Cullinan Associates Inc. cut its holdings in shares of Blackstone Inc. (NYSE:BX - Free Report) by 61.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,100 shares of the asset manager's stock after selling 16,342 shares during the quarter. Cullinan Associates Inc.'s holdings in Blackstone were worth $1,741,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Bangor Savings Bank raised its stake in Blackstone by 187.5% in the 4th quarter. Bangor Savings Bank now owns 161 shares of the asset manager's stock valued at $28,000 after acquiring an additional 105 shares during the period. West Financial Advisors LLC bought a new position in Blackstone in the 3rd quarter worth approximately $27,000. Berbice Capital Management LLC bought a new stake in Blackstone during the 4th quarter valued at $34,000. Kieckhefer Group LLC purchased a new position in shares of Blackstone in the fourth quarter valued at $39,000. Finally, Raleigh Capital Management Inc. lifted its holdings in Blackstone by 32.1% during the 3rd quarter. Raleigh Capital Management Inc. now owns 255 shares of the asset manager's stock worth $39,000 after purchasing an additional 62 shares in the last quarter. 70.00% of the stock is owned by hedge funds and other institutional investors.
Blackstone Stock Down 2.5 %
Shares of BX stock traded down $4.44 during mid-day trading on Friday, reaching $170.11. 4,116,144 shares of the company's stock traded hands, compared to its average volume of 3,146,951. Blackstone Inc. has a 12 month low of $115.82 and a 12 month high of $200.96. The company's 50-day moving average price is $178.78 and its 200-day moving average price is $163.28. The company has a market cap of $122.82 billion, a P/E ratio of 46.86, a P/E/G ratio of 1.18 and a beta of 1.53. The company has a quick ratio of 0.71, a current ratio of 0.67 and a debt-to-equity ratio of 0.61.
Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings data on Thursday, January 30th. The asset manager reported $1.69 earnings per share for the quarter, beating 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%. On average, equities analysts expect that Blackstone Inc. will post 5.86 earnings per share for the current fiscal year.
Blackstone Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 18th. Stockholders of record on Monday, February 10th will be given a dividend of $1.44 per share. This is an increase from Blackstone's previous quarterly dividend of $0.86. The ex-dividend date of this dividend is Monday, February 10th. This represents a $5.76 dividend on an annualized basis and a dividend yield of 3.39%. Blackstone's payout ratio is presently 94.77%.
Wall Street Analyst Weigh In
BX has been the topic of several analyst reports. JPMorgan Chase & Co. upped their price target on Blackstone from $149.00 to $154.00 and gave the company a "neutral" rating in a research report on Friday, January 31st. Morgan Stanley raised their price target on shares of Blackstone from $164.00 to $177.00 and gave the company an "overweight" rating in a report on Thursday, October 10th. Cowen reissued a "hold" rating on shares of Blackstone in a research note on Friday, October 18th. Wells Fargo & Company dropped their price target on Blackstone from $195.00 to $180.00 and set an "equal weight" rating for the company in a research report on Tuesday, January 14th. Finally, The Goldman Sachs Group lifted their target price on shares of Blackstone from $135.00 to $150.00 and gave the company a "neutral" rating in a research report on Friday, October 18th. Thirteen research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Blackstone currently has an average rating of "Hold" and a consensus price target of $172.38.
Read Our Latest Stock Analysis on BX
About Blackstone
(
Free Report)
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.
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