Blackstone Inc. (NYSE:BX) Shares Sold by Pinnacle West Asset Management Inc.

Pinnacle West Asset Management Inc. cut its position in Blackstone Inc. (NYSE:BX) by 0.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 15,055 shares of the asset manager’s stock after selling 100 shares during the period. Blackstone makes up 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 at the end of the most recent reporting period.

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

Insider Activity

In other Blackstone news, Director Joseph Baratta sold 116,448 shares of the stock in a transaction on 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 owns 799,749 shares in the company, valued at approximately $120,610,146.69. This represents 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 this link. In other news, insider John G. Finley sold 35,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was 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 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Joseph Baratta sold 116,448 shares of the 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 completion of the sale, 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 disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Deutsche Bank Aktiengesellschaft increased their target price on Blackstone from $145.00 to $146.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Redburn Atlantic initiated coverage on Blackstone in a research report on Tuesday, August 27th. They set a “neutral” rating and a $134.00 target price on the stock. TD Cowen increased their price target on shares of Blackstone from $133.00 to $149.00 and gave the company a “hold” rating in a research note on Friday, October 18th. Bank of America boosted their price objective on shares of Blackstone from $171.00 to $192.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Finally, Evercore ISI lifted their price target on shares of Blackstone from $148.00 to $155.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Thirteen analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $155.38.

Blackstone Stock Performance

Blackstone stock traded up $1.21 during trading hours on Thursday, reaching $168.13. 1,211,031 shares of the stock were exchanged, compared to its average volume of 3,437,382. Blackstone Inc. has a 52-week low of $88.59 and a 52-week high of $175.94. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.77 and a current ratio of 0.77. The firm’s 50 day moving average is $149.16 and its 200 day moving average is $134.15. The stock has a market cap of $120.15 billion, a P/E ratio of 60.05, a P/E/G ratio of 1.24 and a beta of 1.51.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Shareholders of record on Monday, October 28th will be given a dividend of $0.86 per share. This is a boost from Blackstone’s previous quarterly dividend of $0.82. The ex-dividend date is Monday, October 28th. This represents a $3.44 annualized dividend and a yield of 2.05%. Blackstone’s payout ratio is presently 121.55%.

Blackstone 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.