Pinnacle West Asset Management Inc. Sells 100 Shares of Blackstone Inc. (NYSE:BX)

Pinnacle West Asset Management Inc. reduced its holdings in shares of Blackstone Inc. (NYSE:BX) by 0.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,055 shares of the asset manager’s stock after selling 100 shares during the quarter. Blackstone accounts for 1.7% of Pinnacle West Asset Management Inc.’s portfolio, making the stock its 15th biggest holding. Pinnacle West Asset Management Inc.’s holdings in Blackstone were worth $2,305,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of BX. Brookstone Capital Management increased its position in Blackstone by 40.9% during the first quarter. Brookstone Capital Management now owns 8,332 shares of the asset manager’s stock valued at $1,095,000 after acquiring an additional 2,417 shares during the last quarter. Future Financial Wealth Managment LLC bought a new position in shares of Blackstone in the 1st quarter worth approximately $118,000. Aspiriant LLC bought a new stake in Blackstone during the first quarter valued at approximately $349,000. Wealthcare Advisory Partners LLC raised its position in Blackstone by 12.9% in the first quarter. Wealthcare Advisory Partners LLC now owns 23,221 shares of the asset manager’s stock worth $3,051,000 after acquiring an additional 2,654 shares during the period. Finally, Procyon Advisors LLC grew its position in shares of Blackstone by 1.8% during the 1st quarter. Procyon Advisors LLC now owns 11,991 shares of the asset manager’s stock valued at $1,575,000 after acquiring an additional 210 shares during the period. 70.00% of the stock is currently owned by institutional investors.

Insider Activity at Blackstone

In related news, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction on 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 sale, the insider now owns 429,386 shares of the company’s stock, valued at approximately $56,567,311.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $150.81, for a total transaction of $17,561,522.88. Following the transaction, the director now directly owns 799,749 shares in the company, valued at approximately $120,610,146.69. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider John G. Finley sold 35,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the completion of the transaction, the insider now directly 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 disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on BX shares. Redburn Atlantic started coverage on Blackstone in a research report on Tuesday, August 27th. They issued a “neutral” rating and a $134.00 price target for the company. Bank of America raised their target price on shares of Blackstone from $171.00 to $192.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. The Goldman Sachs Group increased their price objective on shares of Blackstone from $135.00 to $150.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. BMO Capital Markets lifted their target price on shares of Blackstone from $112.00 to $134.00 and gave the company a “market perform” rating in a research note on Friday, October 18th. Finally, UBS Group raised their price target on Blackstone from $140.00 to $160.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Thirteen equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Blackstone presently has an average rating of “Hold” and a consensus price target of $155.38.

Blackstone Stock Performance

NYSE BX traded up $1.21 on Thursday, reaching $168.13. 1,211,031 shares of the company’s stock traded hands, compared to its average volume of 3,437,382. The stock has a 50 day moving average price of $149.16 and a 200-day moving average price of $134.15. The firm has a market cap of $120.15 billion, a price-to-earnings ratio of 60.05, a P/E/G ratio of 1.24 and a beta of 1.51. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.77 and a current ratio of 0.77. Blackstone Inc. has a fifty-two week low of $88.59 and a fifty-two week high of $175.94.

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Monday, October 28th will be paid 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 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend is Monday, October 28th. Blackstone’s dividend payout ratio is presently 121.55%.

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.