Avestar Capital LLC grew its holdings in Blackstone Inc. (NYSE:BX – Free Report) by 10.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 5,305 shares of the asset manager’s stock after acquiring an additional 516 shares during the period. Avestar Capital LLC’s holdings in Blackstone were worth $812,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the business. Sather Financial Group Inc increased its position in Blackstone by 202.5% during 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 Blackstone during the 3rd quarter valued at approximately $201,000. Wealth Enhancement Advisory Services LLC raised its position in shares of Blackstone by 1.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 431,784 shares of the asset manager’s stock worth $53,455,000 after acquiring an additional 7,692 shares in the last quarter. Aljian Capital Management LLC purchased a new position in shares of Blackstone in the 3rd quarter valued at approximately $1,951,000. Finally, Icon Wealth Advisors LLC raised its holdings in Blackstone by 2,185.4% in the third quarter. Icon Wealth Advisors LLC now owns 18,946 shares of the asset manager’s stock worth $2,901,000 after purchasing an additional 18,117 shares in the last quarter. 70.00% of the stock is owned by hedge funds and other institutional investors.
Blackstone Stock Performance
Shares of Blackstone stock opened at $191.64 on Wednesday. The company has a 50-day simple moving average of $167.36 and a two-hundred day simple moving average of $143.76. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.71 and a current ratio of 0.71. Blackstone Inc. has a one year low of $105.51 and a one year high of $200.96. The company has a market capitalization of $138.36 billion, a PE ratio of 65.86, a P/E/G ratio of 1.69 and a beta of 1.49.
Blackstone Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Monday, October 28th were paid a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend was Monday, October 28th. This is an increase from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s payout ratio is presently 118.21%.
Insider Transactions at Blackstone
In other news, insider John G. Finley sold 42,249 shares of Blackstone stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $175.94, for a total transaction of $7,433,289.06. Following the completion of the transaction, the insider now directly owns 387,137 shares of the company’s stock, valued at $68,112,883.78. The trade was a 9.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph Baratta sold 116,448 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $150.81, for a total transaction of $17,561,522.88. Following the sale, the director now owns 799,749 shares in the company, valued at approximately $120,610,146.69. This represents a 12.71 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.
Analysts Set New Price Targets
A number of analysts have recently weighed in on the stock. Barclays upped their target price on shares of Blackstone from $155.00 to $174.00 and gave the stock an “equal weight” rating in a research report on Friday, October 18th. Piper Sandler lowered shares of Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 target price for the company. in a report on Wednesday, October 9th. Evercore ISI raised their price objective on Blackstone from $148.00 to $155.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. The Goldman Sachs Group raised their price target on Blackstone from $135.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Finally, UBS Group raised their price objective on shares of Blackstone from $140.00 to $160.00 and gave the company a “neutral” rating in a research note on Wednesday, October 16th. Thirteen research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $157.63.
Check Out Our Latest Analysis on Blackstone
Blackstone Company Profile
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.
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