Concentric Wealth Management LLC Sells 240 Shares of Blackstone Inc. (NYSE:BX)

Concentric Wealth Management LLC lessened its holdings in Blackstone Inc. (NYSE:BX) by 10.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,115 shares of the asset manager’s stock after selling 240 shares during the period. Concentric Wealth Management LLC’s holdings in Blackstone were worth $324,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Blackstone during the second quarter worth $26,000. EdgeRock Capital LLC bought a new stake in Blackstone during the 2nd quarter worth approximately $27,000. West Financial Advisors LLC acquired a new position in shares of Blackstone during the third quarter worth $27,000. Bank & Trust Co bought a new stake in shares of Blackstone in the second quarter worth $29,000. Finally, Ridgewood Investments LLC bought a new position in Blackstone during the 2nd quarter worth $31,000. Institutional investors own 70.00% of the company’s stock.

Blackstone Stock Performance

NYSE BX opened at $199.05 on Monday. Blackstone Inc. has a 52-week low of $105.51 and a 52-week high of $199.95. The company has a 50-day simple moving average of $165.86 and a 200 day simple moving average of $142.79. The company has a market capitalization of $143.71 billion, a PE ratio of 68.40, a price-to-earnings-growth ratio of 1.69 and a beta of 1.49. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.71 and a current ratio of 0.71.

Blackstone (NYSE:BX) last announced its quarterly earnings data on Thursday, October 17th. The asset manager reported $1.01 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $2.37 billion. On average, research analysts predict that Blackstone Inc. will post 4.4 EPS for the current year.

Blackstone Increases Dividend

The firm also recently announced 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 an increase from Blackstone’s previous quarterly dividend of $0.82. The ex-dividend date was Monday, October 28th. This represents a $3.44 annualized dividend and a dividend yield of 1.73%. Blackstone’s dividend payout ratio (DPR) is presently 118.21%.

Insider Buying and Selling

In related news, insider John G. Finley sold 42,249 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $175.94, for a total value of $7,433,289.06. Following the sale, the insider now directly owns 387,137 shares of the company’s stock, valued at $68,112,883.78. This trade represents a 9.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 value of $17,561,522.88. Following the transaction, the director now directly owns 799,749 shares in the company, valued at $120,610,146.69. This trade represents a 12.71 % 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.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BX. JPMorgan Chase & Co. increased their price target on Blackstone from $125.00 to $146.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. BMO Capital Markets raised their price target on shares of Blackstone from $112.00 to $134.00 and gave the stock a “market perform” rating in a report on Friday, October 18th. Piper Sandler downgraded shares of Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 target price for the company. in a research note on Wednesday, October 9th. Bank of America lifted their target price on Blackstone from $171.00 to $192.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Finally, Citigroup raised their price objective on shares of Blackstone from $157.00 to $170.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Thirteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $157.63.

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.