Pines Wealth Management LLC Acquires New Position in Blackstone Inc. (NYSE:BX)

Pines Wealth Management LLC purchased a new stake in Blackstone Inc. (NYSE:BX) in the fourth quarter, according to its most recent filing with the SEC. The fund purchased 2,096 shares of the asset manager’s stock, valued at approximately $346,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Accurate Wealth Management LLC boosted its stake in Blackstone by 29.5% in the fourth quarter. Accurate Wealth Management LLC now owns 6,489 shares of the asset manager’s stock valued at $1,070,000 after acquiring an additional 1,478 shares during the period. Rosenberg Matthew Hamilton boosted its position in Blackstone by 22.1% during the 4th quarter. Rosenberg Matthew Hamilton now owns 469 shares of the asset manager’s stock valued at $81,000 after purchasing an additional 85 shares during the period. Signal Advisors Wealth LLC increased its position in Blackstone by 2.6% in the fourth quarter. Signal Advisors Wealth LLC now owns 2,576 shares of the asset manager’s stock worth $444,000 after buying an additional 66 shares during the period. Ayrshire Capital Management LLC boosted its holdings in shares of Blackstone by 0.7% during the fourth quarter. Ayrshire Capital Management LLC now owns 9,942 shares of the asset manager’s stock valued at $1,714,000 after acquiring an additional 69 shares during the period. Finally, Dale Q Rice Investment Management Ltd acquired a new stake in shares of Blackstone in the 4th quarter worth about $1,651,000. 70.00% of the stock is owned by institutional investors and hedge funds.

Blackstone Price Performance

NYSE BX opened at $175.12 on Thursday. Blackstone Inc. has a 1 year low of $114.88 and a 1 year high of $200.96. The stock’s 50-day moving average price is $180.70 and its two-hundred day moving average price is $157.59. The company has a market cap of $126.44 billion, a PE ratio of 60.18, a PEG ratio of 1.63 and a beta of 1.53. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.58.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, October 17th. The asset manager reported $1.01 EPS for the quarter, topping analysts’ consensus estimates 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%. On average, analysts predict that Blackstone Inc. will post 4.43 EPS for the current year.

Insider Activity

In related news, insider John G. Finley sold 42,249 shares of the firm’s 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 sale, the insider now directly owns 387,137 shares in the company, valued at approximately $68,112,883.78. This trade represents a 9.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

BX has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft upped their target price on shares of Blackstone from $172.00 to $182.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Evercore ISI lifted their target price on Blackstone from $148.00 to $155.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Bank of America raised their price target on Blackstone from $171.00 to $192.00 and gave the company a “buy” rating in a report on Friday, October 18th. Piper Sandler increased their target price on shares of Blackstone from $168.00 to $179.00 and gave the company a “neutral” rating in a research report on Monday, December 23rd. Finally, TD Cowen raised shares of Blackstone from a “hold” rating to a “buy” rating and upped their price target for the stock from $149.00 to $230.00 in a research note on Monday, December 9th. Twelve equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Blackstone has an average rating of “Hold” and an average price target of $169.56.

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.