Canal Capital Management LLC Grows Position in Blackstone Inc. $BX

Canal Capital Management LLC lifted its position in shares of Blackstone Inc. (NYSE:BX) by 4.6% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 89,271 shares of the asset manager’s stock after purchasing an additional 3,907 shares during the quarter. Blackstone comprises approximately 2.1% of Canal Capital Management LLC’s holdings, making the stock its 12th largest holding. Canal Capital Management LLC’s holdings in Blackstone were worth $13,353,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in BX. Perigon Wealth Management LLC grew its stake in Blackstone by 3.2% during the 2nd quarter. Perigon Wealth Management LLC now owns 62,484 shares of the asset manager’s stock valued at $9,346,000 after purchasing an additional 1,949 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Blackstone by 2.2% in the second quarter. Vanguard Group Inc. now owns 69,492,377 shares of the asset manager’s stock worth $10,394,670,000 after buying an additional 1,494,796 shares during the last quarter. Redmond Asset Management LLC boosted its stake in Blackstone by 21.2% during the 2nd quarter. Redmond Asset Management LLC now owns 18,785 shares of the asset manager’s stock valued at $2,810,000 after acquiring an additional 3,281 shares during the last quarter. Kera Capital Partners Inc. acquired a new position in Blackstone during the 2nd quarter worth $273,000. Finally, Bourgeon Capital Management LLC acquired a new stake in shares of Blackstone in the 2nd quarter worth about $423,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Insider Buying and Selling at Blackstone

In other Blackstone news, major shareholder Holdings Iv Gp Mana Blackstone bought 385,208 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was bought at an average cost of $25.96 per share, with a total value of $9,999,999.68. Following the completion of the transaction, the insider directly owned 16,332,883 shares of the company’s stock, valued at approximately $424,001,642.68. The trade was a 2.42% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph Baratta sold 113,000 shares of the firm’s stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $175.69, for a total transaction of $19,852,970.00. Following the transaction, the director owned 695,757 shares in the company, valued at $122,237,547.33. This represents a 13.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders acquired 2,950,751 shares of company stock worth $79,050,138 over the last quarter. Insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Citigroup reduced their target price on shares of Blackstone from $185.00 to $170.00 and set a “neutral” rating for the company in a research note on Monday, October 13th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Blackstone from $166.00 to $164.00 and set a “buy” rating on the stock in a report on Friday, November 14th. TD Cowen reduced their target price on Blackstone from $208.00 to $205.00 and set a “buy” rating for the company in a report on Friday, October 24th. HSBC dropped their price target on Blackstone from $179.00 to $178.00 in a research note on Monday, October 27th. Finally, Jefferies Financial Group decreased their target price on shares of Blackstone from $199.00 to $187.00 in a report on Monday, November 10th. Ten investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $178.84.

Blackstone Price Performance

Shares of BX opened at $151.13 on Monday. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.75 and a quick ratio of 0.75. The company has a market capitalization of $111.60 billion, a price-to-earnings ratio of 43.18, a P/E/G ratio of 1.20 and a beta of 1.76. The business’s 50-day moving average is $150.41 and its 200-day moving average is $158.82. Blackstone Inc. has a fifty-two week low of $115.66 and a fifty-two week high of $192.17.

Blackstone (NYSE:BX) last released 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 firm had revenue of $2.49 billion for the quarter. Equities research analysts expect that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

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

Blackstone Company Profile

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.