterly dividend of $1.29. The ex-dividend date of this dividend is Monday, November 2nd. Blackstone’s payout ratio is currently 99.56%.
Blackstone Company 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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