Penobscot Investment Management Company Inc. Invests $336,000 in Blackstone Inc. (NYSE:BX)

Penobscot Investment Management Company Inc. acquired a new stake in Blackstone Inc. (NYSE:BX - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 2,405 shares of the asset manager's stock, valued at approximately $336,000.

A number of other hedge funds and other institutional investors have also modified their holdings of BX. Meiji Yasuda Asset Management Co Ltd. grew its holdings in Blackstone by 0.5% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,426 shares of the asset manager's stock worth $1,970,000 after purchasing an additional 62 shares during the period. Sound View Wealth Advisors Group LLC raised its position in shares of Blackstone by 0.9% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 8,110 shares of the asset manager's stock worth $1,398,000 after purchasing an additional 74 shares during the period. Ascent Group LLC lifted its holdings in shares of Blackstone by 0.9% in the 4th quarter. Ascent Group LLC now owns 8,522 shares of the asset manager's stock worth $1,469,000 after purchasing an additional 74 shares in the last quarter. Global Assets Advisory LLC increased its stake in Blackstone by 1.9% during the 4th quarter. Global Assets Advisory LLC now owns 4,013 shares of the asset manager's stock valued at $697,000 after purchasing an additional 75 shares in the last quarter. Finally, Aptus Capital Advisors LLC lifted its stake in shares of Blackstone by 0.9% in the fourth quarter. Aptus Capital Advisors LLC now owns 8,466 shares of the asset manager's stock valued at $1,460,000 after buying an additional 78 shares in the last quarter. Institutional investors and hedge funds own 70.00% of the company's stock.

Blackstone Stock Performance

NYSE BX traded up $3.11 during trading hours on Friday, reaching $151.29. 7,633,237 shares of the company were exchanged, compared to its average volume of 3,835,849. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $110.39 billion, a P/E ratio of 45.57, a P/E/G ratio of 1.32 and a beta of 1.65. Blackstone Inc. has a 1 year low of $115.66 and a 1 year high of $200.96. The business's 50 day simple moving average is $138.24 and its 200-day simple moving average is $152.90.

Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings results on Thursday, April 17th. The asset manager reported $1.09 EPS for the quarter, missing analysts' consensus estimates of $1.22 by ($0.13). Blackstone had a return on equity of 19.84% and a net margin of 19.83%. The company had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.95 billion. During the same period last year, the firm posted $0.98 EPS. On average, equities research analysts expect that Blackstone Inc. will post 5.87 earnings per share for the current year.

Blackstone Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Investors of record on Monday, April 28th were paid a $0.93 dividend. This represents a $3.72 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date of this dividend was Monday, April 28th. Blackstone's dividend payout ratio is currently 112.05%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. UBS Group decreased their target price on shares of Blackstone from $180.00 to $175.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Wells Fargo & Company boosted their price objective on Blackstone from $139.00 to $153.00 and gave the stock an "equal weight" rating in a report on Friday, May 23rd. Citigroup dropped their target price on Blackstone from $190.00 to $137.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Cowen reissued a "buy" rating on shares of Blackstone in a research report on Monday, April 21st. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Blackstone from $141.00 to $139.00 and set a "market perform" rating for the company in a research note on Tuesday, April 22nd. Ten analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Blackstone presently has a consensus rating of "Hold" and a consensus price target of $155.65.

Insiders Place Their Bets

In other Blackstone news, insider John G. Finley sold 25,000 shares of the firm's stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $138.47, for a total value of $3,461,750.00. Following the completion of the transaction, the insider now owns 475,336 shares in the company, valued at $65,819,775.92. This trade represents a 5.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Private Credit Stra Blackstone purchased 1,660,000 shares of the stock in a transaction dated Thursday, May 1st. The stock was purchased at an average cost of $15.00 per share, for a total transaction of $24,900,000.00. Following the completion of the acquisition, the insider now owns 1,666,667 shares of the company's stock, valued at approximately $25,000,005. This represents a 24,898.76% increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.00% of the company's stock.

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.