Cumberland Partners Ltd Takes Position in Blackstone Inc. (NYSE:BX)

Cumberland Partners Ltd acquired a new stake in Blackstone Inc. (NYSE:BXFree Report) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 10,000 shares of the asset manager’s stock, valued at approximately $1,531,000.

A number of other institutional investors also recently modified their holdings of the company. Portside Wealth Group LLC purchased a new position in shares of Blackstone during the third quarter valued at approximately $201,000. Wealth Enhancement Advisory Services LLC grew its holdings in Blackstone by 1.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 431,784 shares of the asset manager’s stock worth $53,455,000 after purchasing an additional 7,692 shares during the period. Blue Trust Inc. lifted its stake in shares of Blackstone by 936.2% in the second quarter. Blue Trust Inc. now owns 5,958 shares of the asset manager’s stock worth $783,000 after buying an additional 5,383 shares in the last quarter. Asahi Life Asset Management CO. LTD. bought a new stake in shares of Blackstone during the third quarter valued at approximately $557,000. Finally, Scientech Research LLC bought a new position in Blackstone in the 2nd quarter valued at approximately $1,364,000. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. BMO Capital Markets boosted their price target on Blackstone from $112.00 to $134.00 and gave the stock a “market perform” rating in a research note on Friday, October 18th. The Goldman Sachs Group increased 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. UBS Group increased their price objective on shares of Blackstone from $140.00 to $160.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. TD Cowen increased their price target on shares of Blackstone from $133.00 to $149.00 and gave the stock a “hold” rating in a research report on Friday, October 18th. Finally, Wells Fargo & Company upped their price objective on Blackstone from $169.00 to $188.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Thirteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $157.63.

Check Out Our Latest Research Report on BX

Insider Buying and Selling

In other Blackstone news, insider John G. Finley sold 42,249 shares of the business’s stock in a transaction 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 transaction, the insider now owns 387,137 shares in the company, valued at $68,112,883.78. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider John G. Finley sold 42,249 shares of the business’s stock in a transaction on 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 transaction, the insider now owns 387,137 shares in the company, valued at $68,112,883.78. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph Baratta sold 116,448 shares of the business’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 directly owns 799,749 shares of the company’s stock, valued at $120,610,146.69. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.

Blackstone Price Performance

Shares of NYSE:BX traded down $1.77 during midday trading on Tuesday, reaching $181.39. 288,143 shares of the company were exchanged, compared to its average volume of 3,414,977. The stock has a market cap of $130.96 billion, a PE ratio of 62.94, a price-to-earnings-growth ratio of 1.52 and a beta of 1.49. Blackstone Inc. has a one year low of $96.93 and a one year high of $183.96. The company has a current ratio of 0.71, a quick ratio of 0.77 and a debt-to-equity ratio of 0.58. The business’s fifty day moving average is $157.93 and its two-hundred day moving average is $138.60.

Blackstone (NYSE:BXGet Free Report) last released its quarterly earnings data on Thursday, October 17th. The asset manager reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.10. Blackstone had a return on equity of 17.53% and a net margin of 19.46%. The business had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.37 billion. As a group, analysts predict that Blackstone Inc. will post 4.39 earnings per share for the current year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Monday, October 28th were given a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a dividend yield of 1.90%. This is a boost from Blackstone’s previous quarterly dividend of $0.82. The ex-dividend date was Monday, October 28th. Blackstone’s dividend payout ratio is currently 118.21%.

Blackstone Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Blackstone (NYSE:BX)

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