Caldwell Trust Co Invests $6.86 Million in Blackstone Inc. $BX

Caldwell Trust Co purchased a new position in shares of Blackstone Inc. (NYSE:BX) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 45,874 shares of the asset manager’s stock, valued at approximately $6,862,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Arcus Capital Partners LLC boosted its position in Blackstone by 1.2% in the second quarter. Arcus Capital Partners LLC now owns 4,937 shares of the asset manager’s stock worth $739,000 after purchasing an additional 58 shares during the last quarter. Mattern Wealth Management LLC boosted its holdings in shares of Blackstone by 2.8% in the 2nd quarter. Mattern Wealth Management LLC now owns 2,213 shares of the asset manager’s stock worth $331,000 after buying an additional 60 shares during the last quarter. GHP Investment Advisors Inc. increased its holdings in Blackstone by 3.5% during the second quarter. GHP Investment Advisors Inc. now owns 1,784 shares of the asset manager’s stock worth $267,000 after buying an additional 61 shares during the last quarter. Sage Rhino Capital LLC raised its position in Blackstone by 0.8% in the second quarter. Sage Rhino Capital LLC now owns 8,036 shares of the asset manager’s stock worth $1,202,000 after acquiring an additional 63 shares during the period. Finally, WNY Asset Management LLC grew its position in shares of Blackstone by 1.7% during the 2nd quarter. WNY Asset Management LLC now owns 3,852 shares of the asset manager’s stock valued at $576,000 after acquiring an additional 64 shares during the period. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Analysts Set New Price Targets

BX has been the topic of several research analyst reports. JPMorgan Chase & Co. dropped their price objective on Blackstone from $177.00 to $176.00 and set a “neutral” rating on the stock in a research note on Friday, October 24th. UBS Group initiated coverage on Blackstone in a research note on Thursday. They set a “neutral” rating and a $175.00 price target for the company. Citigroup dropped their price objective on shares of Blackstone from $185.00 to $170.00 and set a “neutral” rating on the stock in a report on Monday, October 13th. BNP Paribas Exane lowered their price target on shares of Blackstone from $178.00 to $167.00 and set a “neutral” rating on the stock in a research report on Friday, October 24th. Finally, Piper Sandler cut their price objective on shares of Blackstone from $173.00 to $168.00 and set a “neutral” rating for the company in a report on Friday, October 24th. Ten investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $178.84.

Insiders Place Their Bets

In other news, major shareholder Private Multi-Asset Blackstone purchased 2,538,071 shares of the company’s stock in a transaction on Monday, September 22nd. The stock was purchased at an average price of $25.61 per share, with a total value of $64,999,998.31. Following the completion of the purchase, the insider directly owned 7,506,209 shares in the company, valued at approximately $192,234,012.49. This trade represents a 51.09% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Tactical Opportunit Blackstone sold 1,596,142 shares of the stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $10.00, for a total value of $15,961,420.00. Following the transaction, the insider owned 2,161 shares in the company, valued at $21,610. This trade represents a 99.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have bought 2,950,751 shares of company stock worth $79,050,138. 1.00% of the stock is owned by corporate insiders.

Blackstone Stock Performance

Blackstone stock opened at $151.13 on Monday. The firm’s 50 day simple moving average is $150.41 and its 200 day simple moving average is $158.82. The firm has a market capitalization of $111.60 billion, a PE ratio of 43.18, a price-to-earnings-growth ratio of 1.20 and a beta of 1.76. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.60. Blackstone Inc. has a 1-year low of $115.66 and a 1-year high of $192.17.

Blackstone (NYSE:BX) last released its quarterly earnings results on Friday, November 22nd. The asset manager reported $0.97 earnings per share for the quarter. The firm had revenue of $2.49 billion for the quarter. Blackstone had a net margin of 20.56% and a return on equity of 22.30%. As a group, analysts expect that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 10th. Investors of record on Monday, November 3rd were paid a $1.29 dividend. This is an increase from Blackstone’s previous quarterly dividend of $1.03. This represents a $5.16 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Monday, November 3rd. Blackstone’s payout ratio is 147.43%.

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.