Cullinan Associates Inc. Cuts Stake in Blackstone Inc. (NYSE:BX)

Cullinan Associates Inc. trimmed its stake in Blackstone Inc. (NYSE:BX) by 1.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 26,442 shares of the asset manager’s stock after selling 300 shares during the quarter. Cullinan Associates Inc.’s holdings in Blackstone were worth $4,049,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Warther Private Wealth LLC purchased a new stake in Blackstone during the 3rd quarter worth approximately $239,000. Canal Capital Management LLC grew its holdings in shares of Blackstone by 1.8% during the third quarter. Canal Capital Management LLC now owns 105,716 shares of the asset manager’s stock valued at $16,188,000 after buying an additional 1,850 shares during the last quarter. Ballentine Partners LLC raised its stake in Blackstone by 25.9% in the 3rd quarter. Ballentine Partners LLC now owns 11,718 shares of the asset manager’s stock worth $1,794,000 after acquiring an additional 2,413 shares during the last quarter. Heritage Oak Wealth Advisors LLC acquired a new position in shares of Blackstone in the third quarter valued at about $254,000. Finally, Moody Lynn & Lieberson LLC raised its stake in shares of Blackstone by 0.9% in the third quarter. Moody Lynn & Lieberson LLC now owns 276,832 shares of the asset manager’s stock worth $42,391,000 after purchasing an additional 2,351 shares during the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Insider Activity at Blackstone

In related news, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the completion of the sale, the insider now owns 429,386 shares of the company’s stock, valued at $56,567,311.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Joseph Baratta sold 116,448 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $150.81, for a total transaction of $17,561,522.88. Following the transaction, the director now directly owns 799,749 shares in the company, valued at approximately $120,610,146.69. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

Blackstone Stock Down 0.1 %

NYSE BX traded down $0.14 during mid-day trading on Friday, reaching $169.52. 215,508 shares of the company’s stock traded hands, compared to its average volume of 3,433,050. Blackstone Inc. has a 1-year low of $88.59 and a 1-year high of $175.94. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.60. The company has a market cap of $121.15 billion, a price-to-earnings ratio of 59.95, a P/E/G ratio of 1.24 and a beta of 1.51. The company has a fifty day simple moving average of $149.16 and a 200-day simple moving average of $134.15.

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 given a dividend of $0.86 per share. This is a boost from Blackstone’s previous quarterly dividend of $0.82. The ex-dividend date of this dividend is Monday, October 28th. This represents a $3.44 annualized dividend and a dividend yield of 2.03%. Blackstone’s dividend payout ratio (DPR) is presently 121.55%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. UBS Group raised their target price on shares of Blackstone from $140.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. increased their price objective on shares of Blackstone from $125.00 to $146.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Piper Sandler lowered shares of Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 target price for the company. in a report on Wednesday, October 9th. Morgan Stanley raised their target price on Blackstone from $164.00 to $177.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Finally, Citigroup increased their price target on Blackstone from $157.00 to $170.00 and gave the stock a “neutral” rating in a 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’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $155.38.

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.