Lido Advisors LLC boosted its position in Blackstone Inc. (NYSE:BX – Free Report) by 7.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 90,629 shares of the asset manager’s stock after purchasing an additional 6,493 shares during the quarter. Lido Advisors LLC’s holdings in Blackstone were worth $10,159,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wellington Altus USA Inc. purchased a new stake in shares of Blackstone during the second quarter worth about $26,000. Addison Advisors LLC acquired a new position in shares of Blackstone in the second quarter valued at approximately $30,000. NBH Bank purchased a new position in shares of Blackstone during the second quarter valued at approximately $30,000. Bell Investment Advisors Inc purchased a new position in shares of Blackstone during the second quarter valued at approximately $30,000. Finally, West Branch Capital LLC boosted its position in Blackstone by 26,600.0% during the second quarter. West Branch Capital LLC now owns 267 shares of the asset manager’s stock worth $31,000 after acquiring an additional 266 shares during the last quarter. 70.00% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several analysts have commented on the stock. Keefe, Bruyette & Woods raised shares of Blackstone to a “hold” rating in a research note on Monday, July 20th. The Goldman Sachs Group reissued a “neutral” rating and set a $128.00 price target on shares of Blackstone in a research note on Thursday, October 22nd. Credit Suisse Group set a $165.00 price objective on Blackstone in a report on Friday, October 23rd. Morgan Stanley reaffirmed an “overweight” rating and issued a $165.00 price objective on shares of Blackstone in a research report on Friday, October 16th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $130.00 target price on shares of Blackstone in a research note on Wednesday, October 21st. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.57.
View Our Latest Stock Analysis on BX
Blackstone Price Performance
BX opened at $122.01 on Thursday. Blackstone Inc. has a 1 year low of $101.73 and a 1 year high of $165.14. The company’s 50 day simple moving average is $119.30 and its 200 day simple moving average is $123.06. The stock has a market capitalization of $91.64 billion, a PE ratio of 27.11, a P/E/G ratio of 1.56 and a beta of 1.52. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.72 and a current ratio of 0.71.
Blackstone (NYSE:BX – Get Free Report) last issued its quarterly earnings results on Thursday, October 22nd. The asset manager reported $1.32 EPS for the quarter, topping the consensus estimate of $1.26 by $0.06. The firm had revenue of $3.06 billion during the quarter, compared to analyst estimates of $3.27 billion. Blackstone had a net margin of 22.11% and a return on equity of 23.16%. Blackstone’s revenue for the quarter was down .8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.80 earnings per share. As a group, sell-side analysts expect that Blackstone Inc. will post 5.89 EPS for the current year.
Blackstone Cuts Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, November 9th. Stockholders of record on Monday, November 2nd were paid a dividend of $1.12 per share. The ex-dividend date of this dividend was Monday, November 2nd. This represents a $4.48 annualized dividend and a dividend yield of 3.7%. This is a drop from Blackstone’s previous quarterly dividend of $1.29. Blackstone’s dividend payout ratio is presently 99.56%.
Insider Transactions at Blackstone
In other news, major shareholder Holdings Iv L.P. Blackstone bought 191,695 shares of Blackstone stock in a transaction that occurred on Wednesday, September 23rd. The shares were purchased at an average price of $26.17 per share, for a total transaction of $5,016,658.15. Following the completion of the acquisition, the insider owned 8,895,478 shares of the company’s stock, valued at $232,794,659.26. The trade was a 2.20% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Holdings I. L.P. Blackstone sold 124,600 shares of the business’s stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $16.40, for a total value of $2,043,440.00. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 3,992,776 shares of company stock valued at $25,507,509. Corporate insiders own 1.00% of the company’s stock.
Blackstone Company Profile
Blackstone Inc. is a global alternative asset manager that invests on behalf of institutional and individual investors. Its businesses span private equity, real estate, credit and insurance, infrastructure, and multi-asset investing, with strategies that include private funds and investment products for a range of clients. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson, the firm initially focused on mergers and acquisitions advisory work before expanding into investment management.
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