M&T Bank Corp Sells 32,306 Shares of Blackstone Inc. (NYSE:BX)

M&T Bank Corp decreased its holdings in shares of Blackstone Inc. (NYSE:BX - Free Report) by 11.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 248,036 shares of the asset manager's stock after selling 32,306 shares during the quarter. M&T Bank Corp's holdings in Blackstone were worth $37,982,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BX. Second Line Capital LLC bought a new position in Blackstone during the 3rd quarter worth $364,000. Soltis Investment Advisors LLC increased its holdings in shares of Blackstone by 3.8% in the 3rd quarter. Soltis Investment Advisors LLC now owns 4,397 shares of the asset manager's stock worth $673,000 after acquiring an additional 163 shares during the period. Rehmann Capital Advisory Group boosted its stake in Blackstone by 1.4% during the 3rd quarter. Rehmann Capital Advisory Group now owns 21,567 shares of the asset manager's stock valued at $3,303,000 after purchasing an additional 293 shares during the period. Fortem Financial Group LLC increased its stake in shares of Blackstone by 2.7% in the third quarter. Fortem Financial Group LLC now owns 10,785 shares of the asset manager's stock valued at $1,652,000 after purchasing an additional 281 shares during the period. Finally, Sunbelt Securities Inc. boosted its position in shares of Blackstone by 3.6% during the third quarter. Sunbelt Securities Inc. now owns 6,910 shares of the asset manager's stock worth $1,058,000 after buying an additional 237 shares during the period. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BX has been the topic of several recent analyst reports. BMO Capital Markets lifted their target price on Blackstone from $134.00 to $157.00 and gave the company a "market perform" rating in a research note on Thursday. Citigroup upped their price objective on shares of Blackstone from $157.00 to $170.00 and gave the stock a "neutral" rating in a report on Friday, October 18th. Barclays boosted their price target on shares of Blackstone from $174.00 to $199.00 and gave the stock an "equal weight" rating in a research report on Monday, December 9th. UBS Group raised their price objective on shares of Blackstone from $140.00 to $160.00 and gave the company a "neutral" rating in a research note on Wednesday, October 16th. Finally, Piper Sandler lowered Blackstone from an "overweight" rating to a "neutral" rating and set a $149.00 price target for the company. in a research note on Wednesday, October 9th. Thirteen 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 presently has an average rating of "Hold" and a consensus target price of $169.13.

Insiders Place Their Bets

In other news, Director Joseph Baratta sold 116,448 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $150.81, for a total transaction of $17,561,522.88. Following the transaction, the director now owns 799,749 shares in the company, valued at $120,610,146.69. This represents a 12.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John G. Finley sold 42,249 shares of the company's stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $175.94, for a total transaction of $7,433,289.06. Following the completion of the sale, the insider now owns 387,137 shares of the company's stock, valued at $68,112,883.78. This 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 Trading Up 1.1 %

Shares of BX stock traded up $1.93 during trading hours on Friday, reaching $170.84. 10,846,731 shares of the stock traded hands, compared to its average volume of 3,453,564. The business has a fifty day moving average price of $178.82 and a 200 day moving average price of $151.14. Blackstone Inc. has a 1-year low of $114.88 and a 1-year high of $200.96. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $123.35 billion, a PE ratio of 58.71, a PEG ratio of 1.63 and a beta of 1.51.

Blackstone (NYSE:BX - Get Free Report) last issued its earnings results on Thursday, October 17th. The asset manager reported $1.01 EPS 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 business had revenue of $2.43 billion during the quarter, compared to analysts' expectations of $2.37 billion. On average, equities research analysts forecast that Blackstone Inc. will post 4.43 EPS for the current year.

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Monday, October 28th were given a dividend of $0.86 per share. The ex-dividend date of this dividend was Monday, October 28th. This is an increase from Blackstone's previous quarterly dividend of $0.82. This represents a $3.44 dividend on an annualized basis and a yield of 2.01%. Blackstone's payout ratio is presently 118.21%.

Blackstone Company Profile

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.