Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in shares of Blackstone Inc. (NYSE:BX – Get Rating) by 9.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 207,610 shares of the asset manager’s stock after buying an additional 17,788 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Blackstone were worth $17,377,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bristlecone Advisors LLC acquired a new position in shares of Blackstone in the second quarter valued at $230,000. CRA Financial Services LLC bought a new position in shares of Blackstone during the 2nd quarter worth about $352,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Blackstone during the 2nd quarter valued at about $883,000. Comerica Bank increased its stake in Blackstone by 2.2% in the second quarter. Comerica Bank now owns 27,940 shares of the asset manager’s stock valued at $2,766,000 after acquiring an additional 608 shares during the period. Finally, Capital Investment Advisory Services LLC raised its position in Blackstone by 16.8% in the third quarter. Capital Investment Advisory Services LLC now owns 3,760 shares of the asset manager’s stock worth $315,000 after purchasing an additional 541 shares in the last quarter. 62.39% of the stock is currently owned by institutional investors.
Blackstone Stock Down 0.0 %
NYSE:BX opened at $85.04 on Monday. The company has a market cap of $59.68 billion, a price-to-earnings ratio of 24.02, a P/E/G ratio of 2.64 and a beta of 1.47. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.85 and a current ratio of 0.85. The stock’s fifty day moving average price is $83.61 and its two-hundred day moving average price is $90.69. Blackstone Inc. has a 52-week low of $71.72 and a 52-week high of $138.95.
Blackstone Cuts Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, November 7th. Stockholders of record on Monday, October 31st were given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 4.23%. The ex-dividend date was Friday, October 28th. Blackstone’s dividend payout ratio is 101.70%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on BX shares. BMO Capital Markets decreased their price objective on Blackstone from $90.00 to $85.00 and set a “market perform” rating on the stock in a report on Thursday, January 5th. Morgan Stanley dropped their price objective on Blackstone from $121.00 to $115.00 and set an “overweight” rating for the company in a research note on Wednesday, October 19th. Argus reduced their target price on shares of Blackstone from $137.00 to $115.00 in a research note on Tuesday, October 25th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Blackstone from $127.00 to $128.00 and gave the stock a “buy” rating in a report on Tuesday, November 15th. Finally, Wells Fargo & Company upgraded shares of Blackstone from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $88.00 to $95.00 in a research report on Wednesday, January 11th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $109.17.
Insider Buying and Selling
In other Blackstone news, Director Ruth Porat acquired 20,000 shares of Blackstone stock in a transaction on Friday, December 2nd. The shares were purchased at an average cost of $83.55 per share, with a total value of $1,671,000.00. Following the completion of the purchase, the director now owns 20,000 shares in the company, valued at $1,671,000. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, major shareholder Holdings L.P. Blackstone III sold 12,154,671 shares of the company’s stock in a transaction dated Thursday, November 17th. The stock was sold at an average price of $7.46, for a total value of $90,673,845.66. Following the completion of the sale, the insider now directly owns 295 shares of the company’s stock, valued at approximately $2,200.70. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ruth Porat acquired 20,000 shares of Blackstone stock in a transaction that occurred on Friday, December 2nd. The shares were purchased at an average cost of $83.55 per share, for a total transaction of $1,671,000.00. Following the purchase, the director now directly owns 20,000 shares in the company, valued at $1,671,000. The disclosure for this purchase can be found here. Insiders sold a total of 19,536,085 shares of company stock valued at $180,412,256 over the last ninety days. Insiders own 1.00% of the company’s stock.
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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