Canandaigua National Bank & Trust Co. Purchases New Holdings in Blackstone Inc. (NYSE:BX)

Canandaigua National Bank & Trust Co. purchased a new stake in shares of Blackstone Inc. (NYSE:BX) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,596 shares of the asset manager’s stock, valued at approximately $244,000.

Several other large investors have also recently bought and sold shares of BX. Single Point Partners LLC acquired a new stake in shares of Blackstone in the third quarter valued at approximately $214,000. Curbstone Financial Management Corp lifted its position in shares of Blackstone by 13.8% in the third quarter. Curbstone Financial Management Corp now owns 7,428 shares of the asset manager’s stock valued at $1,137,000 after buying an additional 898 shares during the last quarter. Czech National Bank lifted its position in shares of Blackstone by 7.7% in the third quarter. Czech National Bank now owns 146,687 shares of the asset manager’s stock valued at $22,462,000 after buying an additional 10,504 shares during the last quarter. Massmutual Trust Co. FSB ADV lifted its position in shares of Blackstone by 83.3% in the third quarter. Massmutual Trust Co. FSB ADV now owns 4,220 shares of the asset manager’s stock valued at $646,000 after buying an additional 1,918 shares during the last quarter. Finally, Trust Co. of Toledo NA OH lifted its position in shares of Blackstone by 23.3% in the third quarter. Trust Co. of Toledo NA OH now owns 19,184 shares of the asset manager’s stock valued at $2,938,000 after buying an additional 3,625 shares during the last quarter. 70.00% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction dated 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 sale, the director now directly owns 799,749 shares of the company’s stock, valued at $120,610,146.69. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Blackstone news, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total transaction of $17,561,522.88. Following the completion of the sale, the director now directly owns 799,749 shares of the company’s stock, valued at approximately $120,610,146.69. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 value of $4,610,900.00. Following the completion of the transaction, the insider now owns 429,386 shares in the company, valued at $56,567,311.64. 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 company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BX. Wells Fargo & Company began coverage on Blackstone in a research note on Thursday, September 12th. They set an “overweight” rating and a $163.00 target price on the stock. Piper Sandler increased their target price on Blackstone from $134.00 to $149.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Barclays increased their target price on Blackstone from $126.00 to $141.00 and gave the stock an “equal weight” rating in a research note on Friday, July 19th. The Goldman Sachs Group raised their price objective on Blackstone from $130.00 to $135.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Bank of America raised their price objective on Blackstone from $130.00 to $145.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Twelve 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 MarketBeat, the company has an average rating of “Hold” and an average target price of $131.17.

Blackstone Stock Up 0.5 %

Shares of BX opened at $151.92 on Friday. The company has a market capitalization of $108.57 billion, a PE ratio of 53.68, a PEG ratio of 1.34 and a beta of 1.51. Blackstone Inc. has a 12 month low of $88.59 and a 12 month high of $161.25. The stock’s 50-day moving average price is $142.63 and its two-hundred day moving average price is $131.39. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.60.

Blackstone (NYSE:BX) last announced its earnings results on Thursday, July 18th. The asset manager reported $0.96 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.03). The company had revenue of $3.69 billion for the quarter, compared to analyst estimates of $2.58 billion. Blackstone had a return on equity of 17.43% and a net margin of 19.35%. The firm’s quarterly revenue was up 166.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.93 earnings per share. On average, analysts anticipate that Blackstone Inc. will post 4.57 EPS for the current year.

Blackstone Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 29th were paid a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date was Monday, July 29th. Blackstone’s dividend payout ratio is 115.90%.

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.