Elmwood Wealth Management Inc. Takes Position in Blackstone Inc. (NYSE:BX)

Elmwood Wealth Management Inc. acquired a new stake in Blackstone Inc. (NYSE:BX) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 2,716 shares of the asset manager’s stock, valued at approximately $468,000.

Other institutional investors have also made changes to their positions in the company. West Financial Advisors LLC acquired a new position in Blackstone in the third quarter valued at about $27,000. Bangor Savings Bank grew its position in Blackstone by 187.5% during the 4th quarter. Bangor Savings Bank now owns 161 shares of the asset manager’s stock worth $28,000 after acquiring an additional 105 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new position in Blackstone in the 2nd quarter valued at $39,000. Raleigh Capital Management Inc. grew its holdings in shares of Blackstone by 32.1% during the third quarter. Raleigh Capital Management Inc. now owns 255 shares of the asset manager’s stock worth $39,000 after purchasing an additional 62 shares during the last quarter. Finally, Kieckhefer Group LLC bought a new position in shares of Blackstone in the fourth quarter valued at about $39,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider John G. Finley sold 42,249 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 387,137 shares of the company’s stock, valued at approximately $68,112,883.78. This represents a 9.84 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.00% of the company’s stock.

Blackstone Stock Up 0.1 %

NYSE:BX traded up $0.21 on Monday, hitting $165.06. 2,316,105 shares of the company’s stock traded hands, compared to its average volume of 2,638,068. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.58. The company has a market cap of $119.17 billion, a PE ratio of 56.72, a price-to-earnings-growth ratio of 1.63 and a beta of 1.53. The firm has a 50-day moving average price of $180.73 and a 200-day moving average price of $156.98. Blackstone Inc. has a 1 year low of $114.88 and a 1 year high of $200.96.

Blackstone (NYSE:BX) last issued its earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share for the quarter, topping 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%. Equities analysts anticipate that Blackstone Inc. will post 4.43 EPS for the current fiscal year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Monday, October 28th were given a dividend of $0.86 per share. The ex-dividend date was Monday, October 28th. This represents a $3.44 dividend on an annualized basis and a yield of 2.08%. This is a positive change from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s payout ratio is 118.21%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on BX shares. TD Cowen raised shares of Blackstone from a “hold” rating to a “buy” rating and boosted their target price for the stock from $149.00 to $230.00 in a research note on Monday, December 9th. Bank of America upped their price objective on Blackstone from $171.00 to $192.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Piper Sandler upped their price target on Blackstone from $168.00 to $179.00 and gave the company a “neutral” rating in a research note on Monday, December 23rd. The Goldman Sachs Group upped their target price on shares of Blackstone from $135.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Blackstone from $172.00 to $182.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Twelve investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $170.50.

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.