Summit Trail Advisors LLC Purchases 285 Shares of Blackstone Inc. (NYSE:BX)

Summit Trail Advisors LLC boosted its holdings in Blackstone Inc. (NYSE:BX) by 2.0% during the third quarter, Holdings Channel reports. The fund owned 14,346 shares of the asset manager’s stock after purchasing an additional 285 shares during the period. Summit Trail Advisors LLC’s holdings in Blackstone were worth $2,197,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Sather Financial Group Inc boosted its holdings in Blackstone by 202.5% in the 3rd quarter. Sather Financial Group Inc now owns 6,050 shares of the asset manager’s stock valued at $926,000 after purchasing an additional 4,050 shares during the period. Portside Wealth Group LLC bought a new stake in shares of Blackstone during the 3rd quarter worth approximately $201,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of Blackstone by 1.8% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 431,784 shares of the asset manager’s stock worth $53,455,000 after buying an additional 7,692 shares during the last quarter. Aljian Capital Management LLC bought a new stake in shares of Blackstone during the 3rd quarter valued at approximately $1,951,000. Finally, Icon Wealth Advisors LLC lifted its stake in shares of Blackstone by 2,185.4% in the 3rd quarter. Icon Wealth Advisors LLC now owns 18,946 shares of the asset manager’s stock valued at $2,901,000 after acquiring an additional 18,117 shares during the last quarter. Institutional investors own 70.00% of the company’s stock.

Blackstone Stock Up 2.6 %

BX stock opened at $199.05 on Monday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.71 and a current ratio of 0.71. The company has a market cap of $143.71 billion, a price-to-earnings ratio of 68.40, a P/E/G ratio of 1.65 and a beta of 1.49. The business’s 50-day moving average is $165.86 and its two-hundred day moving average is $142.79. Blackstone Inc. has a fifty-two week low of $105.51 and a fifty-two week high of $199.95.

Blackstone (NYSE:BX) last released its quarterly earnings data on Thursday, October 17th. The asset manager reported $1.01 EPS for the quarter, beating the consensus estimate of $0.91 by $0.10. Blackstone had a net margin of 19.46% and a return on equity of 17.53%. The business had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.37 billion. As a group, analysts forecast that Blackstone Inc. will post 4.4 earnings per share for the current year.

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Monday, October 28th were paid a $0.86 dividend. This represents a $3.44 annualized dividend and a yield of 1.73%. The ex-dividend date was Monday, October 28th. This is an increase from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s dividend payout ratio (DPR) is currently 118.21%.

Analyst Ratings Changes

Several research firms have recently issued reports on BX. Bank of America raised their price target on shares of Blackstone from $171.00 to $192.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Redburn Atlantic started coverage on Blackstone in a research note on Tuesday, August 27th. They issued a “neutral” rating and a $134.00 price objective on the stock. Piper Sandler lowered Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 price target on the stock. in a research note on Wednesday, October 9th. Morgan Stanley boosted their target price on shares of Blackstone from $164.00 to $177.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Finally, Citigroup raised their price target on shares of Blackstone from $157.00 to $170.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Thirteen equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $157.63.

Insider Activity at Blackstone

In related news, insider John G. Finley sold 42,249 shares of Blackstone stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $175.94, for a total transaction of $7,433,289.06. Following the completion of the sale, the insider now owns 387,137 shares of the company’s stock, valued at $68,112,883.78. The trade was a 9.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $150.81, for a total value of $17,561,522.88. Following the transaction, the director now owns 799,749 shares of the company’s stock, valued at $120,610,146.69. The trade was a 12.71 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.

About Blackstone

Blackstone Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.