First Hawaiian Bank trimmed its holdings in Blackstone Inc. (NYSE:BX – Free Report) by 36.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,845 shares of the asset manager’s stock after selling 3,900 shares during the period. First Hawaiian Bank’s holdings in Blackstone were worth $899,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in BX. Envestnet Portfolio Solutions Inc. bought a new position in Blackstone in the 3rd quarter valued at about $2,209,000. FMR LLC increased its position in Blackstone by 15.9% during the 3rd quarter. FMR LLC now owns 1,255,442 shares of the asset manager’s stock worth $134,508,000 after buying an additional 171,802 shares during the period. V Square Quantitative Management LLC bought a new stake in Blackstone in the 3rd quarter valued at about $185,000. Acadian Asset Management LLC lifted its position in shares of Blackstone by 111.0% during the 3rd quarter. Acadian Asset Management LLC now owns 5,071 shares of the asset manager’s stock valued at $541,000 after acquiring an additional 2,668 shares during the period. Finally, Regal Investment Advisors LLC increased its position in shares of Blackstone by 8.7% in the third quarter. Regal Investment Advisors LLC now owns 2,785 shares of the asset manager’s stock worth $298,000 after purchasing an additional 224 shares during the period. 70.00% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, Director Ruth Porat acquired 219 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were purchased at an average price of $119.48 per share, for a total transaction of $26,166.12. Following the completion of the acquisition, the director now owns 34,445 shares of the company’s stock, valued at $4,115,488.60. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 1.00% of the stock is currently owned by insiders.
Blackstone Trading Up 1.4 %
Blackstone (NYSE:BX – Get Free Report) last released its quarterly earnings results on Thursday, April 18th. The asset manager reported $0.98 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.98. Blackstone had a net margin of 20.84% and a return on equity of 17.33%. The firm had revenue of $3.69 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same quarter last year, the business earned $0.97 EPS. The company’s revenue was up 166.9% compared to the same quarter last year. On average, analysts expect that Blackstone Inc. will post 4.77 EPS for the current year.
Blackstone Cuts Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 6th. Stockholders of record on Monday, April 29th were paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend was Friday, April 26th. Blackstone’s dividend payout ratio is 117.31%.
Analysts Set New Price Targets
Several research firms have commented on BX. Morgan Stanley raised their target price on shares of Blackstone from $144.00 to $145.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. JMP Securities restated a “market perform” rating on shares of Blackstone in a research report on Tuesday, April 9th. Piper Sandler decreased their price target on Blackstone from $150.00 to $146.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 10th. Argus raised their price objective on Blackstone from $133.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Finally, Bank of America dropped their target price on shares of Blackstone from $141.00 to $132.00 and set a “buy” rating for the company in a report on Friday, April 19th. Thirteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Blackstone presently has a consensus rating of “Hold” and a consensus target price of $123.65.
View Our Latest Stock Report on BX
Blackstone 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.
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