United Services Automobile Association Reduces Stake in Blackstone Inc.

United Services Automobile Association has reduced its investment in shares of Blackstone Inc. (NYSE:BX) by 18.2% in the third quarter, as highlighted in their latest filing with the Securities and Exchange Commission. After selling 3,704 shares during the quarter, the firm now holds 16,605 shares of the asset management company, with a value of approximately $2,543,000 at the end of the quarter.

Other Institutional Investments in Blackstone

Several other institutional investors and hedge funds have also been active, either increasing or decreasing their investments in Blackstone. For instance, Wulff Hansen & Co. significantly boosted its holdings by an astounding 12,192.7% during the second quarter. They now possess 7,340,845 shares valued at $908,797,000 after acquiring an additional 7,281,128 shares.

Moreover, International Assets Investment Management LLC increased its stake by 15,357.3% in the third quarter, owning 4,201,150 shares valued at $6,433,220,000 after adding 4,173,971 shares. The Manufacturers Life Insurance Company also expanded its position by 213.5% in the second quarter, holding 1,375,969 shares valued at $170,345,000 post-purchase of 937,084 shares.

Mackenzie Financial Corp raised its stake by 468.4% during the same quarter, now owning 1,107,547 shares valued at $137,114,000 after acquiring an additional 912,685 shares. Furthermore, Healthcare of Ontario Pension Plan Trust Fund increased its holdings by 7,917.6% in the second quarter, currently holding 400,000 shares valued at $49,520,000 following the purchase of 395,011 shares. As it stands, institutional investors collectively own 70% of Blackstone's shares.

Insider Transactions

In related news, insider John G. Finley sold 42,249 shares on November 7th at an average price of $175.94, totaling $7,433,289.06. Following this transaction, he now owns 387,137 shares valued at roughly $68,112,883.78, reflecting a 9.84% decrease in his holdings. This sale was made public through a filing with the Securities and Exchange Commission.

Additionally, Director Joseph Baratta sold 116,448 shares on October 1st, receiving an average price of $150.81, which summed up to $17,561,522.88. After this sale, Baratta holds approximately 799,749 shares valued at around $120,610,146.69, marking a 12.71% reduction in his stake.

Market Analysts and Price Targets

Several research analysts have reviewed Blackstone's stock recently, with varied recommendations and price targets. For example, JPMorgan Chase & Co. raised its price target from $125.00 to $146.00 while maintaining a "neutral" rating on October 18th. Similarly, TD Cowen increased their target from $133.00 to $149.00, also advising a "hold" rating.

Deutsche Bank moved its target from $172.00 to $182.00 with a "buy" rating, and Morgan Stanley adjusted its target from $164.00 to $177.00 while issuing an rating of "overweight." Citigroup also raised its target from $157.00 to $170.00, giving a "neutral" rating. Overall, the consensus among analysts is a "Hold" rating with an average target price of $157.63.

Current Stock Performance

On the market, shares of Blackstone opened at $187.00 recently. The company has a quick ratio of 0.71, a current ratio also of 0.71, and a debt-to-equity ratio of 0.58. Blackstone's latest quarterly earnings, released on October 17th, showed an earnings per share (EPS) of $1.01, higher than the consensus estimate of $0.91. The firm's revenue was recorded at $2.43 billion, surpassing analysts' expectations of $2.37 billion.

Overall, Blackstone has demonstrated a return on equity of 17.53% alongside a net margin of 19.46%. Analysts predict that the company will report 4.4 EPS for the ongoing fiscal year.

Dividend Declaration

Recently, Blackstone announced a quarterly dividend of $0.86, which was distributed to shareholders on November 4th. This dividend reflects an annualized rate of $3.44, yielding 1.84%. This increase marks a positive change from its previous quarterly dividend of $0.82. The ex-dividend date was set for October 28th, with Blackstone maintaining a payout ratio of 118.21%.

Company Overview

Blackstone Inc. is recognized as a leading alternative asset management firm that specializes in various domains, including real estate, private equity, hedge fund solutions, credit, and multi-asset class strategies. The firm often invests in early-stage companies and also provides capital markets services.

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