Bar Harbor Wealth Management Sells 159 Shares of Blackstone Inc. (NYSE:BX)

Bar Harbor Wealth Management decreased its position in shares of Blackstone Inc. (NYSE:BX) by 3.0% in the 3rd quarter, Holdings Channel reports. The firm owned 5,224 shares of the asset manager’s stock after selling 159 shares during the quarter. Bar Harbor Wealth Management’s holdings in Blackstone were worth $800,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BX. Fisher Asset Management LLC lifted its holdings in Blackstone by 10.9% in the fourth quarter. Fisher Asset Management LLC now owns 4,688 shares of the asset manager’s stock valued at $614,000 after buying an additional 459 shares during the period. Massmutual Trust Co. FSB ADV boosted its position in shares of Blackstone by 9.9% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 1,931 shares of the asset manager’s stock valued at $254,000 after purchasing an additional 174 shares in the last quarter. Wedmont Private Capital increased its holdings in Blackstone by 7.1% in the first quarter. Wedmont Private Capital now owns 5,591 shares of the asset manager’s stock worth $738,000 after purchasing an additional 373 shares in the last quarter. BTC Capital Management Inc. acquired a new position in Blackstone in the first quarter valued at approximately $418,000. Finally, International Assets Investment Management LLC grew its position in shares of Blackstone by 2.3% during the 1st quarter. International Assets Investment Management LLC now owns 28,305 shares of the asset manager’s stock worth $3,709,000 after buying an additional 625 shares during the period. Institutional investors and hedge funds own 70.00% of the company’s stock.

Blackstone Stock Performance

Shares of Blackstone stock opened at $172.35 on Friday. The firm has a market capitalization of $123.17 billion, a P/E ratio of 60.90, a price-to-earnings-growth ratio of 1.24 and a beta of 1.51. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.60. The business’s fifty day simple moving average is $147.01 and its 200 day simple moving average is $133.22. Blackstone Inc. has a 12 month low of $88.59 and a 12 month high of $175.94.

Blackstone (NYSE:BX) last posted its quarterly earnings results on Thursday, July 18th. The asset manager reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.03). The company had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $2.58 billion. Blackstone had a net margin of 19.35% and a return on equity of 17.43%. Blackstone’s quarterly revenue was up 166.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.93 EPS. As a group, analysts anticipate that Blackstone Inc. will post 4.46 EPS for the current year.

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Monday, October 28th will be issued a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date is Monday, October 28th. This is a boost from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s payout ratio is 115.90%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Barclays raised their price target on shares of Blackstone from $155.00 to $174.00 and gave the stock an “equal weight” rating in a report on Friday. The Goldman Sachs Group upped their price target on Blackstone from $135.00 to $150.00 and gave the stock a “neutral” rating in a research note on Friday. JPMorgan Chase & Co. raised their price objective on Blackstone from $125.00 to $146.00 and gave the company a “neutral” rating in a research note on Friday. BMO Capital Markets increased their target price on Blackstone from $112.00 to $134.00 and gave the stock a “market perform” rating in a report on Friday. Finally, TD Cowen upped their price objective on shares of Blackstone from $133.00 to $149.00 and gave the stock a “hold” rating in a report on Friday. Thirteen analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $152.41.

Insider Activity at Blackstone

In other Blackstone news, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total value of $4,610,900.00. Following the sale, the insider now directly owns 429,386 shares in the company, valued at $56,567,311.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider John G. Finley sold 35,000 shares of Blackstone stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total value of $4,610,900.00. Following the completion of the transaction, the insider now owns 429,386 shares in the company, valued at $56,567,311.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph Baratta sold 116,448 shares of the firm’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 transaction of $17,561,522.88. Following the completion of the transaction, the director now directly owns 799,749 shares of the company’s stock, valued at approximately $120,610,146.69. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.

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.