Pinnacle West Asset Management Inc. Sells 850 Shares of Blackstone Inc. (NYSE:BX)

Pinnacle West Asset Management Inc. reduced its stake in Blackstone Inc. (NYSE:BX) by 5.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,205 shares of the asset manager’s stock after selling 850 shares during the quarter. Blackstone accounts for 1.8% of Pinnacle West Asset Management Inc.’s portfolio, making the stock its 16th largest position. Pinnacle West Asset Management Inc.’s holdings in Blackstone were worth $2,449,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in BX. Glen Eagle Advisors LLC boosted its position in Blackstone by 1.8% in the third quarter. Glen Eagle Advisors LLC now owns 3,251 shares of the asset manager’s stock valued at $498,000 after buying an additional 59 shares in the last quarter. Avidian Wealth Enterprises LLC boosted its position in Blackstone by 0.4% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 16,184 shares of the asset manager’s stock valued at $2,790,000 after buying an additional 59 shares in the last quarter. Investmark Advisory Group LLC boosted its position in Blackstone by 2.4% in the third quarter. Investmark Advisory Group LLC now owns 2,608 shares of the asset manager’s stock valued at $399,000 after buying an additional 60 shares in the last quarter. Fidelis Capital Partners LLC boosted its position in Blackstone by 2.7% in the third quarter. Fidelis Capital Partners LLC now owns 2,374 shares of the asset manager’s stock valued at $396,000 after buying an additional 62 shares in the last quarter. Finally, McIlrath & Eck LLC raised its stake in shares of Blackstone by 6.5% during the third quarter. McIlrath & Eck LLC now owns 1,019 shares of the asset manager’s stock valued at $156,000 after acquiring an additional 62 shares during the last quarter. 70.00% of the stock is owned by institutional investors.

Insider Activity

In other Blackstone news, Director Ruth Porat acquired 301 shares of Blackstone stock in a transaction dated Tuesday, February 18th. The stock was purchased at an average cost of $164.85 per share, for a total transaction of $49,619.85. Following the completion of the acquisition, the director now directly owns 36,829 shares of the company’s stock, valued at $6,071,260.65. This represents a 0.82 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.00% of the company’s stock.

Analyst Ratings Changes

BX has been the subject of several analyst reports. JPMorgan Chase & Co. raised their price target on shares of Blackstone from $149.00 to $154.00 and gave the company a “neutral” rating in a research note on Friday, January 31st. Deutsche Bank Aktiengesellschaft raised their price target on shares of Blackstone from $172.00 to $182.00 and gave the company a “buy” rating in a research note on Monday, November 11th. UBS Group raised their price target on shares of Blackstone from $170.00 to $180.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. TD Cowen raised shares of Blackstone from a “hold” rating to a “buy” rating and raised their price target for the company from $149.00 to $230.00 in a research note on Monday, December 9th. Finally, Barclays reissued an “equal weight” rating on shares of Blackstone in a research note on Friday, February 7th. Thirteen equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $172.38.

Blackstone Trading Up 0.1 %

NYSE:BX opened at $157.22 on Wednesday. The company has a current ratio of 0.67, a quick ratio of 0.71 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $113.51 billion, a price-to-earnings ratio of 43.31, a PEG ratio of 1.07 and a beta of 1.53. The firm has a fifty day simple moving average of $172.44 and a two-hundred day simple moving average of $166.12. Blackstone Inc. has a 12 month low of $115.82 and a 12 month high of $200.96.

Blackstone (NYSE:BX) last posted its quarterly earnings results on Thursday, January 30th. The asset manager reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.19. Blackstone had a net margin of 20.99% and a return on equity of 19.58%. Analysts expect that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Monday, February 10th were issued a dividend of $1.44 per share. This is a boost from Blackstone’s previous quarterly dividend of $0.86. This represents a $5.76 dividend on an annualized basis and a dividend yield of 3.66%. The ex-dividend date was Monday, February 10th. Blackstone’s dividend payout ratio (DPR) is currently 158.68%.

About Blackstone

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.