Northcape Wealth Management LLC Sells 1,322 Shares of Blackstone Inc. (NYSE:BX)

Northcape Wealth Management LLC decreased its position in shares of Blackstone Inc. (NYSE:BX) by 7.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,374 shares of the asset manager’s stock after selling 1,322 shares during the quarter. Northcape Wealth Management LLC’s holdings in Blackstone were worth $2,507,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in BX. Capital World Investors lifted its holdings in Blackstone by 7.5% in the first 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. Wulff Hansen & CO. lifted its stake in shares of Blackstone by 12,192.7% in the 2nd quarter. Wulff Hansen & CO. now owns 7,340,845 shares of the asset manager’s stock valued at $908,797,000 after purchasing an additional 7,281,128 shares during the period. Legal & General Group Plc grew its stake in shares of Blackstone by 2.3% during the second quarter. Legal & General Group Plc now owns 6,266,207 shares of the asset manager’s stock worth $775,758,000 after purchasing an additional 141,616 shares during the period. Janus Henderson Group PLC lifted its stake in Blackstone by 0.5% in the first quarter. Janus Henderson Group PLC now owns 4,670,645 shares of the asset manager’s stock valued at $613,581,000 after buying an additional 21,450 shares during the period. Finally, International Assets Investment Management LLC boosted its holdings in 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 buying an additional 4,173,971 shares during the last quarter. 70.00% of the stock is owned by institutional investors and hedge funds.

Blackstone Stock Performance

Shares of NYSE BX opened at $181.36 on Friday. The stock has a market capitalization of $130.94 billion, a PE ratio of 62.32, a price-to-earnings-growth ratio of 1.55 and a beta of 1.49. Blackstone Inc. has a 52 week low of $102.79 and a 52 week high of $184.34. The stock has a 50 day moving average price of $161.40 and a 200 day moving average price of $140.02. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.71 and a current ratio of 0.71.

Blackstone (NYSE:BX) last issued its earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.10. Blackstone had a net margin of 19.46% and a return on equity of 17.53%. The business had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.37 billion. Analysts predict that Blackstone Inc. will post 4.39 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Monday, October 28th were given a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.90%. This is a boost from Blackstone’s previous quarterly dividend of $0.82. The ex-dividend date was Monday, October 28th. Blackstone’s dividend payout ratio (DPR) is presently 118.21%.

Wall Street Analyst Weigh In

BX has been the topic of several recent analyst reports. Wells Fargo & Company lifted their price objective on shares of Blackstone from $169.00 to $188.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Piper Sandler cut shares of Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 price objective for the company. in a research report on Wednesday, October 9th. JPMorgan Chase & Co. boosted their target price on Blackstone from $125.00 to $146.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. BMO Capital Markets lifted their price objective on Blackstone from $112.00 to $134.00 and gave the company a “market perform” rating in a report on Friday, October 18th. Finally, The Goldman Sachs Group raised their target price on shares of Blackstone from $135.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Thirteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $157.63.

Insider Buying and Selling

In other Blackstone news, Director Joseph Baratta sold 116,448 shares of the company’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 transaction, the director now directly owns 799,749 shares of the company’s stock, valued at $120,610,146.69. This represents a 12.71 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider John G. Finley sold 42,249 shares of Blackstone stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $175.94, for a total value of $7,433,289.06. Following the sale, the insider now directly owns 387,137 shares of the company’s stock, valued at $68,112,883.78. This represents a 9.84 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by 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.