OLD Point Trust & Financial Services N A Has $6.96 Million Stock Position in Blackstone Inc. $BX

OLD Point Trust & Financial Services N A cut its stake in shares of Blackstone Inc. (NYSE:BX) by 11.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 40,725 shares of the asset manager’s stock after selling 5,405 shares during the period. Blackstone accounts for about 2.2% of OLD Point Trust & Financial Services N A’s investment portfolio, making the stock its 13th biggest holding. OLD Point Trust & Financial Services N A’s holdings in Blackstone were worth $6,958,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Perigon Wealth Management LLC raised its position in shares of Blackstone by 3.2% in the second quarter. Perigon Wealth Management LLC now owns 62,484 shares of the asset manager’s stock valued at $9,346,000 after purchasing an additional 1,949 shares during the period. Vanguard Group Inc. increased its stake in shares of Blackstone by 2.2% during the second quarter. Vanguard Group Inc. now owns 69,492,377 shares of the asset manager’s stock worth $10,394,670,000 after purchasing an additional 1,494,796 shares during the period. Redmond Asset Management LLC lifted its holdings in Blackstone by 21.2% during the 2nd quarter. Redmond Asset Management LLC now owns 18,785 shares of the asset manager’s stock worth $2,810,000 after purchasing an additional 3,281 shares during the last quarter. Kera Capital Partners Inc. acquired a new position in Blackstone in the 2nd quarter valued at $273,000. Finally, Bourgeon Capital Management LLC acquired a new stake in shares of Blackstone during the second quarter worth $423,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BX. Citigroup lowered their price target on shares of Blackstone from $185.00 to $170.00 and set a “neutral” rating on the stock in a research report on Monday, October 13th. Keefe, Bruyette & Woods decreased their price target on Blackstone from $180.00 to $171.00 and set a “market perform” rating on the stock in a research report on Monday, October 13th. Morgan Stanley upped their price objective on shares of Blackstone from $200.00 to $215.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 21st. JPMorgan Chase & Co. dropped their target price on shares of Blackstone from $177.00 to $176.00 and set a “neutral” rating for the company in a research report on Friday, October 24th. Finally, Evercore ISI reduced their price target on shares of Blackstone from $197.00 to $180.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 22nd. Ten research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, Blackstone has an average rating of “Moderate Buy” and an average price target of $179.95.

Blackstone Stock Performance

Shares of Blackstone stock opened at $153.10 on Thursday. The company’s 50 day moving average price is $149.64 and its two-hundred day moving average price is $158.95. The firm has a market capitalization of $113.06 billion, a P/E ratio of 43.74, a P/E/G ratio of 1.21 and a beta of 1.76. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.75 and a quick ratio of 0.75. Blackstone Inc. has a fifty-two week low of $115.66 and a fifty-two week high of $190.09.

Blackstone (NYSE:BX) last released its quarterly earnings data on Friday, November 22nd. The asset manager reported $0.97 earnings per share for the quarter. The company had revenue of $2.49 billion for the quarter. Blackstone had a return on equity of 22.30% and a net margin of 20.56%. On average, equities analysts forecast that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 10th. Investors of record on Monday, November 3rd were given a dividend of $1.29 per share. The ex-dividend date was Monday, November 3rd. This represents a $5.16 annualized dividend and a yield of 3.4%. This is a boost from Blackstone’s previous quarterly dividend of $1.03. Blackstone’s dividend payout ratio is 147.43%.

Insiders Place Their Bets

In related news, major shareholder Tactical Opportunit Blackstone sold 1,596,142 shares of the company’s stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $10.00, for a total value of $15,961,420.00. Following the sale, the insider directly owned 2,161 shares in the company, valued at $21,610. This represents a 99.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director James Breyer purchased 13,900 shares of the company’s stock in a transaction dated Tuesday, November 4th. The stock was purchased at an average price of $143.86 per share, for a total transaction of $1,999,654.00. Following the transaction, the director directly owned 68,906 shares in the company, valued at approximately $9,912,817.16. This trade represents a 25.27% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired a total of 2,950,751 shares of company stock valued at $79,050,138 over the last ninety days. 1.00% of the stock is currently owned by corporate insiders.

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.