Triangle Securities Wealth Management Sells 564 Shares of Blackstone Inc. (NYSE:BX)

Triangle Securities Wealth Management lowered its stake in Blackstone Inc. (NYSE:BX – Get Rating) by 0.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 59,927 shares of the asset manager’s stock after selling 564 shares during the quarter. Blackstone comprises approximately 1.6% of Triangle Securities Wealth Management’s investment portfolio, making the stock its 13th biggest holding. Triangle Securities Wealth Management’s holdings in Blackstone were worth $4,446,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of BX. Fairfield Bush & CO. lifted its stake in Blackstone by 56.1% in the first quarter. Fairfield Bush & CO. now owns 4,255 shares of the asset manager’s stock valued at $540,000 after buying an additional 1,530 shares in the last quarter. United Bank lifted its position in shares of Blackstone by 34.2% in the first quarter. United Bank now owns 8,441 shares of the asset manager’s stock worth $1,072,000 after purchasing an additional 2,153 shares in the last quarter. Yousif Capital Management LLC lifted its position in shares of Blackstone by 10.4% in the first quarter. Yousif Capital Management LLC now owns 10,969 shares of the asset manager’s stock worth $1,392,000 after purchasing an additional 1,034 shares in the last quarter. Insight Advisors LLC PA lifted its position in shares of Blackstone by 1.6% in the first quarter. Insight Advisors LLC PA now owns 18,446 shares of the asset manager’s stock worth $2,341,000 after purchasing an additional 286 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. lifted its position in shares of Blackstone by 12.8% in the first quarter. Candriam Luxembourg S.C.A. now owns 38,429 shares of the asset manager’s stock worth $4,878,000 after purchasing an additional 4,366 shares in the last quarter. Institutional investors own 62.39% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on BX. CICC Research began coverage on shares of Blackstone in a research report on Thursday, January 12th. They issued an “outperform” rating on the stock. Barclays boosted their target price on shares of Blackstone from $86.00 to $100.00 and gave the stock an “equal weight” rating in a report on Friday, January 27th. Piper Sandler lowered their target price on shares of Blackstone from $114.00 to $111.00 and set an “overweight” rating on the stock in a report on Wednesday, December 21st. Morgan Stanley boosted their target price on shares of Blackstone from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Monday, January 30th. Finally, BMO Capital Markets boosted their target price on shares of Blackstone from $85.00 to $92.00 and gave the stock a “market perform” rating in a report on Friday, January 27th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $112.33.

Blackstone Stock Performance

Shares of BX stock traded down $2.37 on Friday, hitting $84.89. The company’s stock had a trading volume of 33,987,863 shares, compared to its average volume of 5,357,988. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.97 and a current ratio of 0.97. The stock’s 50 day moving average is $89.93 and its 200-day moving average is $88.08. Blackstone Inc. has a fifty-two week low of $71.72 and a fifty-two week high of $132.93. The company has a market capitalization of $59.96 billion, a PE ratio of 35.82, a PEG ratio of 1.88 and a beta of 1.52.

Blackstone (NYSE:BX – Get Rating) last released its quarterly earnings results on Thursday, January 26th. The asset manager reported $1.07 EPS for the quarter, beating the consensus estimate of $0.95 by $0.12. Blackstone had a net margin of 20.52% and a return on equity of 19.43%. The business had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $2.62 billion. During the same period in the prior year, the company posted $1.71 earnings per share. Equities research analysts expect that Blackstone Inc. will post 4.66 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 13th. Investors of record on Monday, February 6th were given a dividend of $0.91 per share. This is a boost from Blackstone’s previous quarterly dividend of $0.90. The ex-dividend date was Friday, February 3rd. This represents a $3.64 annualized dividend and a yield of 4.29%. Blackstone’s dividend payout ratio is currently 153.59%.

Insider Buying and Selling

In related news, major shareholder Holdings L.P. Blackstone III sold 99,889,464 shares of the company’s stock in a transaction dated Friday, March 10th. The shares were sold at an average price of $12.00, for a total transaction of $1,198,673,568.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Joseph Baratta sold 85,000 shares of the stock in a transaction dated Friday, February 3rd. The shares were sold at an average price of $95.94, for a total value of $8,154,900.00. Following the completion of the transaction, the director now owns 1,122,168 shares of the company’s stock, valued at $107,660,797.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 stock was sold at an average price of $12.00, for a total transaction of $1,198,673,568.00. The disclosure for this sale can be found here. Insiders sold 140,532,616 shares of company stock valued at $1,726,902,967 over the last quarter. 1.00% of the stock is owned by company insiders.

Blackstone Company Profile

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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.