Pinnacle Associates Ltd. Buys 7,398 Shares of Blackstone Inc. $BX

by · The Cerbat Gem

Pinnacle Associates Ltd. increased its position in Blackstone Inc. (NYSE:BX – Free Report) by 3.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 207,442 shares of the asset manager’s stock after purchasing an additional 7,398 shares during the period. Pinnacle Associates Ltd.’s holdings in Blackstone were worth $31,029,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of BX. Kingstone Capital Partners Texas LLC lifted its holdings in shares of Blackstone by 519,669.1% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 70,132,441 shares of the asset manager’s stock worth $10,490,411,000 after purchasing an additional 70,118,948 shares in the last quarter. Vanguard Group Inc. raised its position in Blackstone by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 67,997,581 shares of the asset manager’s stock valued at $9,504,702,000 after buying an additional 1,102,949 shares during the last quarter. Nuveen LLC purchased a new stake in Blackstone in the 1st quarter valued at $151,524,000. Amundi raised its holdings in shares of Blackstone by 69.3% in the first quarter. Amundi now owns 2,421,502 shares of the asset manager’s stock valued at $323,000,000 after purchasing an additional 990,947 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Blackstone by 16.3% in the first quarter. Goldman Sachs Group Inc. now owns 5,292,320 shares of the asset manager’s stock valued at $739,761,000 after purchasing an additional 742,829 shares during the last quarter. 70.00% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BX has been the subject of several analyst reports. Citigroup lowered their target price on shares of Blackstone from $185.00 to $170.00 and set a “neutral” rating for the company in a report on Monday, October 13th. Bank of America decreased their target price on Blackstone from $200.00 to $199.00 in a research report on Friday, October 3rd. Evercore ISI decreased their target price on Blackstone from $197.00 to $180.00 and set an “outperform” rating for the company in a research report on Wednesday, October 22nd. BNP Paribas Exane decreased their target price on Blackstone from $178.00 to $167.00 and set a “neutral” rating for the company in a research report on Friday, October 24th. Finally, Keefe, Bruyette & Woods decreased their target price on Blackstone from $180.00 to $171.00 and set a “market perform” rating for the company in a research report on Monday, October 13th. Eleven research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $179.74.

Check Out Our Latest Analysis on BX

Insider Buying and Selling at Blackstone

In other Blackstone news, major shareholder Private Multi-Asset Blackstone purchased 2,538,071 shares of the company’s stock in a transaction dated Monday, September 22nd. The stock was purchased at an average price of $25.61 per share, for a total transaction of $64,999,998.31. Following the transaction, the insider owned 7,506,209 shares in the company, valued at $192,234,012.49. The trade was a 51.09% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider John G. Finley sold 21,500 shares of Blackstone stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $171.46, for a total transaction of $3,686,390.00. Following the sale, the insider owned 453,836 shares of the company’s stock, valued at approximately $77,814,720.56. The trade was a 4.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have bought 2,538,345 shares of company stock worth $65,046,628 and have sold 16,984,634 shares worth $155,181,346. 1.00% of the stock is owned by corporate insiders.

Blackstone Price Performance

BX opened at $148.42 on Friday. The company has a market capitalization of $109.40 billion, a price-to-earnings ratio of 42.40, a PEG ratio of 1.18 and a beta of 1.77. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt-to-equity ratio of 0.60. The firm has a 50-day moving average price of $168.98 and a 200-day moving average price of $156.52. Blackstone Inc. has a twelve month low of $115.66 and a twelve month high of $200.96.

Blackstone (NYSE:BX – Get Free Report) last posted its 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 during the quarter. Blackstone had a net margin of 20.56% and a return on equity of 22.30%. Equities analysts expect that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Monday, November 3rd will be issued a dividend of $1.29 per share. This represents a $5.16 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Monday, November 3rd. This is a boost from Blackstone’s previous quarterly dividend of $1.03. Blackstone’s payout ratio is presently 147.43%.

Blackstone Company Profile

(Free Report)

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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