Fort Pitt Capital Group LLC Grows Holdings in Blackstone Inc. (NYSE:BX)

Fort Pitt Capital Group LLC lifted its stake in Blackstone Inc. (NYSE:BX - Free Report) by 0.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 803,078 shares of the asset manager's stock after purchasing an additional 5,095 shares during the period. Blackstone comprises about 3.5% of Fort Pitt Capital Group LLC's holdings, making the stock its 13th largest holding. Fort Pitt Capital Group LLC owned about 0.11% of Blackstone worth $122,975,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Chilton Capital Management LLC purchased a new stake in shares of Blackstone during the 1st quarter worth $26,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Blackstone during the 2nd quarter worth about $26,000. EdgeRock Capital LLC acquired a new stake in shares of Blackstone during the 2nd quarter worth about $27,000. West Financial Advisors LLC purchased a new stake in Blackstone during the third quarter worth approximately $27,000. Finally, Bank & Trust Co purchased a new position in Blackstone in the second quarter valued at approximately $29,000. 70.00% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Blackstone

In other news, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction that occurred 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 completion of the sale, the director now directly owns 799,749 shares in the company, valued at approximately $120,610,146.69. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Joseph Baratta sold 116,448 shares of the firm's stock in a transaction on 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 completion of the transaction, the director now owns 799,749 shares in the company, valued at $120,610,146.69. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John G. Finley sold 35,000 shares of the business's stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the completion of the sale, the insider now owns 429,386 shares in the company, valued at $56,567,311.64. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

BX has been the subject of several research analyst reports. Redburn Atlantic started coverage on shares of Blackstone in a report on Tuesday, August 27th. They issued a "neutral" rating and a $134.00 target price for the company. Cowen restated a "hold" rating on shares of Blackstone in a research note on Friday, October 18th. Piper Sandler downgraded Blackstone from an "overweight" rating to a "neutral" rating and set a $149.00 target price for the company. in a report on Wednesday, October 9th. The Goldman Sachs Group raised their price target on Blackstone from $135.00 to $150.00 and gave the stock a "neutral" rating in a research note on Friday, October 18th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Blackstone from $145.00 to $146.00 and gave the company a "buy" rating in a report on Thursday, August 15th. 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 target price of $155.38.

Blackstone Stock Performance

NYSE BX traded up $0.39 on Friday, hitting $168.14. 3,453,223 shares of the company's stock were exchanged, compared to its average volume of 3,176,608. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.71 and a quick ratio of 0.77. The firm's 50-day moving average price is $153.90 and its two-hundred day moving average price is $136.36. The firm has a market cap of $121.07 billion, a price-to-earnings ratio of 57.78, a P/E/G ratio of 1.44 and a beta of 1.49. Blackstone Inc. has a fifty-two week low of $96.15 and a fifty-two week high of $175.94.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Shareholders of record on Monday, October 28th will be issued a $0.86 dividend. The ex-dividend date of this dividend is Monday, October 28th. This represents a $3.44 dividend on an annualized basis and a yield of 2.05%. This is an increase from Blackstone's previous quarterly dividend of $0.82. Blackstone's dividend payout ratio (DPR) is 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.