Douglas Lane & Associates LLC Decreases Position in Blackstone Inc. (NYSE:BX)

Douglas Lane & Associates LLC decreased its stake in Blackstone Inc. (NYSE:BX) by 6.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 740,485 shares of the asset manager’s stock after selling 48,386 shares during the period. Blackstone makes up 1.6% of Douglas Lane & Associates LLC’s portfolio, making the stock its 12th biggest position. Douglas Lane & Associates LLC owned 0.10% of Blackstone worth $113,390,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Clarity Capital Partners LLC purchased a new position in Blackstone in the fourth quarter valued at about $234,000. Able Wealth Management LLC purchased a new position in Blackstone in the fourth quarter valued at about $108,000. Scarborough Advisors LLC purchased a new position in Blackstone in the fourth quarter valued at about $109,000. Virtu Financial LLC purchased a new position in Blackstone in the fourth quarter valued at about $1,354,000. Finally, EP Wealth Advisors LLC boosted its holdings in Blackstone by 4.1% in the fourth quarter. EP Wealth Advisors LLC now owns 21,398 shares of the asset manager’s stock valued at $2,801,000 after purchasing an additional 843 shares during the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Insider Buying and Selling

In related news, insider John G. Finley sold 35,000 shares of Blackstone stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total value of $4,610,900.00. Following the transaction, the insider now directly owns 429,386 shares in the company, valued at $56,567,311.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider John G. Finley sold 35,000 shares of Blackstone stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the transaction, the insider now owns 429,386 shares in the company, valued at approximately $56,567,311.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction on Tuesday, October 1st. The shares were 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 in the company, valued at $120,610,146.69. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Piper Sandler lowered Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 target price for the company. in a research report on Wednesday. Wells Fargo & Company lifted their target price on Blackstone from $163.00 to $169.00 and gave the stock an “overweight” rating in a research report on Wednesday. Barclays lifted their target price on Blackstone from $141.00 to $155.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Deutsche Bank Aktiengesellschaft lifted their target price on Blackstone from $145.00 to $146.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Finally, Redburn Atlantic assumed coverage on Blackstone in a report on Tuesday, August 27th. They issued a “neutral” rating and a $134.00 price target on the stock. Twelve investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Blackstone has an average rating of “Hold” and a consensus target price of $135.00.

Blackstone Stock Performance

Blackstone stock traded up $4.01 during mid-day trading on Friday, hitting $153.04. 2,205,616 shares of the company’s stock traded hands, compared to its average volume of 3,418,553. Blackstone Inc. has a one year low of $88.59 and a one year high of $161.25. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.60. The firm has a 50 day moving average price of $143.72 and a 200 day moving average price of $132.13. The company has a market cap of $109.37 billion, a PE ratio of 54.08, a price-to-earnings-growth ratio of 1.24 and a beta of 1.51.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.03). Blackstone had a return on equity of 17.43% and a net margin of 19.35%. The firm had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $2.58 billion. During the same period in the prior year, the firm posted $0.93 EPS. The firm’s quarterly revenue was up 166.9% on a year-over-year basis. On average, equities analysts forecast that Blackstone Inc. will post 4.46 EPS for the current year.

Blackstone Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 29th were issued a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend was Monday, July 29th. Blackstone’s payout ratio is 115.90%.

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.