Whalen Wealth Management Inc. Purchases 2,202 Shares of Blackstone Inc. (NYSE:BX)

Whalen Wealth Management Inc. grew its holdings in Blackstone Inc. (NYSE:BX) by 57.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,013 shares of the asset manager’s stock after purchasing an additional 2,202 shares during the period. Whalen Wealth Management Inc.’s holdings in Blackstone were worth $921,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BX. Raleigh Capital Management Inc. lifted its holdings in shares of Blackstone by 32.1% during the 3rd quarter. Raleigh Capital Management Inc. now owns 255 shares of the asset manager’s stock valued at $39,000 after buying an additional 62 shares during the period. Capital Advisors Ltd. LLC boosted its position in Blackstone by 2.3% in the third quarter. Capital Advisors Ltd. LLC now owns 2,787 shares of the asset manager’s stock worth $427,000 after purchasing an additional 62 shares during the last quarter. Fidelis Capital Partners LLC increased its position in shares of Blackstone by 2.7% during the 3rd quarter. Fidelis Capital Partners LLC now owns 2,374 shares of the asset manager’s stock valued at $396,000 after purchasing an additional 62 shares during the last quarter. Harbor Capital Advisors Inc. boosted its holdings in shares of Blackstone by 0.5% in the third quarter. Harbor Capital Advisors Inc. now owns 13,926 shares of the asset manager’s stock worth $2,132,000 after buying an additional 64 shares during the last quarter. Finally, Lindbrook Capital LLC boosted its stake in shares of Blackstone by 1.1% during the 3rd quarter. Lindbrook Capital LLC now owns 5,743 shares of the asset manager’s stock worth $879,000 after acquiring an additional 65 shares during the last quarter. 70.00% of the stock is owned by institutional investors.

Blackstone Trading Up 0.9 %

Shares of NYSE BX opened at $183.05 on Tuesday. The stock has a market capitalization of $132.16 billion, a P/E ratio of 62.90, a PEG ratio of 1.54 and a beta of 1.49. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.71 and a quick ratio of 0.71. The business’s 50 day moving average is $162.26 and its two-hundred day moving average is $140.80. Blackstone Inc. has a 1-year low of $104.39 and a 1-year high of $184.34.

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

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Monday, October 28th were paid a $0.86 dividend. This is a positive change from Blackstone’s previous quarterly dividend of $0.82. The ex-dividend date was Monday, October 28th. This represents a $3.44 dividend on an annualized basis and a yield of 1.88%. Blackstone’s dividend payout ratio (DPR) is presently 118.21%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BX. Evercore ISI lifted their target price on Blackstone from $148.00 to $155.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Citigroup boosted their price objective on Blackstone from $157.00 to $170.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. The Goldman Sachs Group upped their price target on shares of Blackstone from $135.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. BMO Capital Markets lifted their target price on shares of Blackstone from $112.00 to $134.00 and gave the company a “market perform” rating in a research note on Friday, October 18th. Finally, Piper Sandler cut Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 price target on the stock. in a report on Wednesday, October 9th. Thirteen investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $157.63.

Insider Activity

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

Blackstone 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.