United Capital Financial Advisers LLC grew its position in Blackstone Inc. (NYSE:BX – Get Rating) by 4.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 99,261 shares of the asset manager's stock after buying an additional 3,898 shares during the quarter. United Capital Financial Advisers LLC's holdings in Blackstone were worth $8,308,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BX. Valley National Advisers Inc. boosted its stake in Blackstone by 1.5% during the 3rd quarter. Valley National Advisers Inc. now owns 20,043 shares of the asset manager's stock valued at $1,806,000 after purchasing an additional 302 shares during the period. TCI Wealth Advisors Inc. raised its holdings in shares of Blackstone by 6.4% in the 3rd quarter. TCI Wealth Advisors Inc. now owns 3,260 shares of the asset manager's stock worth $273,000 after buying an additional 195 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Blackstone in the 2nd quarter worth approximately $883,000. Congress Wealth Management LLC DE raised its holdings in shares of Blackstone by 44.6% in the 3rd quarter. Congress Wealth Management LLC DE now owns 31,624 shares of the asset manager's stock worth $2,648,000 after buying an additional 9,750 shares in the last quarter. Finally, Kestra Advisory Services LLC increased its holdings in Blackstone by 21.6% during the 3rd quarter. Kestra Advisory Services LLC now owns 159,111 shares of the asset manager's stock valued at $13,318,000 after purchasing an additional 28,263 shares in the last quarter. Hedge funds and other institutional investors own 62.39% of the company's stock.
Get Blackstone alerts:Insider Buying and Selling at Blackstone
In other Blackstone news, Director Ruth Porat acquired 20,000 shares of the stock in a transaction on Friday, December 2nd. The stock was acquired at an average price of $83.55 per share, for a total transaction of $1,671,000.00. Following the completion of the transaction, the director now directly owns 20,000 shares of the company's stock, valued at $1,671,000. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Ruth Porat bought 20,000 shares of the stock in a transaction that occurred on Friday, December 2nd. The stock was bought at an average cost of $83.55 per share, for a total transaction of $1,671,000.00. Following the purchase, the director now directly owns 20,000 shares of the company's stock, valued at $1,671,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John G. Finley sold 40,000 shares of the business's stock in a transaction on Thursday, February 2nd. The shares were sold at an average price of $100.37, for a total transaction of $4,014,800.00. Following the completion of the transaction, the insider now owns 350,005 shares of the company's stock, valued at $35,130,001.85. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,672,068 shares of company stock valued at $69,683,744. Insiders own 1.00% of the company's stock.
Blackstone Price Performance
Shares of BX stock traded up $0.39 during trading on Wednesday, hitting $91.19. The company had a trading volume of 313,620 shares, compared to its average volume of 4,220,418. The stock's 50-day moving average price is $86.79 and its 200 day moving average price is $89.35. The firm has a market capitalization of $64.41 billion, a P/E ratio of 38.31, a price-to-earnings-growth ratio of 1.96 and a beta of 1.52. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.85 and a current ratio of 0.85. Blackstone Inc. has a one year low of $71.72 and a one year high of $132.93.
Blackstone (NYSE:BX – Get Rating) last announced its quarterly earnings results on Thursday, January 26th. The asset manager reported $1.07 EPS for the quarter, beating the consensus estimate of $0.95 by $0.12. Blackstone had a net margin of 20.52% and a return on equity of 18.89%. The firm had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $2.62 billion. During the same period last year, the firm earned $1.71 EPS. Equities analysts expect that Blackstone Inc. will post 4.66 EPS for the current fiscal year.
Blackstone Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, February 13th. Investors of record on Monday, February 6th were given a dividend of $0.91 per share. This is an increase from Blackstone's previous quarterly dividend of $0.90. The ex-dividend date was Friday, February 3rd. This represents a $3.64 dividend on an annualized basis and a yield of 3.99%. Blackstone's dividend payout ratio is 153.59%.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on BX. Piper Sandler dropped their price target on Blackstone from $114.00 to $111.00 and set an "overweight" rating for the company in a report on Wednesday, December 21st. BMO Capital Markets lifted their target price on Blackstone from $85.00 to $92.00 and gave the company a "market perform" rating in a research note on Friday, January 27th. Deutsche Bank Aktiengesellschaft lifted their target price on Blackstone from $127.00 to $128.00 and gave the company a "buy" rating in a research note on Tuesday, November 15th. CICC Research initiated coverage on Blackstone in a research note on Thursday, January 12th. They issued an "outperform" rating for the company. Finally, Barclays lifted their target price on Blackstone from $86.00 to $100.00 and gave the company an "equal weight" rating in a research note on Friday, January 27th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $112.33.
Blackstone Profile
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Blackstone, Inc engages in the provision of investment and fund management services. It operates through the following segments: Private Equity, Real Estate, Hedge Fund Solutions and Credit. The Private Equity segment consists of its flagship corporate private equity funds, Blackstone Capital Partners funds, sector-focused corporate private equity funds, including energy-focused funds, Blackstone Energy Partners funds, and Blackstone Core Equity Partners.
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