Concentric Wealth Management LLC Sells 240 Shares of Blackstone Inc. (NYSE:BX)

Concentric Wealth Management LLC lowered its position in shares of Blackstone Inc. (NYSE:BX) by 10.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,115 shares of the asset manager’s stock after selling 240 shares during the quarter. Concentric Wealth Management LLC’s holdings in Blackstone were worth $324,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Acadian Asset Management LLC boosted its stake in Blackstone by 232.8% in the 1st quarter. Acadian Asset Management LLC now owns 1,158 shares of the asset manager’s stock worth $151,000 after purchasing an additional 810 shares in the last quarter. BOKF NA increased its position in shares of Blackstone by 1.8% during the first quarter. BOKF NA now owns 7,824 shares of the asset manager’s stock valued at $1,025,000 after acquiring an additional 138 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Blackstone by 39.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,345,005 shares of the asset manager’s stock valued at $176,695,000 after acquiring an additional 383,827 shares in the last quarter. Waverly Advisors LLC boosted its stake in Blackstone by 322.9% during the 1st quarter. Waverly Advisors LLC now owns 20,039 shares of the asset manager’s stock valued at $2,632,000 after purchasing an additional 15,300 shares during the last quarter. Finally, Kennedy Capital Management LLC purchased a new position in shares of Blackstone in the first quarter worth $5,486,000. 70.00% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BX has been the topic of several recent research reports. Wells Fargo & Company increased their price objective on shares of Blackstone from $169.00 to $188.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Citigroup raised their price objective on Blackstone from $157.00 to $170.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Morgan Stanley increased their target price on shares of Blackstone from $164.00 to $177.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. TD Cowen upped their price target on shares of Blackstone from $133.00 to $149.00 and gave the stock a “hold” rating in a research report on Friday, October 18th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Blackstone from $172.00 to $182.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Thirteen equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Blackstone has an average rating of “Hold” and an average target price of $157.63.

Insider Activity at Blackstone

In related news, Director Joseph Baratta sold 116,448 shares of the stock in a transaction that occurred 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 transaction, the director now directly owns 799,749 shares of the company’s stock, valued at $120,610,146.69. This trade represents a 12.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 completion of the transaction, the insider now directly owns 387,137 shares of the company’s stock, valued at approximately $68,112,883.78. This represents a 9.84 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by corporate insiders.

Blackstone Stock Up 2.6 %

Shares of NYSE:BX opened at $199.05 on Monday. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.58. The business’s 50 day moving average is $165.86 and its 200 day moving average is $142.79. The stock has a market cap of $143.71 billion, a P/E ratio of 68.40, a price-to-earnings-growth ratio of 1.69 and a beta of 1.49. Blackstone Inc. has a 52-week low of $105.51 and a 52-week high of $199.95.

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

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Monday, October 28th were paid a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a yield of 1.73%. This is an increase from Blackstone’s previous quarterly dividend of $0.82. The ex-dividend date was Monday, October 28th. Blackstone’s payout ratio is 118.21%.

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.