Douglas Lane & Associates LLC Sells 17,522 Shares of Blackstone Inc. $BX

Douglas Lane & Associates LLC trimmed its position in shares of Blackstone Inc. (NYSE:BX) by 2.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 630,226 shares of the asset manager’s stock after selling 17,522 shares during the period. Blackstone accounts for 1.5% of Douglas Lane & Associates LLC’s portfolio, making the stock its 13th largest holding. Douglas Lane & Associates LLC’s holdings in Blackstone were worth $107,674,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Red Door Wealth Management LLC boosted its stake in shares of Blackstone by 167.6% in the third quarter. Red Door Wealth Management LLC now owns 87,453 shares of the asset manager’s stock worth $14,941,000 after acquiring an additional 54,771 shares during the period. Trust Point Inc. lifted its holdings in Blackstone by 12.9% in the 3rd quarter. Trust Point Inc. now owns 3,353 shares of the asset manager’s stock worth $573,000 after purchasing an additional 384 shares in the last quarter. Brown Lisle Cummings Inc. grew its holdings in Blackstone by 4.9% during the 3rd quarter. Brown Lisle Cummings Inc. now owns 27,645 shares of the asset manager’s stock valued at $4,723,000 after buying an additional 1,280 shares in the last quarter. Flputnam Investment Management Co. raised its position in shares of Blackstone by 57.6% during the third quarter. Flputnam Investment Management Co. now owns 7,203 shares of the asset manager’s stock valued at $1,231,000 after buying an additional 2,634 shares during the last quarter. Finally, Quotient Wealth Partners LLC boosted its position in shares of Blackstone by 7.3% during the third quarter. Quotient Wealth Partners LLC now owns 2,965 shares of the asset manager’s stock worth $507,000 after acquiring an additional 203 shares during the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Insider Activity

In related news, Director Joseph Baratta sold 113,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $175.69, for a total transaction of $19,852,970.00. Following the completion of the sale, the director directly owned 695,757 shares of the company’s stock, valued at approximately $122,237,547.33. This trade represents a 13.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Holdings Iv Gp Mana Blackstone acquired 385,208 shares of the business’s stock in a transaction on Friday, November 21st. The stock was acquired at an average cost of $25.96 per share, for a total transaction of $9,999,999.68. Following the transaction, the insider directly owned 16,332,883 shares in the company, valued at $424,001,642.68. The trade was a 2.42% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have purchased 2,950,751 shares of company stock valued at $79,050,138. 1.00% of the stock is currently owned by corporate insiders.

Blackstone Stock Performance

NYSE:BX opened at $151.61 on Friday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.75 and a current ratio of 0.75. The stock’s fifty day moving average is $149.46 and its 200 day moving average is $159.15. The firm has a market capitalization of $111.95 billion, a PE ratio of 43.32, a PEG ratio of 1.21 and a beta of 1.76. Blackstone Inc. has a fifty-two week low of $115.66 and a fifty-two week high of $190.09.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Friday, November 22nd. The asset manager reported $0.97 earnings per share for the quarter. Blackstone had a net margin of 20.56% and a return on equity of 22.30%. The business had revenue of $2.49 billion for the quarter. On average, sell-side analysts anticipate that Blackstone Inc. will post 5.87 earnings per share for the current year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 10th. Shareholders of record on Monday, November 3rd were given a dividend of $1.29 per share. This represents a $5.16 annualized dividend and a dividend yield of 3.4%. This is a boost from Blackstone’s previous quarterly dividend of $1.03. The ex-dividend date was Monday, November 3rd. Blackstone’s dividend payout ratio (DPR) is presently 147.43%.

Analyst Ratings Changes

Several brokerages have commented on BX. Weiss Ratings reiterated a “hold (c)” rating on shares of Blackstone in a research note on Wednesday, October 8th. TD Cowen decreased their target price on Blackstone from $208.00 to $205.00 and set a “buy” rating on the stock in a research report on Friday, October 24th. Morgan Stanley raised their price target on Blackstone from $200.00 to $215.00 and gave the company an “overweight” rating in a report on Tuesday, October 21st. JPMorgan Chase & Co. lowered their target price on Blackstone from $177.00 to $176.00 and set a “neutral” rating for the company in a research report on Friday, October 24th. Finally, Citigroup reduced their price target on shares of Blackstone from $185.00 to $170.00 and set a “neutral” rating on the stock in a research report on Monday, October 13th. Ten investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $179.95.

Blackstone Company Profile

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.