Fiduciary Trust Co Sells 3,349 Shares of Blackstone Inc. (NYSE:BX)

Fiduciary Trust Co trimmed its stake in shares of Blackstone Inc. (NYSE:BX) by 12.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 23,595 shares of the asset manager’s stock after selling 3,349 shares during the quarter. Fiduciary Trust Co’s holdings in Blackstone were worth $3,613,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Blackstone by 1.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 138,934 shares of the asset manager’s stock worth $21,275,000 after purchasing an additional 2,331 shares in the last quarter. FORA Capital LLC raised its position in Blackstone by 46.1% during the 3rd quarter. FORA Capital LLC now owns 35,799 shares of the asset manager’s stock valued at $5,482,000 after purchasing an additional 11,289 shares during the last quarter. CreativeOne Wealth LLC raised its position in Blackstone by 91.9% during the 3rd quarter. CreativeOne Wealth LLC now owns 11,259 shares of the asset manager’s stock valued at $1,724,000 after purchasing an additional 5,393 shares during the last quarter. BNP Paribas raised its position in shares of Blackstone by 38.7% in the 3rd quarter. BNP Paribas now owns 1,720 shares of the asset manager’s stock worth $263,000 after acquiring an additional 480 shares in the last quarter. Finally, WorthPointe LLC bought a new position in shares of Blackstone in the 3rd quarter worth approximately $430,000. 70.00% of the stock is currently owned by institutional investors.

Blackstone Trading Down 1.4 %

Shares of BX stock opened at $189.02 on Friday. Blackstone Inc. has a 1 year low of $106.00 and a 1 year high of $200.96. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.71 and a quick ratio of 0.71. The stock’s 50 day simple moving average is $168.63 and its two-hundred day simple moving average is $144.38. The company has a market cap of $136.47 billion, a PE ratio of 64.96, a price-to-earnings-growth ratio of 1.64 and a beta of 1.49.

Blackstone (NYSE:BX) last issued its quarterly earnings data on Thursday, October 17th. The asset manager reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.10. The business had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.37 billion. Blackstone had a return on equity of 17.53% and a net margin of 19.46%. Research analysts predict that Blackstone Inc. will post 4.4 earnings per share for the current year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Monday, October 28th were paid a dividend of $0.86 per share. This is a boost from Blackstone’s previous quarterly dividend of $0.82. The ex-dividend date was Monday, October 28th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.82%. Blackstone’s dividend payout ratio is currently 118.21%.

Analysts Set New Price Targets

Several brokerages have commented on BX. Deutsche Bank Aktiengesellschaft increased their target price on Blackstone from $172.00 to $182.00 and gave the company a “buy” rating in a research note on Monday, November 11th. The Goldman Sachs Group lifted their target price on Blackstone from $135.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Piper Sandler downgraded Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 target price on the stock. in a research report on Wednesday, October 9th. Morgan Stanley boosted their price objective on Blackstone from $164.00 to $177.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Finally, Barclays boosted their price objective on Blackstone from $155.00 to $174.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Thirteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Blackstone currently has an average rating of “Hold” and a consensus target price of $157.63.

Insider Activity

In related news, Director Joseph Baratta sold 116,448 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total value of $17,561,522.88. Following the transaction, the director now owns 799,749 shares of the company’s stock, valued at $120,610,146.69. This represents a 12.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John G. Finley sold 42,249 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $175.94, for a total value of $7,433,289.06. Following the completion of the transaction, the insider now directly owns 387,137 shares in the company, valued at approximately $68,112,883.78. This trade represents a 9.84 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

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.