Whittier Trust Co. of Nevada Inc. Has $21.68 Million Holdings in Blackstone Inc. $BX

Key Points

• Whittier Trust Co. of Nevada Inc. boosted its Blackstone stake by 39.8% in the first quarter, ending with 193,186 shares worth about $21.68 million.
• Blackstone reported better-than-expected quarterly earnings of $1.36 per share on revenue of $3.43 billion, with revenue up 10% year over year.
• The firm recently paid a quarterly dividend of $1.16 per share, equal to an annualized yield of 3.8%, while analysts currently hold a Moderate Buy consensus rating on the stock.

Whittier Trust Co. of Nevada Inc. increased its position in shares of Blackstone Inc. (NYSE:BX - Free Report) by 39.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 193,186 shares of the asset manager's stock after buying an additional 55,027 shares during the period. Whittier Trust Co. of Nevada Inc.'s holdings in Blackstone were worth $21,683,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Brighton Jones LLC raised its stake in Blackstone by 34.6% in the fourth quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager's stock valued at $1,365,000 after buying an additional 2,035 shares during the period. Sivia Capital Partners LLC increased its holdings in shares of Blackstone by 9.3% during the 2nd quarter. Sivia Capital Partners LLC now owns 2,076 shares of the asset manager's stock worth $310,000 after acquiring an additional 177 shares during the last quarter. United Bank raised its stake in Blackstone by 14.7% in the 2nd quarter. United Bank now owns 13,528 shares of the asset manager's stock valued at $2,024,000 after acquiring an additional 1,729 shares during the period. Nebula Research & Development LLC acquired a new stake in Blackstone during the 2nd quarter valued at $1,124,000. Finally, Sei Investments Co. increased its holdings in shares of Blackstone by 1.9% in the second quarter. Sei Investments Co. now owns 452,619 shares of the asset manager's stock valued at $67,703,000 after purchasing an additional 8,655 shares during the last quarter. Institutional investors own 70.00% of the company's stock.

Blackstone Stock Performance

Shares of NYSE:BX opened at $122.73 on Monday. Blackstone Inc. has a 12-month low of $101.73 and a 12-month high of $190.09. The company's 50 day moving average price is $119.67 and its two-hundred day moving average price is $127.87. The firm has a market cap of $91.17 billion, a PE ratio of 31.39, a PEG ratio of 1.33 and a beta of 1.58. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.66.

Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share for the quarter, beating analysts' consensus estimates of $1.34 by $0.02. The company had revenue of $3.43 billion during the quarter, compared to the consensus estimate of $3.45 billion. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The firm's quarterly revenue was up 10.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.11 earnings per share. Equities research analysts predict that Blackstone Inc. will post 5.9 earnings per share for the current year.

Blackstone Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were paid a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend was Monday, May 4th. Blackstone's payout ratio is 118.67%.

Insider Activity

In other news, Director Ruth Porat purchased 355 shares of Blackstone stock in a transaction that occurred on Monday, May 11th. The shares were acquired at an average price of $123.04 per share, for a total transaction of $43,679.20. Following the transaction, the director owned 41,818 shares of the company's stock, valued at approximately $5,145,286.72. The trade was a 0.86% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $3.78, for a total transaction of $28,264,950.00. Following the transaction, the insider owned 19,374 shares of the company's stock, valued at approximately $73,233.72. This represents a 99.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders acquired 10,252,345 shares of company stock valued at $209,789,893. Company insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

BX has been the subject of a number of research reports. BMO Capital Markets raised their target price on shares of Blackstone from $126.00 to $132.00 and gave the stock an "outperform" rating in a research note on Monday, April 13th. The Goldman Sachs Group lowered their price target on shares of Blackstone from $116.00 to $114.00 and set a "neutral" rating on the stock in a report on Tuesday, June 30th. Deutsche Bank Aktiengesellschaft initiated coverage on Blackstone in a report on Monday, June 8th. They set a "buy" rating for the company. Jefferies Financial Group lifted their price target on Blackstone from $143.00 to $152.00 and gave the stock a "buy" rating in a report on Tuesday, May 12th. Finally, BNP Paribas Exane decreased their price objective on Blackstone from $126.00 to $125.00 and set a "neutral" rating on the stock in a report on Tuesday, June 30th. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $149.36.

About Blackstone

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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