Blackstone Inc. (NYSE:BX) Stake Reduced by United Bank

United Bank decreased its stake in shares of Blackstone Inc. (NYSE:BX) by 5.9% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 9,532 shares of the asset manager’s stock after selling 595 shares during the period. United Bank’s holdings in Blackstone were worth $1,460,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC grew its holdings in Blackstone by 1.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 431,784 shares of the asset manager’s stock valued at $53,455,000 after buying an additional 7,692 shares during the last quarter. Blue Trust Inc. grew its holdings in Blackstone by 936.2% in the 2nd quarter. Blue Trust Inc. now owns 5,958 shares of the asset manager’s stock valued at $783,000 after buying an additional 5,383 shares during the last quarter. Asahi Life Asset Management CO. LTD. acquired a new stake in Blackstone in the 3rd quarter valued at approximately $557,000. Scientech Research LLC acquired a new stake in Blackstone in the 2nd quarter valued at approximately $1,364,000. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Blackstone by 11.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 54,159 shares of the asset manager’s stock worth $6,705,000 after acquiring an additional 5,479 shares during the period. Institutional investors and hedge funds own 70.00% of the company’s stock.

Blackstone Price Performance

Shares of NYSE BX opened at $177.51 on Friday. The business’s 50 day moving average price is $157.11 and its two-hundred day moving average price is $137.98. The company has a market cap of $128.16 billion, a PE ratio of 61.00, a price-to-earnings-growth ratio of 1.43 and a beta of 1.49. The company has a quick ratio of 0.77, a current ratio of 0.71 and a debt-to-equity ratio of 0.58. Blackstone Inc. has a twelve month low of $96.15 and a twelve month high of $178.63.

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Monday, October 28th were given a $0.86 dividend. This is an increase from Blackstone’s previous quarterly dividend of $0.82. The ex-dividend date of this dividend was Monday, October 28th. This represents a $3.44 annualized dividend and a dividend yield of 1.94%. Blackstone’s dividend payout ratio is presently 118.21%.

Insider Buying and Selling

In other Blackstone news, insider John G. Finley sold 42,249 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $175.94, for a total transaction of $7,433,289.06. Following the transaction, the insider now owns 387,137 shares in the company, valued at $68,112,883.78. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Blackstone news, insider John G. Finley sold 42,249 shares of the firm’s stock in a transaction 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 sale, the insider now owns 387,137 shares of the company’s stock, valued at approximately $68,112,883.78. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Joseph Baratta sold 116,448 shares of the firm’s 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 completion of the sale, the director now directly owns 799,749 shares in the company, valued at approximately $120,610,146.69. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Citigroup raised their price objective on Blackstone from $157.00 to $170.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Cowen restated a “hold” rating on shares of Blackstone in a research report on Friday, October 18th. The Goldman Sachs Group raised their target price on Blackstone from $135.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Morgan Stanley raised their target price on Blackstone from $164.00 to $177.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Blackstone from $145.00 to $146.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Thirteen research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $155.38.

About Blackstone

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.