Golden State Wealth Management LLC Sells 4,324 Shares of Blackstone Inc. $BX

Golden State Wealth Management LLC decreased its position in Blackstone Inc. (NYSE:BX) by 7.9% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 50,461 shares of the asset manager’s stock after selling 4,324 shares during the period. Blackstone comprises 1.0% of Golden State Wealth Management LLC’s portfolio, making the stock its 23rd biggest position. Golden State Wealth Management LLC’s holdings in Blackstone were worth $8,621,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Blackstone by 2.2% in the 2nd quarter. Vanguard Group Inc. now owns 69,492,377 shares of the asset manager’s stock valued at $10,394,670,000 after acquiring an additional 1,494,796 shares during the period. Redmond Asset Management LLC grew its stake in shares of Blackstone by 21.2% in the second quarter. Redmond Asset Management LLC now owns 18,785 shares of the asset manager’s stock worth $2,810,000 after purchasing an additional 3,281 shares during the last quarter. Exchange Traded Concepts LLC raised its position in Blackstone by 733.2% during the 3rd quarter. Exchange Traded Concepts LLC now owns 13,715 shares of the asset manager’s stock worth $2,343,000 after purchasing an additional 12,069 shares during the last quarter. Longfellow Investment Management Co. LLC grew its position in shares of Blackstone by 259.8% in the 2nd quarter. Longfellow Investment Management Co. LLC now owns 22,160 shares of the asset manager’s stock valued at $3,315,000 after buying an additional 16,001 shares during the last quarter. Finally, Whittier Trust Co. increased its stake in shares of Blackstone by 2.1% in the third quarter. Whittier Trust Co. now owns 346,318 shares of the asset manager’s stock valued at $58,337,000 after buying an additional 7,053 shares during the period. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on BX shares. BMO Capital Markets reduced their target price on Blackstone from $190.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, October 27th. Piper Sandler reduced their price objective on shares of Blackstone from $173.00 to $168.00 and set a “neutral” rating on the stock in a research note on Friday, October 24th. The Goldman Sachs Group lifted their target price on shares of Blackstone from $173.00 to $174.00 and gave the stock a “neutral” rating in a research note on Friday, October 24th. Evercore ISI decreased their price target on Blackstone from $197.00 to $180.00 and set an “outperform” rating for the company in a report on Wednesday, October 22nd. Finally, Rothschild & Co Redburn cut their target price on Blackstone from $168.00 to $165.00 and set a “neutral” rating on the stock in a research report on Thursday, January 15th. Nine investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $177.05.

Insider Buying and Selling at Blackstone

In other Blackstone news, major shareholder Holdings Iv Gp Mana Blackstone bought 384,468 shares of the stock in a transaction that occurred on Friday, December 19th. The shares were bought at an average price of $26.01 per share, for a total transaction of $10,000,012.68. Following the acquisition, the insider directly owned 16,525,117 shares of the company’s stock, valued at approximately $429,818,293.17. The trade was a 2.38% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ruth Porat purchased 324 shares of the business’s stock in a transaction on Monday, November 10th. The shares were bought at an average price of $146.92 per share, with a total value of $47,602.08. Following the purchase, the director directly owned 39,077 shares in the company, valued at approximately $5,741,192.84. The trade was a 0.84% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders acquired 783,978 shares of company stock worth $22,058,454. 1.00% of the stock is owned by company insiders.

Blackstone Stock Down 1.2%

BX stock opened at $146.64 on Thursday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.75 and a current ratio of 0.75. Blackstone Inc. has a fifty-two week low of $115.66 and a fifty-two week high of $190.09. The stock’s 50 day simple moving average is $152.95 and its 200 day simple moving average is $161.08. The company has a market cap of $108.28 billion, a P/E ratio of 41.90, a price-to-earnings-growth ratio of 1.05 and a beta of 1.75.

Blackstone Profile

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.