Spinnaker Investment Group LLC Has $276,000 Position in Blackstone Inc. (NYSE:BX)

Spinnaker Investment Group LLC trimmed its position in Blackstone Inc. (NYSE:BX) by 55.4% during the third quarter, HoldingsChannel.com reports. The fund owned 1,805 shares of the asset manager’s stock after selling 2,242 shares during the quarter. Spinnaker Investment Group LLC’s holdings in Blackstone were worth $276,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BX. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Blackstone during the 2nd quarter worth approximately $26,000. EdgeRock Capital LLC acquired a new stake in shares of Blackstone during the 2nd quarter valued at $27,000. West Financial Advisors LLC acquired a new position in Blackstone in the 3rd quarter worth about $27,000. Bank & Trust Co bought a new stake in shares of Blackstone during the second quarter worth about $29,000. Finally, Ridgewood Investments LLC acquired a new stake in Blackstone during the 2nd quarter worth approximately $31,000. 70.00% of the stock is currently owned by institutional investors.

Blackstone Stock Up 0.1 %

Shares of NYSE:BX opened at $181.41 on Friday. The firm has a market cap of $130.98 billion, a P/E ratio of 62.34, a PEG 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 business’s 50 day simple moving average is $161.40 and its two-hundred day simple moving average is $140.18. 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 announced its quarterly earnings results on Thursday, October 17th. The asset manager reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.10. The business had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.37 billion. Blackstone had a net margin of 19.46% and a return on equity of 17.53%. As a group, research analysts forecast that Blackstone Inc. will post 4.39 EPS for the current fiscal year.

Blackstone Increases Dividend

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

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Redburn Atlantic assumed coverage on shares of Blackstone in a research note on Tuesday, August 27th. They issued a “neutral” rating and a $134.00 price objective on the stock. Cowen restated a “hold” rating on shares of Blackstone in a research report on Friday, October 18th. Wells Fargo & Company upped their target price on Blackstone from $169.00 to $188.00 and gave the company an “overweight” rating in a report on Friday, October 18th. JPMorgan Chase & Co. boosted their price target on shares of Blackstone from $125.00 to $146.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Finally, UBS Group increased their price objective on shares of Blackstone from $140.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Thirteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $157.63.

Insider Activity at Blackstone

In other news, insider John G. Finley sold 42,249 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Joseph Baratta sold 116,448 shares of the business’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 completion of the transaction, the director now directly owns 799,749 shares in the company, valued at approximately $120,610,146.69. This represents a 12.71 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by insiders.

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.