Bar Harbor Wealth Management Has $800,000 Position in Blackstone Inc. (NYSE:BX)

Bar Harbor Wealth Management lowered its stake in Blackstone Inc. (NYSE:BX) by 3.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund 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 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Chilton Capital Management LLC bought a new position in shares of Blackstone in the 1st quarter valued at about $26,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Blackstone during the second quarter worth about $26,000. EdgeRock Capital LLC bought a new stake in Blackstone in the second quarter valued at approximately $27,000. West Financial Advisors LLC bought a new position in shares of Blackstone during the 3rd quarter worth approximately $27,000. Finally, Bank & Trust Co bought a new stake in Blackstone in the 2nd quarter valued at $29,000. 70.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BX has been the topic of several research reports. Bank of America upped their price objective on shares of Blackstone from $171.00 to $192.00 and gave the company a “buy” rating in a report on Friday. BMO Capital Markets increased their price target on shares of Blackstone from $112.00 to $134.00 and gave the company a “market perform” rating in a report on Friday. Cowen restated a “hold” rating on shares of Blackstone in a report on Friday. Deutsche Bank Aktiengesellschaft increased their target price on Blackstone from $145.00 to $146.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Finally, Evercore ISI upped their price objective on Blackstone from $148.00 to $155.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Thirteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $152.41.

Insider Activity

In other Blackstone news, Director Joseph Baratta sold 116,448 shares of the firm’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 sale, the director now owns 799,749 shares in the company, valued at $120,610,146.69. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other Blackstone news, Director Joseph Baratta sold 116,448 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total value of $17,561,522.88. Following the completion of the transaction, the director now directly owns 799,749 shares in the company, valued at approximately $120,610,146.69. 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 can be accessed through this link. Also, insider John G. Finley sold 35,000 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now directly owns 429,386 shares of the company’s stock, valued at $56,567,311.64. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by corporate insiders.

Blackstone Stock Performance

Shares of Blackstone stock opened at $172.35 on Friday. The company has a 50 day moving average of $147.01 and a 200-day moving average of $133.22. The company has a market cap of $123.17 billion, a PE 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. Blackstone Inc. has a 1-year low of $88.59 and a 1-year high of $175.94.

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

Blackstone Increases Dividend

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

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.