BIP Wealth LLC Acquires Shares of 1,550 Blackstone Inc. (NYSE:BX)

BIP Wealth LLC purchased a new position in shares of Blackstone Inc. (NYSE:BX) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 1,550 shares of the asset manager’s stock, valued at approximately $237,000.

Other institutional investors have also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in Blackstone during the second quarter valued at about $26,000. EdgeRock Capital LLC purchased a new stake in shares of Blackstone during the 2nd quarter worth approximately $27,000. West Financial Advisors LLC bought a new stake in shares of Blackstone in the 3rd quarter worth approximately $27,000. Bank & Trust Co bought a new position in Blackstone during the second quarter valued at $29,000. Finally, Ridgewood Investments LLC bought a new stake in shares of Blackstone in the second quarter valued at $31,000. Institutional investors own 70.00% of the company’s stock.

Blackstone Price Performance

Shares of Blackstone stock opened at $184.87 on Wednesday. The firm has a market cap of $133.48 billion, a PE ratio of 63.53, a price-to-earnings-growth ratio of 1.54 and a beta of 1.49. The company’s fifty day simple moving average is $163.11 and its two-hundred day simple moving average is $141.27. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.58. Blackstone Inc. has a 12-month low of $104.39 and a 12-month high of $186.32.

Blackstone (NYSE:BX) last released its quarterly earnings results on Thursday, October 17th. The asset manager reported $1.01 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $2.37 billion. As a group, equities analysts expect that Blackstone Inc. will post 4.39 EPS for the current year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Monday, October 28th were given a $0.86 dividend. This represents a $3.44 annualized dividend and a dividend yield of 1.86%. 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 (DPR) is currently 118.21%.

Insider Activity at Blackstone

In other Blackstone news, Director Joseph Baratta sold 116,448 shares of the 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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John G. Finley sold 42,249 shares of the company’s stock in a transaction dated 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 sale, the insider now directly owns 387,137 shares in the company, valued at $68,112,883.78. This represents a 9.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on BX. Morgan Stanley lifted their price objective on Blackstone from $164.00 to $177.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Evercore ISI upped their price target on shares of Blackstone from $148.00 to $155.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. The Goldman Sachs Group increased their target price on 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 boosted their price objective on Blackstone from $112.00 to $134.00 and gave the company a “market perform” rating in a research note on Friday, October 18th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on Blackstone from $172.00 to $182.00 and gave the company a “buy” rating in a report on Monday, November 11th. Thirteen research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $157.63.

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.