New York State Common Retirement Fund Sells 49,425 Shares of Blackstone Inc. (NYSE:BX)

01 Nov 2024, 11:18 by Teresa Graham · The Cerbat Gem

New York State Common Retirement Fund cut its holdings in shares of Blackstone Inc. (NYSE:BX – Free Report) by 5.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 874,857 shares of the asset manager’s stock after selling 49,425 shares during the period. New York State Common Retirement Fund owned approximately 0.12% of Blackstone worth $133,967,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Wulff Hansen & CO. boosted its stake in Blackstone by 12,192.7% during the second quarter. Wulff Hansen & CO. now owns 7,340,845 shares of the asset manager’s stock worth $908,797,000 after buying an additional 7,281,128 shares during the period. International Assets Investment Management LLC lifted its holdings 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 worth $6,433,220,000 after purchasing an additional 4,173,971 shares during the period. Capital World Investors lifted its holdings in shares of Blackstone by 7.5% in 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 buying an additional 2,546,886 shares during the period. Lazard Asset Management LLC grew its position in Blackstone by 19,048.1% during the first quarter. Lazard Asset Management LLC now owns 1,883,409 shares of the asset manager’s stock worth $247,423,000 after buying an additional 1,873,573 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of Blackstone by 2.0% in the first quarter. Vanguard Group Inc. now owns 64,262,972 shares of the asset manager’s stock valued at $8,442,227,000 after purchasing an additional 1,290,324 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on BX shares. Piper Sandler lowered shares of Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 price objective on the stock. in a research note on Wednesday, October 9th. Evercore ISI boosted their price objective on Blackstone from $148.00 to $155.00 and gave the company an “outperform” rating in a report on Monday, October 14th. TD Cowen lifted their target price on Blackstone from $133.00 to $149.00 and gave the company a “hold” rating in a research note on Friday, October 18th. Wells Fargo & Company boosted their price target on Blackstone from $169.00 to $188.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Finally, Bank of America upped their target price on Blackstone from $171.00 to $192.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Thirteen equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $155.38.

Get Our Latest Stock Analysis on Blackstone

Insider Buying and Selling

In other news, 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 value of $4,610,900.00. Following the sale, the insider now directly owns 429,386 shares in the company, valued at $56,567,311.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Joseph Baratta sold 116,448 shares of the stock in a transaction that occurred 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 sale, the director now owns 799,749 shares of the company’s stock, valued at approximately $120,610,146.69. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction on 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 transaction, the insider now owns 429,386 shares in the company, valued at approximately $56,567,311.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.

Blackstone Trading Up 0.7 %

BX traded up $1.22 during mid-day trading on Friday, reaching $168.97. The stock had a trading volume of 188,257 shares, compared to its average volume of 3,414,663. The firm’s fifty day simple moving average is $153.32 and its two-hundred day simple moving average is $135.84. Blackstone Inc. has a 52 week low of $96.15 and a 52 week high of $175.94. The stock has a market capitalization of $121.67 billion, a P/E ratio of 57.65, a P/E/G ratio of 1.47 and a beta of 1.51. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.77 and a current ratio of 0.71.

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Monday, October 28th will be issued a $0.86 dividend. This represents a $3.44 annualized dividend and a dividend yield of 2.04%. The ex-dividend date of this dividend is Monday, October 28th. This is a boost from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s dividend payout ratio is 118.21%.

About Blackstone

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