Private Trust Co. NA reduced its stake in shares of Blackstone Inc. (NYSE:BX – Get Rating) by 14.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,439 shares of the asset manager’s stock after selling 1,706 shares during the quarter. Private Trust Co. NA’s holdings in Blackstone were worth $774,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in BX. Edgewood Management LLC boosted its position in Blackstone by 48.7% during the 3rd quarter. Edgewood Management LLC now owns 10,915,509 shares of the asset manager’s stock worth $913,628,000 after acquiring an additional 3,574,211 shares during the period. Axiom Investors LLC DE boosted its position in Blackstone by 185.2% during the 3rd quarter. Axiom Investors LLC DE now owns 1,353,170 shares of the asset manager’s stock worth $113,260,000 after acquiring an additional 878,676 shares during the period. Temasek Holdings Private Ltd boosted its position in Blackstone by 3,214.1% during the 3rd quarter. Temasek Holdings Private Ltd now owns 753,130 shares of the asset manager’s stock worth $63,037,000 after acquiring an additional 730,405 shares during the period. Brown Advisory Inc. boosted its position in Blackstone by 15.3% during the 2nd quarter. Brown Advisory Inc. now owns 5,497,740 shares of the asset manager’s stock worth $501,560,000 after acquiring an additional 729,972 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Blackstone by 17.8% in the third quarter. Bank of New York Mellon Corp now owns 4,367,094 shares of the asset manager’s stock valued at $365,526,000 after buying an additional 660,166 shares during the period. 62.39% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
Several analysts have recently weighed in on the company. The Goldman Sachs Group upped their price objective on Blackstone from $86.00 to $100.00 and gave the company a “buy” rating in a report on Monday, January 30th. Morgan Stanley upped their price objective on Blackstone from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Monday, January 30th. BMO Capital Markets upped their price objective on Blackstone from $85.00 to $92.00 and gave the company a “market perform” rating in a report on Friday, January 27th. Credit Suisse Group decreased their price target on Blackstone from $69.50 to $69.00 and set an “underperform” rating for the company in a research report on Thursday, February 2nd. Finally, Wells Fargo & Company increased their price target on Blackstone from $95.00 to $103.00 and gave the company an “overweight” rating in a research report on Friday, January 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $112.33.
Blackstone Stock Down 0.6 %
Blackstone (NYSE:BX – Get Rating) last posted its quarterly earnings results on Thursday, January 26th. The asset manager reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.12. Blackstone had a return on equity of 19.43% and a net margin of 20.52%. The company had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $2.62 billion. During the same period last year, the business earned $1.71 EPS. As a group, analysts expect that Blackstone Inc. will post 4.66 EPS for the current fiscal year.
Blackstone Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, February 13th. Stockholders of record on Monday, February 6th were issued a dividend of $0.91 per share. This is a positive change from Blackstone’s previous quarterly dividend of $0.90. The ex-dividend date was Friday, February 3rd. This represents a $3.64 dividend on an annualized basis and a dividend yield of 4.34%. Blackstone’s dividend payout ratio is currently 153.59%.
Insider Activity
In other news, Director Joseph Baratta sold 85,000 shares of the stock in a transaction dated Friday, February 3rd. The stock was sold at an average price of $95.94, for a total transaction of $8,154,900.00. Following the transaction, the director now owns 1,122,168 shares of the company’s stock, valued at approximately $107,660,797.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Joseph Baratta sold 85,000 shares of the stock in a transaction dated Friday, February 3rd. The stock was sold at an average price of $95.94, for a total transaction of $8,154,900.00. Following the transaction, the director now owns 1,122,168 shares of the company’s stock, valued at approximately $107,660,797.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Holdings L.P. Blackstone III sold 99,889,464 shares of the stock in a transaction dated Friday, March 10th. The shares were sold at an average price of $12.00, for a total value of $1,198,673,568.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 140,532,616 shares of company stock valued at $1,726,902,967. Insiders own 1.00% of the company’s stock.
Blackstone Company Profile
Blackstone, Inc engages in the provision of investment and fund management services. It operates through the following segments: Real Estate, Private Equity, Credit and Insurance, and Hedge Fund Solutions. The Real Estate segment includes management of opportunistic real estate funds, Core+ real estate funds, high-yield real estate debt funds, and liquid real estate debt funds.
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