Coastline Trust Co Buys 2,350 Shares of Blackstone Inc. (NYSE:BX)

Coastline Trust Co lifted its stake in shares of Blackstone Inc. (NYSE:BX) by 9.1% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 28,279 shares of the asset manager’s stock after buying an additional 2,350 shares during the period. Coastline Trust Co’s holdings in Blackstone were worth $4,330,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of BX. Raleigh Capital Management Inc. grew its position in shares of Blackstone by 32.1% in the 3rd quarter. Raleigh Capital Management Inc. now owns 255 shares of the asset manager’s stock worth $39,000 after buying an additional 62 shares during the period. Capital Advisors Ltd. LLC grew its holdings in Blackstone by 2.3% in the third quarter. Capital Advisors Ltd. LLC now owns 2,787 shares of the asset manager’s stock worth $427,000 after purchasing an additional 62 shares during the period. Fidelis Capital Partners LLC boosted its position in shares of Blackstone by 2.7% in the 3rd quarter. Fidelis Capital Partners LLC now owns 2,374 shares of the asset manager’s stock worth $396,000 after purchasing an additional 62 shares in the last quarter. Harbor Capital Advisors Inc. grew its stake in shares of Blackstone by 0.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 13,926 shares of the asset manager’s stock worth $2,132,000 after buying an additional 64 shares during the last quarter. Finally, Lindbrook Capital LLC boosted its holdings in Blackstone by 1.1% in the third quarter. Lindbrook Capital LLC now owns 5,743 shares of the asset manager’s stock worth $879,000 after acquiring an additional 65 shares in the last quarter. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on BX shares. Piper Sandler cut shares of Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 price target on the stock. in a research note on Wednesday, October 9th. Citigroup increased their price target on shares of Blackstone from $157.00 to $170.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Bank of America boosted their price objective on shares of Blackstone from $171.00 to $192.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Morgan Stanley lifted their target price on Blackstone from $164.00 to $177.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Finally, TD Cowen increased their price objective on Blackstone from $133.00 to $149.00 and gave the company a “hold” rating in a research report on Friday, October 18th. Thirteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $157.63.

Insider Transactions at Blackstone

In related news, insider John G. Finley sold 42,249 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $175.94, for a total transaction of $7,433,289.06. Following the completion of the transaction, the insider now directly owns 387,137 shares of the company’s stock, valued at approximately $68,112,883.78. This represents a 9.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joseph Baratta sold 116,448 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total value of $17,561,522.88. Following the sale, the director now directly owns 799,749 shares in the company, valued at $120,610,146.69. This trade represents a 12.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Blackstone Stock Performance

NYSE:BX opened at $181.36 on Friday. Blackstone Inc. has a 52-week low of $102.79 and a 52-week high of $184.34. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.71 and a current ratio of 0.71. The firm has a market capitalization of $130.94 billion, a PE ratio of 62.32, a P/E/G ratio of 1.55 and a beta of 1.49. The stock has a 50-day simple moving average of $161.40 and a two-hundred day simple moving average of $140.02.

Blackstone (NYSE:BX) last issued its quarterly earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.10. The business had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.37 billion. Blackstone had a net margin of 19.46% and a return on equity of 17.53%. Analysts forecast that Blackstone Inc. will post 4.39 EPS for the current year.

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Monday, October 28th were issued a dividend of $0.86 per share. This is a positive change from Blackstone’s previous quarterly dividend of $0.82. This represents a $3.44 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend was Monday, October 28th. Blackstone’s dividend payout ratio (DPR) is 118.21%.

Blackstone 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.