Royal Capital Wealth Management LLC Decreases Stock Holdings in Blackstone Inc. (NYSE:BX)

Royal Capital Wealth Management LLC cut its stake in shares of Blackstone Inc. (NYSE:BX) by 1.6% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 18,008 shares of the asset manager’s stock after selling 291 shares during the period. Blackstone comprises about 1.9% of Royal Capital Wealth Management LLC’s holdings, making the stock its 16th biggest holding. Royal Capital Wealth Management LLC’s holdings in Blackstone were worth $2,758,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Raleigh Capital Management Inc. lifted its holdings in Blackstone by 32.1% in the 3rd quarter. Raleigh Capital Management Inc. now owns 255 shares of the asset manager’s stock valued at $39,000 after purchasing an additional 62 shares in the last quarter. Capital Advisors Ltd. LLC boosted its position in Blackstone by 2.3% during the third quarter. Capital Advisors Ltd. LLC now owns 2,787 shares of the asset manager’s stock worth $427,000 after acquiring an additional 62 shares during the last quarter. Fidelis Capital Partners LLC raised its holdings in Blackstone by 2.7% in the 3rd quarter. Fidelis Capital Partners LLC now owns 2,374 shares of the asset manager’s stock valued at $396,000 after acquiring an additional 62 shares during the last quarter. Harbor Capital Advisors Inc. boosted its holdings in shares of Blackstone by 0.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 13,926 shares of the asset manager’s stock worth $2,132,000 after purchasing an additional 64 shares during the last quarter. Finally, Lindbrook Capital LLC increased its holdings in shares of Blackstone by 1.1% in the third quarter. Lindbrook Capital LLC now owns 5,743 shares of the asset manager’s stock valued at $879,000 after purchasing an additional 65 shares during the last quarter. Institutional investors and hedge funds own 70.00% of the company’s stock.

Blackstone Trading Up 1.1 %

NYSE BX opened at $191.09 on Friday. Blackstone Inc. has a one year low of $110.77 and a one year high of $200.96. The firm has a 50 day simple moving average of $169.29 and a 200-day simple moving average of $144.99. 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 cap of $137.97 billion, a price-to-earnings ratio of 65.67, a PEG ratio of 1.63 and a beta of 1.49.

Blackstone (NYSE:BX) last released its earnings results on Thursday, October 17th. The asset manager reported $1.01 EPS for the quarter, topping the consensus estimate of $0.91 by $0.10. The firm had revenue of $2.43 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Blackstone had a return on equity of 17.53% and a net margin of 19.46%. Equities research analysts anticipate that Blackstone Inc. will post 4.4 EPS for the current fiscal year.

Blackstone Increases Dividend

The company also recently declared 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 represents a $3.44 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend was Monday, October 28th. This is a boost from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s payout ratio is 118.21%.

Insider Activity

In other news, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the director now owns 799,749 shares in the company, valued at approximately $120,610,146.69. The trade was a 12.71 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John G. Finley sold 42,249 shares of Blackstone stock in a transaction 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 sale, the insider now owns 387,137 shares in the company, valued at $68,112,883.78. This represents a 9.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

BX has been the subject of several analyst reports. Redburn Atlantic initiated coverage on Blackstone in a report on Tuesday, August 27th. They issued a “neutral” rating and a $134.00 target price for the company. BMO Capital Markets raised their price objective on shares of Blackstone from $112.00 to $134.00 and gave the stock a “market perform” rating in a research report on Friday, October 18th. Cowen reissued a “hold” rating on shares of Blackstone in a research note on Friday, October 18th. Barclays lifted their price target on shares of Blackstone from $155.00 to $174.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Finally, Morgan Stanley raised their target price on Blackstone from $164.00 to $177.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Thirteen analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $157.63.

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.