Vestcor Inc Cuts Position in Blackstone Inc. (NYSE:BX)

Vestcor Inc decreased its holdings in Blackstone Inc. (NYSE:BX) by 7.0% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 13,244 shares of the asset manager’s stock after selling 993 shares during the period. Vestcor Inc’s holdings in Blackstone were worth $2,284,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Sather Financial Group Inc grew its position in Blackstone by 202.5% in the third quarter. Sather Financial Group Inc now owns 6,050 shares of the asset manager’s stock valued at $926,000 after acquiring an additional 4,050 shares in the last quarter. Aljian Capital Management LLC purchased a new position in Blackstone in the third quarter valued at about $1,951,000. Icon Wealth Advisors LLC increased its holdings in Blackstone by 2,185.4% during the 3rd quarter. Icon Wealth Advisors LLC now owns 18,946 shares of the asset manager’s stock worth $2,901,000 after purchasing an additional 18,117 shares during the last quarter. Wealthcare Capital Partners LLC purchased a new position in shares of Blackstone during the 4th quarter valued at approximately $2,102,000. Finally, Highland Capital Management LLC increased its stake in shares of Blackstone by 214.2% in the fourth quarter. Highland Capital Management LLC now owns 22,303 shares of the asset manager’s stock worth $3,845,000 after buying an additional 15,205 shares during the last quarter. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on BX shares. BMO Capital Markets raised their price objective on shares of Blackstone from $134.00 to $157.00 and gave the stock a “market perform” rating in a report on Thursday, December 19th. Citigroup reissued a “hold” rating on shares of Blackstone in a report on Friday, February 7th. UBS Group reiterated a “neutral” rating on shares of Blackstone in a research report on Monday, March 3rd. Wells Fargo & Company reduced their price objective on Blackstone from $195.00 to $180.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 14th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Blackstone from $174.00 to $177.00 and gave the stock a “market perform” rating in a report on Friday, January 31st. Thirteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $172.38.

Insider Activity

In other news, Director Ruth Porat bought 301 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were bought at an average cost of $164.85 per share, with a total value of $49,619.85. Following the purchase, the director now directly owns 36,829 shares in the company, valued at $6,071,260.65. This trade represents a 0.82 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.00% of the company’s stock.

Blackstone Stock Performance

BX stock opened at $141.01 on Friday. The company has a 50-day simple moving average of $165.90 and a 200 day simple moving average of $166.84. The company has a quick ratio of 0.71, a current ratio of 0.67 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $102.86 billion, a P/E ratio of 38.85, a PEG ratio of 1.07 and a beta of 1.55. Blackstone Inc. has a fifty-two week low of $115.82 and a fifty-two week high of $200.96.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, January 30th. The asset manager reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.19. Blackstone had a return on equity of 19.58% and a net margin of 20.99%. Sell-side analysts predict that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 18th. Shareholders of record on Monday, February 10th were given a $1.44 dividend. This is a positive change from Blackstone’s previous quarterly dividend of $0.86. The ex-dividend date was Monday, February 10th. This represents a $5.76 annualized dividend and a yield of 4.08%. Blackstone’s payout ratio is 158.68%.

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.