First Fiduciary Investment Counsel Inc. Has $7.87 Million Stake in Blackstone Inc. $BX

First Fiduciary Investment Counsel Inc. raised its holdings in Blackstone Inc. (NYSE:BXFree Report) by 37.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 46,087 shares of the asset manager’s stock after buying an additional 12,560 shares during the period. Blackstone comprises about 1.5% of First Fiduciary Investment Counsel Inc.’s holdings, making the stock its 28th largest position. First Fiduciary Investment Counsel Inc.’s holdings in Blackstone were worth $7,874,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Arcus Capital Partners LLC boosted its position in shares of Blackstone by 1.2% during the second quarter. Arcus Capital Partners LLC now owns 4,937 shares of the asset manager’s stock valued at $739,000 after buying an additional 58 shares during the last quarter. GHP Investment Advisors Inc. grew its stake in shares of Blackstone by 3.5% in the 2nd quarter. GHP Investment Advisors Inc. now owns 1,784 shares of the asset manager’s stock worth $267,000 after acquiring an additional 61 shares in the last quarter. WNY Asset Management LLC lifted its position in shares of Blackstone by 1.7% during the second quarter. WNY Asset Management LLC now owns 3,852 shares of the asset manager’s stock valued at $576,000 after purchasing an additional 64 shares in the last quarter. Redwood Financial Network Corp grew its position in Blackstone by 1.8% in the 2nd quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager’s stock worth $537,000 after purchasing an additional 65 shares in the last quarter. Finally, Obermeyer Wealth Partners increased its stake in Blackstone by 2.3% in the 3rd quarter. Obermeyer Wealth Partners now owns 2,993 shares of the asset manager’s stock valued at $511,000 after buying an additional 66 shares during the last quarter. Institutional investors and hedge funds own 70.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on BX shares. Morgan Stanley increased their price target on Blackstone from $200.00 to $215.00 and gave the company an “overweight” rating in a research report on Tuesday, October 21st. Jefferies Financial Group decreased their target price on Blackstone from $187.00 to $185.00 and set a “buy” rating for the company in a research report on Thursday, January 8th. Bank of America reduced their price target on shares of Blackstone from $199.00 to $189.00 in a research report on Wednesday, December 10th. Evercore ISI lowered their price objective on shares of Blackstone from $175.00 to $170.00 and set an “outperform” rating on the stock in a research report on Friday, January 30th. Finally, The Goldman Sachs Group decreased their price target on shares of Blackstone from $166.00 to $158.00 and set a “neutral” rating for the company in a research note on Friday, January 30th. Eleven investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat, Blackstone presently has a consensus rating of “Moderate Buy” and an average price target of $174.77.

Get Our Latest Report on Blackstone

Insider Activity at Blackstone

In other news, Director Ruth Porat bought 324 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The shares were acquired at an average price of $146.92 per share, with a total value of $47,602.08. Following the acquisition, the director owned 39,077 shares of the company’s stock, valued at approximately $5,741,192.84. The trade was a 0.84% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Tactical Opportunit Blackstone sold 1,596,142 shares of the firm’s stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $10.00, for a total transaction of $15,961,420.00. Following the completion of the transaction, the insider directly owned 2,161 shares of the company’s stock, valued at approximately $21,610. The trade was a 99.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders bought 770,078 shares of company stock valued at $20,058,800. Corporate insiders own 1.00% of the company’s stock.

Blackstone News Summary

Here are the key news stories impacting Blackstone this week:

Blackstone Stock Up 0.5%

BX opened at $134.55 on Thursday. Blackstone Inc. has a 12 month low of $115.66 and a 12 month high of $190.09. The company has a market cap of $99.36 billion, a PE ratio of 34.68, a price-to-earnings-growth ratio of 1.04 and a beta of 1.76. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.61. The company has a 50 day moving average of $152.62 and a 200 day moving average of $160.13.

Blackstone (NYSE:BXGet Free Report) last posted its earnings results on Thursday, January 29th. The asset manager reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.21. Blackstone had a return on equity of 22.17% and a net margin of 20.89%.The firm had revenue of $4.36 billion for the quarter, compared to the consensus estimate of $3.69 billion. During the same quarter in the prior year, the business posted $1.69 earnings per share. The business’s quarterly revenue was up 41.4% on a year-over-year basis. On average, sell-side analysts expect that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 17th. Stockholders of record on Monday, February 9th will be issued a $1.49 dividend. The ex-dividend date of this dividend is Monday, February 9th. This is a positive change from Blackstone’s previous quarterly dividend of $1.29. This represents a $5.96 dividend on an annualized basis and a dividend yield of 4.4%. Blackstone’s payout ratio is currently 132.99%.

About Blackstone

(Free Report)

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.

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Institutional Ownership by Quarter for Blackstone (NYSE:BX)

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