WorthPointe LLC Makes New $430,000 Investment in Blackstone Inc. (NYSE:BX)

WorthPointe LLC bought a new stake in Blackstone Inc. (NYSE:BX) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 2,807 shares of the asset manager’s stock, valued at approximately $430,000.

Several other large investors also recently bought and sold shares of BX. Sather Financial Group Inc increased its stake in shares of Blackstone by 202.5% during the third quarter. Sather Financial Group Inc now owns 6,050 shares of the asset manager’s stock worth $926,000 after buying an additional 4,050 shares during the period. Portside Wealth Group LLC purchased a new stake in shares of Blackstone during the 3rd quarter worth $201,000. Wealth Enhancement Advisory Services LLC increased 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 valued at $53,455,000 after buying an additional 7,692 shares during the last quarter. Aljian Capital Management LLC purchased a new stake in Blackstone during the 3rd quarter worth about $1,951,000. Finally, Icon Wealth Advisors LLC increased its holdings in shares of Blackstone by 2,185.4% in the 3rd quarter. Icon Wealth Advisors LLC now owns 18,946 shares of the asset manager’s stock valued at $2,901,000 after acquiring an additional 18,117 shares during the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Blackstone Trading Down 0.8 %

Shares of Blackstone stock opened at $191.64 on Wednesday. The company has a 50-day moving average of $167.36 and a two-hundred day moving average of $143.76. The stock has a market cap of $138.36 billion, a PE ratio of 65.86, a price-to-earnings-growth ratio of 1.64 and a beta of 1.49. 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 Inc. has a 12-month low of $105.51 and a 12-month high of $200.96.

Blackstone (NYSE:BX) last posted its earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.10. The company had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.37 billion. Blackstone had a return on equity of 17.53% and a net margin of 19.46%. On average, research analysts anticipate that Blackstone Inc. will post 4.4 EPS for the current fiscal year.

Blackstone Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Monday, October 28th were paid a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.80%. This is a boost from Blackstone’s previous quarterly dividend of $0.82. The ex-dividend date of this dividend was Monday, October 28th. Blackstone’s dividend payout ratio (DPR) is 118.21%.

Insider Activity at Blackstone

In other Blackstone news, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $150.81, for a total value of $17,561,522.88. Following the completion of the sale, the director now directly owns 799,749 shares of the company’s stock, valued at approximately $120,610,146.69. The trade was a 12.71 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 approximately $68,112,883.78. This represents a 9.84 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Bank of America increased their price target on shares of Blackstone from $171.00 to $192.00 and gave the company a “buy” rating in a research note on Friday, October 18th. TD Cowen boosted their price target on shares of Blackstone from $133.00 to $149.00 and gave the company a “hold” rating in a research report on Friday, October 18th. Morgan Stanley upped their target price on Blackstone from $164.00 to $177.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Cowen reaffirmed a “hold” rating on shares of Blackstone in a report on Friday, October 18th. Finally, Piper Sandler cut Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 price target for the company. in a research note 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’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $157.63.

About Blackstone

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.