Neville Rodie & Shaw Inc. Sells 36,962 Shares of Blackstone Inc. $BX

Neville Rodie & Shaw Inc. lessened its stake in shares of Blackstone Inc. (NYSE:BX) by 21.2% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 137,318 shares of the asset manager’s stock after selling 36,962 shares during the quarter. Blackstone makes up about 1.7% of Neville Rodie & Shaw Inc.’s portfolio, making the stock its 17th largest position. Neville Rodie & Shaw Inc.’s holdings in Blackstone were worth $23,461,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Corient Private Wealth LLC raised its holdings in shares of Blackstone by 6.5% in the 2nd quarter. Corient Private Wealth LLC now owns 348,572 shares of the asset manager’s stock worth $52,139,000 after purchasing an additional 21,360 shares during the period. Dakota Community Bank & Trust NA bought a new position in Blackstone in the 2nd quarter worth approximately $180,000. Caldwell Trust Co bought a new stake in Blackstone during the 2nd quarter valued at $6,862,000. Watts Gwilliam & Co. LLC boosted its holdings in shares of Blackstone by 4.5% in the second quarter. Watts Gwilliam & Co. LLC now owns 3,699 shares of the asset manager’s stock worth $553,000 after acquiring an additional 159 shares during the period. Finally, Canal Capital Management LLC raised its stake in shares of Blackstone by 4.6% during the 2nd quarter. Canal Capital Management LLC now owns 89,271 shares of the asset manager’s stock valued at $13,353,000 after purchasing an additional 3,907 shares during the period. 70.00% of the stock is owned by institutional investors.

Insider Activity

In other news, major shareholder Holdings Iv Gp Mana Blackstone acquired 385,208 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was acquired at an average price of $25.96 per share, for a total transaction of $9,999,999.68. Following the completion of the acquisition, the insider owned 16,332,883 shares in the company, valued at $424,001,642.68. This trade represents a 2.42% increase 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 hyperlink. Also, major shareholder Private Multi-Asset Blackstone bought 2,538,071 shares of Blackstone stock in a transaction dated Monday, September 22nd. The stock was acquired at an average cost of $25.61 per share, for a total transaction of $64,999,998.31. Following the completion of the transaction, the insider directly owned 7,506,209 shares in the company, valued at approximately $192,234,012.49. This trade represents a 51.09% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have bought 2,950,751 shares of company stock worth $79,050,138. Company insiders own 1.00% of the company’s stock.

Blackstone Price Performance

BX opened at $151.13 on Monday. The stock’s 50 day moving average price is $150.41 and its 200-day moving average price is $158.82. Blackstone Inc. has a 52-week low of $115.66 and a 52-week high of $192.17. The stock has a market capitalization of $111.60 billion, a PE ratio of 43.18, a price-to-earnings-growth ratio of 1.20 and a beta of 1.76. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.75 and a current ratio of 0.75.

Blackstone (NYSE:BX) last released its quarterly earnings results on Friday, November 22nd. The asset manager reported $0.97 earnings per share for the quarter. Blackstone had a net margin of 20.56% and a return on equity of 22.30%. The business had revenue of $2.49 billion for the quarter. On average, equities research analysts predict that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 10th. Shareholders of record on Monday, November 3rd were issued a $1.29 dividend. This represents a $5.16 annualized dividend and a yield of 3.4%. This is a boost from Blackstone’s previous quarterly dividend of $1.03. The ex-dividend date was Monday, November 3rd. Blackstone’s dividend payout ratio (DPR) is 147.43%.

Analyst Ratings Changes

A number of equities analysts have recently commented on BX shares. Citigroup decreased their price target on shares of Blackstone from $185.00 to $170.00 and set a “neutral” rating on the stock in a report on Monday, October 13th. Jefferies Financial Group lowered their target price on Blackstone from $199.00 to $187.00 in a research note on Monday, November 10th. BMO Capital Markets reduced their price target on Blackstone from $190.00 to $180.00 and set an “outperform” rating on the stock in a research report on Monday, October 27th. Piper Sandler lowered their price objective on Blackstone from $173.00 to $168.00 and set a “neutral” rating for the company in a research report on Friday, October 24th. Finally, HSBC decreased their target price on shares of Blackstone from $179.00 to $178.00 in a research note on Monday, October 27th. Ten equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, Blackstone presently has a consensus rating of “Moderate Buy” and a consensus target price of $178.84.

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.