Linscomb Wealth Inc. Sells 258 Shares of Blackstone Inc. (NYSE:BX)

Linscomb Wealth Inc. reduced its holdings in Blackstone Inc. (NYSE:BX) by 3.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 6,840 shares of the asset manager’s stock after selling 258 shares during the period. Linscomb Wealth Inc.’s holdings in Blackstone were worth $1,047,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Capital World Investors boosted its holdings in Blackstone by 7.5% during the 1st quarter. Capital World Investors now owns 36,285,872 shares of the asset manager’s stock valued at $4,766,875,000 after acquiring an additional 2,546,886 shares during the period. Wulff Hansen & CO. grew its holdings in shares of Blackstone by 12,192.7% in the second quarter. Wulff Hansen & CO. now owns 7,340,845 shares of the asset manager’s stock worth $908,797,000 after purchasing an additional 7,281,128 shares during the last quarter. Legal & General Group Plc increased its stake in Blackstone by 2.3% in the 2nd quarter. Legal & General Group Plc now owns 6,266,207 shares of the asset manager’s stock worth $775,758,000 after buying an additional 141,616 shares during the period. Janus Henderson Group PLC boosted its position in Blackstone by 0.5% in the 1st quarter. Janus Henderson Group PLC now owns 4,670,645 shares of the asset manager’s stock valued at $613,581,000 after buying an additional 21,450 shares during the period. Finally, International Assets Investment Management LLC raised its stake in shares of Blackstone by 15,357.3% during the third quarter. International Assets Investment Management LLC now owns 4,201,150 shares of the asset manager’s stock valued at $6,433,220,000 after acquiring an additional 4,173,971 shares in the last quarter. Institutional investors own 70.00% of the company’s stock.

Insider Transactions at Blackstone

In related news, Director Joseph Baratta sold 116,448 shares of the business’s 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 transaction, the director now owns 799,749 shares in the company, valued at $120,610,146.69. The trade was a 12.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider John G. Finley sold 42,249 shares of Blackstone stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $175.94, for a total value of $7,433,289.06. Following the completion of the transaction, the insider now owns 387,137 shares in the company, valued at $68,112,883.78. This trade represents a 9.84 % 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.

Blackstone Stock Up 0.1 %

Blackstone stock opened at $181.36 on Friday. The stock’s fifty day moving average is $161.40 and its two-hundred day moving average is $140.02. The stock has a market cap of $130.94 billion, a PE ratio of 62.32, a P/E/G ratio of 1.55 and a beta of 1.49. Blackstone Inc. has a 1-year low of $102.79 and a 1-year high of $184.34. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.71 and a quick ratio of 0.71.

Blackstone (NYSE:BX) last posted its earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.10. Blackstone had a return on equity of 17.53% and a net margin of 19.46%. The firm had revenue of $2.43 billion during the quarter, compared to analysts’ expectations of $2.37 billion. On average, sell-side analysts expect that Blackstone Inc. will post 4.39 EPS for the current fiscal year.

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Monday, October 28th were paid a $0.86 dividend. This represents a $3.44 annualized dividend and a yield of 1.90%. The ex-dividend date was Monday, October 28th. This is an increase from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s dividend payout ratio is currently 118.21%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. 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 for the company. UBS Group increased their target price on shares of Blackstone from $140.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Wells Fargo & Company boosted their price target on shares of Blackstone from $169.00 to $188.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Evercore ISI boosted their price objective 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. Finally, The Goldman Sachs Group lifted their price target on Blackstone from $135.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Thirteen analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $157.63.

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.