Evercore Wealth Management LLC increased its holdings in shares of Blackstone Inc. (NYSE:BX – Get Rating) by 0.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,578,998 shares of the asset manager’s stock after purchasing an additional 2,205 shares during the period. Blackstone accounts for 3.5% of Evercore Wealth Management LLC’s investment portfolio, making the stock its 3rd largest holding. Evercore Wealth Management LLC’s holdings in Blackstone were worth $200,438,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Financial Advantage Inc. purchased a new position in Blackstone during the 1st quarter worth $26,000. Western Pacific Wealth Management LP purchased a new position in Blackstone during the 4th quarter worth $27,000. Landmark Wealth Management LLC purchased a new position in Blackstone during the 1st quarter worth $27,000. Providence Capital Advisors LLC raised its position in Blackstone by 1,137.6% during the 1st quarter. Providence Capital Advisors LLC now owns 2,995 shares of the asset manager’s stock worth $31,000 after buying an additional 2,753 shares during the last quarter. Finally, Citizens National Bank Trust Department purchased a new position in Blackstone during the 4th quarter worth $39,000. Hedge funds and other institutional investors own 61.87% of the company’s stock.
Blackstone Stock Performance
NYSE:BX opened at $100.82 on Tuesday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.47. The firm has a 50-day moving average price of $99.03 and a two-hundred day moving average price of $107.19. Blackstone Inc. has a twelve month low of $86.97 and a twelve month high of $149.78. The company has a market capitalization of $70.74 billion, a P/E ratio of 18.40, a price-to-earnings-growth ratio of 1.89 and a beta of 1.45.
Blackstone Cuts Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, August 8th. Shareholders of record on Monday, August 1st were paid a dividend of $1.27 per share. The ex-dividend date of this dividend was Friday, July 29th. This represents a $5.08 annualized dividend and a dividend yield of 5.04%. Blackstone’s dividend payout ratio is currently 92.70%.
Insiders Place Their Bets
In other Blackstone news, Director Joseph Baratta sold 71,223 shares of the firm’s stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $93.95, for a total transaction of $6,691,400.85. Following the sale, the director now directly owns 1,141,965 shares of the company’s stock, valued at approximately $107,287,611.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Joseph Baratta sold 71,223 shares of the firm’s stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $93.95, for a total value of $6,691,400.85. Following the sale, the director now directly owns 1,141,965 shares of the company’s stock, valued at $107,287,611.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Holdings L.P. Blackstone III sold 41,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $32.94, for a total transaction of $1,367,010.00. Following the completion of the sale, the insider now directly owns 898,993 shares in the company, valued at $29,612,829.42. The disclosure for this sale can be found here. Insiders have sold 161,423 shares of company stock valued at $9,660,717 in the last ninety days. Insiders own 1.00% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts have recently issued reports on BX shares. StockNews.com downgraded shares of Blackstone from a “hold” rating to a “sell” rating in a report on Friday, September 2nd. Deutsche Bank Aktiengesellschaft increased their price target on shares of Blackstone from $147.00 to $153.00 and gave the company a “buy” rating in a report on Friday, August 12th. Wells Fargo & Company increased their price target on shares of Blackstone to $102.00 in a report on Friday, July 22nd. Keefe, Bruyette & Woods downgraded shares of Blackstone from an “outperform” rating to a “market perform” rating and cut their price target for the company from $127.00 to $115.00 in a report on Wednesday, August 3rd. Finally, Barclays started coverage on shares of Blackstone in a report on Wednesday, August 31st. They issued an “overweight” rating and a $120.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $131.33.
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.
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