Tradition Wealth Management LLC Purchases 234 Shares of Blackstone Inc. (NYSE:BX)

Tradition Wealth Management LLC grew its holdings in Blackstone Inc. (NYSE:BX) by 2.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 9,173 shares of the asset manager’s stock after purchasing an additional 234 shares during the quarter. Tradition Wealth Management LLC’s holdings in Blackstone were worth $1,405,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Blackstone during the second quarter valued at approximately $26,000. EdgeRock Capital LLC acquired a new position in shares of Blackstone in the 2nd quarter valued at $27,000. West Financial Advisors LLC acquired a new stake in Blackstone during the 3rd quarter worth $27,000. Bank & Trust Co acquired a new position in Blackstone in the second quarter valued at about $29,000. Finally, Ridgewood Investments LLC acquired a new stake in shares of Blackstone during the second quarter worth about $31,000. 70.00% of the stock is owned by institutional investors.

Insider Activity

In related 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 value of $7,433,289.06. Following the transaction, the insider now directly owns 387,137 shares of the company’s stock, valued at $68,112,883.78. This trade represents a 9.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Joseph Baratta sold 116,448 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total value of $17,561,522.88. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.

Blackstone Stock Up 1.1 %

Shares of BX opened at $191.09 on Monday. Blackstone Inc. has a 52 week low of $110.77 and a 52 week high of $200.96. The firm has a market cap of $137.97 billion, a P/E ratio of 65.67, a price-to-earnings-growth ratio of 1.63 and a beta of 1.49. The firm’s 50-day simple moving average is $169.29 and its 200 day simple moving average is $145.09. 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 (NYSE:BX) last released its quarterly earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $2.37 billion. On average, analysts forecast that Blackstone Inc. will post 4.4 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. Shareholders of record on Monday, October 28th were given a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date was Monday, October 28th. This is a positive change from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s dividend payout ratio is presently 118.21%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BX. Citigroup boosted their price objective on shares of Blackstone from $157.00 to $170.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Bank of America boosted their target price on Blackstone from $171.00 to $192.00 and gave the company a “buy” rating in a research note on Friday, October 18th. BMO Capital Markets lifted their price objective on shares of Blackstone from $112.00 to $134.00 and gave the company a “market perform” rating in a report on Friday, October 18th. JPMorgan Chase & Co. raised their target price on shares of Blackstone from $125.00 to $146.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, Wells Fargo & Company boosted their price target on shares of Blackstone from $169.00 to $188.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Thirteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $157.63.

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.