Glen Eagle Advisors LLC raised its position in shares of Blackstone Inc. (NYSE:BX – Free Report) by 54.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,624 shares of the asset manager’s stock after purchasing an additional 4,098 shares during the period. Glen Eagle Advisors LLC’s holdings in Blackstone were worth $1,792,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Redwood Financial Network Corp boosted its stake in Blackstone by 1.8% during the 2nd quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager’s stock valued at $537,000 after purchasing an additional 65 shares during the period. Benchmark Financial Wealth Advisors LLC boosted its stake in Blackstone by 0.9% during the 4th quarter. Benchmark Financial Wealth Advisors LLC now owns 7,748 shares of the asset manager’s stock valued at $1,194,000 after purchasing an additional 69 shares during the period. MidWestOne Financial Group Inc. boosted its stake in Blackstone by 0.8% during the 3rd quarter. MidWestOne Financial Group Inc. now owns 8,335 shares of the asset manager’s stock valued at $1,424,000 after purchasing an additional 70 shares during the period. Parcion Private Wealth LLC boosted its stake in Blackstone by 0.6% during the 4th quarter. Parcion Private Wealth LLC now owns 10,935 shares of the asset manager’s stock valued at $1,686,000 after purchasing an additional 70 shares during the period. Finally, Trivium Point Advisory LLC boosted its stake in Blackstone by 2.6% during the 4th quarter. Trivium Point Advisory LLC now owns 2,713 shares of the asset manager’s stock valued at $418,000 after purchasing an additional 70 shares during the period. 70.00% of the stock is owned by institutional investors and hedge funds.
Blackstone Stock Up 1.5%
BX stock opened at $122.63 on Friday. Blackstone Inc. has a 12 month low of $101.73 and a 12 month high of $190.09. The firm has a 50 day simple moving average of $119.98 and a 200 day simple moving average of $131.03. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.76 and a quick ratio of 0.76. The firm has a market cap of $91.10 billion, a PE ratio of 31.36, a P/E/G ratio of 1.33 and a beta of 1.59.
Blackstone Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, May 4th were given a $1.16 dividend. This represents a $4.64 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Monday, May 4th. Blackstone’s payout ratio is currently 118.67%.
Analysts Set New Price Targets
A number of brokerages have recently weighed in on BX. Zacks Research raised shares of Blackstone from a “strong sell” rating to a “hold” rating in a research note on Monday, June 8th. Sanford C. Bernstein initiated coverage on shares of Blackstone in a research note on Monday, June 8th. They issued an “outperform” rating for the company. Oppenheimer increased their target price on shares of Blackstone from $154.00 to $156.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Morgan Stanley cut their target price on shares of Blackstone from $215.00 to $184.00 and set an “overweight” rating for the company in a research note on Tuesday, April 21st. Finally, BMO Capital Markets increased their target price on shares of Blackstone from $126.00 to $132.00 and gave the company an “outperform” rating in a research note on Monday, April 13th. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat, Blackstone has a consensus rating of “Moderate Buy” and an average target price of $150.86.
Read Our Latest Report on Blackstone
Insider Buying and Selling
In other Blackstone news, Director Ruth Porat bought 355 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was bought at an average cost of $123.04 per share, with a total value of $43,679.20. Following the completion of the transaction, the director directly owned 41,818 shares of the company’s stock, valued at approximately $5,145,286.72. The trade was a 0.86% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Treasury Holdings I. Blackstone bought 9,486,795 shares of the firm’s stock in a transaction on Friday, May 15th. The stock was acquired at an average cost of $20.00 per share, with a total value of $189,735,900.00. Following the completion of the transaction, the insider directly owned 9,111,800 shares of the company’s stock, valued at approximately $182,236,000. This represents a -2,529.85% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders purchased 12,355,303 shares of company stock valued at $264,789,896. 1.00% of the stock is owned by company insiders.
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.
Featured Stories
- Five stocks we like better than Blackstone
- Time to Sell? 3 Winners With Fading Technical Momentum
- Why These 2 Hotel Stocks Are Beating Travel Peers
- This Energy Stock Has Quietly Soared 130% in a Year
- 3 ‘Boring’ Dividend Stocks With Tasty Technical Setups
Receive News & Ratings for Blackstone Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Blackstone and related companies with MarketBeat.com's FREE daily email newsletter.
