Reliant Investment Partners LLC Boosts Stock Position in Blackstone Inc. $BX

Reliant Investment Partners LLC lifted its position in Blackstone Inc. (NYSE:BX) by 67.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,913 shares of the asset manager’s stock after purchasing an additional 3,591 shares during the quarter. Blackstone comprises 1.2% of Reliant Investment Partners LLC’s holdings, making the stock its 16th largest position. Reliant Investment Partners LLC’s holdings in Blackstone were worth $1,501,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Arcus Capital Partners LLC lifted its holdings in Blackstone by 1.2% in the second quarter. Arcus Capital Partners LLC now owns 4,937 shares of the asset manager’s stock valued at $739,000 after acquiring an additional 58 shares during the period. Mattern Wealth Management LLC increased its holdings in shares of Blackstone by 2.8% during the 2nd quarter. Mattern Wealth Management LLC now owns 2,213 shares of the asset manager’s stock valued at $331,000 after purchasing an additional 60 shares in the last quarter. GHP Investment Advisors Inc. boosted its holdings in Blackstone by 3.5% during the second quarter. GHP Investment Advisors Inc. now owns 1,784 shares of the asset manager’s stock worth $267,000 after buying an additional 61 shares in the last quarter. Sage Rhino Capital LLC increased its holdings in Blackstone by 0.8% in the second quarter. Sage Rhino Capital LLC now owns 8,036 shares of the asset manager’s stock valued at $1,202,000 after buying an additional 63 shares in the last quarter. Finally, WNY Asset Management LLC lifted its holdings in Blackstone by 1.7% in the 2nd quarter. WNY Asset Management LLC now owns 3,852 shares of the asset manager’s stock valued at $576,000 after purchasing an additional 64 shares in the last quarter. 70.00% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on BX shares. Deutsche Bank Aktiengesellschaft raised their target price on Blackstone from $164.00 to $185.00 and gave the stock a “buy” rating in a research note on Wednesday, December 17th. 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 report on Friday, October 24th. Citigroup dropped their price target on shares of Blackstone from $185.00 to $170.00 and set a “neutral” rating for the company in a research report on Monday, October 13th. Barclays lowered their price objective on shares of Blackstone from $172.00 to $171.00 and set an “equal weight” rating for the company in a research report on Friday, January 9th. Finally, Rothschild & Co Redburn lowered their price target on Blackstone from $168.00 to $165.00 and set a “neutral” rating for the company in a research report on Thursday. Ten analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, Blackstone has a consensus rating of “Hold” and a consensus price target of $177.25.

Insider Activity

In other Blackstone news, 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 cost of $146.92 per share, for a total transaction of $47,602.08. Following the completion of the purchase, the director directly owned 39,077 shares in the company, valued at approximately $5,741,192.84. This represents a 0.84% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Holdings Iv Gp Mana Blackstone acquired 385,208 shares of the stock in a transaction dated Friday, November 21st. The shares were acquired at an average cost of $25.96 per share, with a total value of $9,999,999.68. Following the completion of the transaction, the insider owned 16,332,883 shares in the company, valued at approximately $424,001,642.68. This represents a 2.42% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have purchased 797,148 shares of company stock worth $24,050,153. Insiders own 1.00% of the company’s stock.

Blackstone Stock Performance

NYSE:BX opened at $163.67 on Friday. The company has a market cap of $120.86 billion, a price-to-earnings ratio of 46.76, a price-to-earnings-growth ratio of 1.13 and a beta of 1.75. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.60. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $190.09. The company has a fifty day simple moving average of $151.03 and a two-hundred day simple moving average of $161.26.

Blackstone (NYSE:BX) last released its earnings results on Thursday, October 23rd. The asset manager reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.23 by $0.29. The firm had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.14 billion. Blackstone had a return on equity of 22.30% and a net margin of 20.56%.Blackstone’s revenue was down 15.7% compared to the same quarter last year. During the same period last year, the business posted $1.02 earnings per share. As a group, equities analysts anticipate that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 10th. Investors of record on Monday, November 3rd were issued a $1.29 dividend. This represents a $5.16 annualized dividend and a yield of 3.2%. This is a positive change from Blackstone’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend was Monday, November 3rd. Blackstone’s dividend payout ratio is 147.43%.

About Blackstone

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.