Code Waechter LLC Has $373,000 Holdings in Blackstone Inc. (NYSE:BX)

Code Waechter LLC cut its stake in Blackstone Inc. (NYSE:BX) by 7.5% in the 4th quarter, HoldingsChannel.com reports. The firm owned 2,163 shares of the asset manager’s stock after selling 175 shares during the quarter. Code Waechter LLC’s holdings in Blackstone were worth $373,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Dale Q Rice Investment Management Ltd bought a new stake in Blackstone in the 4th quarter worth about $1,651,000. AdvisorNet Financial Inc increased its position in shares of Blackstone by 57.8% during the fourth quarter. AdvisorNet Financial Inc now owns 12,694 shares of the asset manager’s stock valued at $2,189,000 after acquiring an additional 4,648 shares during the last quarter. Miracle Mile Advisors LLC boosted its position in Blackstone by 9.4% in the fourth quarter. Miracle Mile Advisors LLC now owns 31,414 shares of the asset manager’s stock worth $5,416,000 after purchasing an additional 2,692 shares during the last quarter. Bar Harbor Wealth Management increased its position in shares of Blackstone by 3.5% during the 4th quarter. Bar Harbor Wealth Management now owns 5,405 shares of the asset manager’s stock valued at $932,000 after purchasing an additional 181 shares during the last quarter. Finally, Elmwood Wealth Management Inc. purchased a new position in shares of Blackstone in the 4th quarter worth about $468,000. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Analyst Upgrades and Downgrades

BX has been the topic of several research reports. Keefe, Bruyette & Woods lowered their price objective on shares of Blackstone from $175.00 to $174.00 and set a “market perform” rating on the stock in a research report on Monday. Citigroup raised their target price on Blackstone from $157.00 to $170.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Barclays lowered their price objective on Blackstone from $199.00 to $192.00 and set an “equal weight” rating on the stock in a research note on Monday. UBS Group boosted their price target on shares of Blackstone from $140.00 to $160.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Finally, Evercore ISI lifted their price objective 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. 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, the company currently has an average rating of “Hold” and an average target price of $170.50.

Insider Activity

In other 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 value of $7,433,289.06. Following the transaction, the insider now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.00% of the stock is owned by corporate insiders.

Blackstone Trading Up 0.5 %

Shares of Blackstone stock opened at $165.70 on Tuesday. The company has a 50 day simple moving average of $180.71 and a two-hundred day simple moving average of $157.27. The firm has a market cap of $119.64 billion, a PE ratio of 56.94, a PEG ratio of 1.63 and a beta of 1.53. Blackstone Inc. has a 1 year low of $114.88 and a 1 year high of $200.96. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.71 and a quick 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 for the quarter, beating analysts’ consensus estimates of $0.91 by $0.10. The business had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.37 billion. Blackstone had a return on equity of 17.53% and a net margin of 19.46%. Analysts expect that Blackstone Inc. will post 4.43 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Monday, October 28th were paid a dividend of $0.86 per share. The ex-dividend date was Monday, October 28th. This is an increase from Blackstone’s previous quarterly dividend of $0.82. This represents a $3.44 annualized dividend and a dividend yield of 2.08%. Blackstone’s dividend payout ratio (DPR) is 118.21%.

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.