Coastline Trust Co Purchases 917 Shares of Blackstone Inc. $BX

Coastline Trust Co raised its position in Blackstone Inc. (NYSE:BX) by 3.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 30,325 shares of the asset manager’s stock after acquiring an additional 917 shares during the quarter. Coastline Trust Co’s holdings in Blackstone were worth $4,536,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Fort Washington Investment Advisors Inc. OH bought a new position in Blackstone in the second quarter valued at about $262,000. Avior Wealth Management LLC increased its position in Blackstone by 10.7% in the second quarter. Avior Wealth Management LLC now owns 3,451 shares of the asset manager’s stock worth $516,000 after buying an additional 333 shares in the last quarter. Virginia Wealth Management Group Inc. increased its position in Blackstone by 15.4% in the second quarter. Virginia Wealth Management Group Inc. now owns 8,820 shares of the asset manager’s stock worth $1,319,000 after buying an additional 1,177 shares in the last quarter. Sage Rhino Capital LLC grew its position in shares of Blackstone by 0.8% during the second quarter. Sage Rhino Capital LLC now owns 8,036 shares of the asset manager’s stock worth $1,202,000 after purchasing an additional 63 shares in the last quarter. Finally, Western Financial Corp CA grew its position in shares of Blackstone by 5.2% during the second quarter. Western Financial Corp CA now owns 4,670 shares of the asset manager’s stock worth $699,000 after purchasing an additional 229 shares in the last quarter. Institutional investors own 70.00% of the company’s stock.

Insiders Place Their Bets

In related news, major shareholder Private Multi-Asset Blackstone purchased 2,538,071 shares of the company’s stock in a transaction dated Monday, September 22nd. The stock was acquired at an average cost of $25.61 per share, for a total transaction of $64,999,998.31. Following the completion of the transaction, the insider directly owned 7,506,209 shares of the company’s stock, valued at approximately $192,234,012.49. This trade represents a 51.09% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider John G. Finley sold 21,500 shares of the company’s stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $171.46, for a total value of $3,686,390.00. Following the completion of the sale, the insider owned 453,836 shares of the company’s stock, valued at $77,814,720.56. This trade represents a 4.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders bought 3,727,877 shares of company stock valued at $95,046,625 and sold 16,984,634 shares valued at $155,181,346. 1.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on BX shares. Dbs Bank upgraded Blackstone to a “moderate buy” rating in a report on Tuesday, August 12th. Evercore ISI raised their price target on Blackstone from $165.00 to $197.00 and gave the stock an “outperform” rating in a research note on Friday, July 25th. Deutsche Bank Aktiengesellschaft raised their price target on Blackstone from $170.00 to $192.00 and gave the stock a “buy” rating in a research note on Friday, July 25th. The Goldman Sachs Group restated a “neutral” rating on shares of Blackstone in a report on Friday, July 25th. Finally, Piper Sandler raised their price objective on Blackstone from $157.00 to $181.00 and gave the stock a “neutral” rating in a report on Monday, July 28th. Nine analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $172.38.

Blackstone Stock Performance

Shares of BX stock opened at $175.40 on Friday. Blackstone Inc. has a 52-week low of $115.66 and a 52-week high of $200.96. The business has a 50-day simple moving average of $174.09 and a 200-day simple moving average of $152.90. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61. The stock has a market cap of $129.29 billion, a PE ratio of 47.15, a price-to-earnings-growth ratio of 1.42 and a beta of 1.77.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, July 24th. The asset manager reported $1.21 EPS for the quarter, topping the consensus estimate of $1.10 by $0.11. Blackstone had a return on equity of 20.47% and a net margin of 20.83%.The company had revenue of $3.07 billion during the quarter, compared to analyst estimates of $2.77 billion. During the same period in the previous year, the business earned $0.98 EPS. Blackstone’s quarterly revenue was up 32.7% on a year-over-year basis. On average, equities analysts expect that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 11th. Stockholders of record on Monday, August 4th were given a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.3%. This is a boost from Blackstone’s previous quarterly dividend of $0.93. The ex-dividend date was Monday, August 4th. Blackstone’s dividend payout ratio (DPR) is currently 110.75%.

About Blackstone

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.