Whittier Trust Co. of Nevada Inc. Has $21.68 Million Stake in Blackstone Inc. $BX

Whittier Trust Co. of Nevada Inc. grew its stake in Blackstone Inc. (NYSE:BX) by 39.8% during the first quarter, HoldingsChannel reports. The firm owned 193,186 shares of the asset manager’s stock after buying an additional 55,027 shares during the quarter. Whittier Trust Co. of Nevada Inc.’s holdings in Blackstone were worth $21,683,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Redwood Financial Network Corp increased its holdings in shares of Blackstone by 1.8% during the second quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager’s stock worth $537,000 after buying an additional 65 shares in the last quarter. Benchmark Financial Wealth Advisors LLC boosted its holdings in shares of Blackstone by 0.9% during the 4th quarter. Benchmark Financial Wealth Advisors LLC now owns 7,748 shares of the asset manager’s stock valued at $1,194,000 after acquiring an additional 69 shares in the last quarter. Parcion Private Wealth LLC increased its holdings in Blackstone by 0.6% in the 4th quarter. Parcion Private Wealth LLC now owns 10,935 shares of the asset manager’s stock worth $1,686,000 after purchasing an additional 70 shares in the last quarter. Trivium Point Advisory LLC raised its position in Blackstone by 2.6% in the fourth quarter. Trivium Point Advisory LLC now owns 2,713 shares of the asset manager’s stock valued at $418,000 after purchasing an additional 70 shares during the last quarter. Finally, Zacks Investment Management grew its holdings in shares of Blackstone by 2.1% during the third quarter. Zacks Investment Management now owns 3,453 shares of the asset manager’s stock worth $590,000 after purchasing an additional 71 shares during the last quarter. Institutional investors own 70.00% of the company’s stock.

Insider Activity at Blackstone

In related news, Director Ruth Porat acquired 355 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were bought at an average price of $123.04 per share, with a total value of $43,679.20. Following the transaction, the director directly owned 41,818 shares of the company’s stock, valued at $5,145,286.72. This trade represents a 0.86% 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. Also, major shareholder Private Multi-Asset Blackstone bought 765,111 shares of the firm’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was purchased at an average cost of $26.14 per share, with a total value of $20,000,001.54. Following the completion of the transaction, the insider directly owned 7,882,145 shares in the company, valued at $206,039,270.30. This represents a 10.75% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have purchased 10,252,345 shares of company stock worth $209,789,893. 1.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

BX has been the topic of several recent research reports. TD Cowen cut their target price on shares of Blackstone from $140.00 to $133.00 and set a “buy” rating on the stock in a research report on Monday, May 18th. Sanford C. Bernstein assumed coverage on shares of Blackstone in a research note on Monday, June 8th. They set an “outperform” rating for the company. Zacks Research raised shares of Blackstone from a “strong sell” rating to a “hold” rating in a research note on Monday, June 8th. Royal Bank Of Canada assumed coverage on Blackstone in a report on Monday, June 8th. They issued an “outperform” rating for the company. Finally, Oppenheimer lifted their target price on Blackstone from $154.00 to $156.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Thirteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $149.36.

Blackstone Trading Down 0.0%

Shares of BX stock opened at $122.73 on Monday. The company has a market cap of $91.17 billion, a P/E ratio of 31.39, a PEG ratio of 1.33 and a beta of 1.58. Blackstone Inc. has a fifty-two week low of $101.73 and a fifty-two week high of $190.09. The stock has a 50 day simple moving average of $119.67 and a two-hundred day simple moving average of $127.87. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.76 and a current ratio of 0.76.

Blackstone (NYSE:BX) last announced its quarterly earnings data on Thursday, April 23rd. The asset manager reported $1.36 EPS for the quarter, topping the consensus estimate of $1.34 by $0.02. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The company had revenue of $3.43 billion during the quarter, compared to the consensus estimate of $3.45 billion. During the same quarter last year, the firm posted $1.11 EPS. The company’s quarterly revenue was up 10.0% on a year-over-year basis. Research analysts forecast that Blackstone Inc. will post 5.9 earnings per share for the current year.

Blackstone Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, May 4th were paid a $1.16 dividend. This represents a $4.64 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Monday, May 4th. Blackstone’s payout ratio is 118.67%.

Blackstone Company Profile

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.