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 third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,279 shares of the asset manager’s stock after purchasing an additional 2,350 shares during the quarter. Coastline Trust Co’s holdings in Blackstone were worth $4,330,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. M&G Plc bought a new stake in shares of Blackstone during the first quarter valued at approximately $7,922,000. Pinnacle Wealth Planning Services Inc. acquired a new stake in Blackstone in the 1st quarter valued at $252,000. Intech Investment Management LLC raised its holdings in Blackstone by 25.4% during the first quarter. Intech Investment Management LLC now owns 3,885 shares of the asset manager’s stock worth $510,000 after buying an additional 786 shares during the last quarter. Spirepoint Private Client LLC acquired a new position in shares of Blackstone during the first quarter valued at about $353,000. Finally, TIAA Trust National Association raised its holdings in shares of Blackstone by 15.0% in the 1st quarter. TIAA Trust National Association now owns 30,024 shares of the asset manager’s stock worth $3,944,000 after acquiring an additional 3,926 shares during the last quarter. 70.00% of the stock is owned by institutional investors.

Blackstone Stock Up 0.1 %

BX stock opened at $181.36 on Friday. Blackstone Inc. has a 1-year low of $102.79 and a 1-year high of $184.34. The stock has a market cap of $130.94 billion, a price-to-earnings ratio of 62.32, a price-to-earnings-growth ratio of 1.55 and a beta of 1.49. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.58. The company’s 50 day moving average is $161.40 and its 200 day moving average is $140.02.

Blackstone (NYSE:BX) last released its earnings results on Thursday, October 17th. The asset manager reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.10. Blackstone had a return on equity of 17.53% and a net margin of 19.46%. The business had revenue of $2.43 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Sell-side analysts predict that Blackstone Inc. will post 4.39 EPS for the current fiscal year.

Blackstone Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Monday, October 28th were paid a $0.86 dividend. This is a boost from Blackstone’s previous quarterly dividend of $0.82. The ex-dividend date of this dividend was Monday, October 28th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.90%. Blackstone’s dividend payout ratio is 118.21%.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Wells Fargo & Company boosted their price objective on Blackstone from $169.00 to $188.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Bank of America increased their target price on shares of Blackstone from $171.00 to $192.00 and gave the company a “buy” rating in a research report on Friday, October 18th. The Goldman Sachs Group lifted their price objective on Blackstone from $135.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. UBS Group lifted their target price on shares of Blackstone from $140.00 to $160.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. Finally, Cowen reaffirmed a “hold” rating on shares of Blackstone in a 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $157.63.

Insider Buying and Selling

In other news, Director Joseph Baratta sold 116,448 shares of the 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 sale, the director now owns 799,749 shares of the company’s stock, valued at approximately $120,610,146.69. This represents a 12.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John G. Finley sold 42,249 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were 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 of the company’s stock, 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. 1.00% of the stock is owned by corporate insiders.

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.