Comerica Bank Sells 2,559 Shares of Blackstone Inc. (NYSE:BX)

Comerica Bank lessened its stake in Blackstone Inc. (NYSE:BXGet Rating) by 9.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,381 shares of the asset manager’s stock after selling 2,559 shares during the quarter. Comerica Bank’s holdings in Blackstone were worth $2,189,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Coastal Investment Advisors Inc. grew its stake in Blackstone by 5.6% in the third quarter. Coastal Investment Advisors Inc. now owns 10,988 shares of the asset manager’s stock valued at $920,000 after acquiring an additional 585 shares during the period. US Bancorp DE boosted its position in shares of Blackstone by 4.2% during the third quarter. US Bancorp DE now owns 91,449 shares of the asset manager’s stock worth $7,654,000 after buying an additional 3,718 shares during the period. Thoroughbred Financial Services LLC boosted its position in shares of Blackstone by 9.3% during the third quarter. Thoroughbred Financial Services LLC now owns 6,696 shares of the asset manager’s stock worth $560,000 after buying an additional 567 shares during the period. AJ Wealth Strategies LLC boosted its position in shares of Blackstone by 73.9% during the third quarter. AJ Wealth Strategies LLC now owns 15,618 shares of the asset manager’s stock worth $1,307,000 after buying an additional 6,637 shares during the period. Finally, Slow Capital Inc. boosted its position in shares of Blackstone by 22.9% during the third quarter. Slow Capital Inc. now owns 5,535 shares of the asset manager’s stock worth $463,000 after buying an additional 1,032 shares during the period. 62.39% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Bank of America reaffirmed a “buy” rating and set a $125.00 price objective on shares of Blackstone in a research report on Thursday, October 6th. BMO Capital Markets dropped their target price on Blackstone from $90.00 to $85.00 and set a “market perform” rating on the stock in a report on Thursday, January 5th. Argus dropped their target price on Blackstone from $137.00 to $115.00 in a report on Tuesday, October 25th. Barclays upped their target price on Blackstone from $80.00 to $86.00 and gave the stock an “equal weight” rating in a report on Thursday, January 12th. Finally, Piper Sandler dropped their target price on Blackstone from $114.00 to $111.00 and set an “overweight” rating on the stock in a report on Wednesday, December 21st. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Blackstone has an average rating of “Hold” and an average price target of $109.17.

Insider Transactions at Blackstone

In related news, major shareholder Holdings L.P. Blackstone III sold 12,154,671 shares of the stock in a transaction that occurred on Thursday, November 17th. The stock was sold at an average price of $7.46, for a total transaction of $90,673,845.66. Following the sale, the insider now owns 295 shares of the company’s stock, valued at $2,200.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, major shareholder Holdings L.P. Blackstone III sold 12,154,671 shares of the stock in a transaction that occurred on Thursday, November 17th. The stock was sold at an average price of $7.46, for a total transaction of $90,673,845.66. Following the sale, the insider now owns 295 shares of the company’s stock, valued at $2,200.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Holdings I/Ii Gp L. Blackstone sold 6,341,568 shares of the stock in a transaction that occurred on Wednesday, December 14th. The stock was sold at an average price of $8.00, for a total value of $50,732,544.00. Following the sale, the insider now directly owns 83,109 shares in the company, valued at approximately $664,872. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,427,285 shares of company stock worth $176,860,062. Company insiders own 1.00% of the company’s stock.

Blackstone Price Performance

Shares of NYSE BX opened at $80.52 on Friday. The firm has a market cap of $56.51 billion, a P/E ratio of 22.75, a price-to-earnings-growth ratio of 2.64 and a beta of 1.47. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.52. Blackstone Inc. has a 1-year low of $71.72 and a 1-year high of $138.95. The business’s 50 day moving average is $82.74 and its 200-day moving average is $90.49.

Blackstone (NYSE:BXGet Rating) last announced its earnings results on Thursday, October 20th. The asset manager reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.10. The company had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.52 billion. Blackstone had a return on equity of 20.75% and a net margin of 20.58%. The firm’s quarterly revenue was down 14.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.28 earnings per share. Equities research analysts predict that Blackstone Inc. will post 5.07 earnings per share for the current year.

About Blackstone

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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.

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Institutional Ownership by Quarter for Blackstone (NYSE:BX)

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