Lake Street Advisors Group LLC Acquires 21,831 Shares of Blackstone Inc. (NYSE:BX)

Lake Street Advisors Group LLC increased its stake in shares of Blackstone Inc. (NYSE:BX) by 112.9% during the 4th quarter, Holdings Channel reports. The institutional investor owned 41,171 shares of the asset manager’s stock after buying an additional 21,831 shares during the period. Lake Street Advisors Group LLC’s holdings in Blackstone were worth $7,099,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bangor Savings Bank increased its holdings in shares of Blackstone by 187.5% in the fourth quarter. Bangor Savings Bank now owns 161 shares of the asset manager’s stock valued at $28,000 after purchasing an additional 105 shares in the last quarter. Hager Investment Management Services LLC acquired a new stake in shares of Blackstone in the 4th quarter valued at $28,000. Centricity Wealth Management LLC acquired a new position in shares of Blackstone during the fourth quarter valued at $30,000. Berbice Capital Management LLC acquired a new stake in Blackstone in the fourth quarter worth about $34,000. Finally, Comprehensive Financial Planning Inc. PA bought a new stake in Blackstone during the 4th quarter worth about $34,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Insider Buying and Selling

In related news, Director Ruth Porat bought 301 shares of Blackstone stock in a transaction that occurred on Tuesday, February 18th. The stock was acquired at an average price of $164.85 per share, with a total value of $49,619.85. Following the acquisition, the director now owns 36,829 shares of the company’s stock, valued at approximately $6,071,260.65. This represents a 0.82 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. JPMorgan Chase & Co. lifted their price target on shares of Blackstone from $149.00 to $154.00 and gave the stock a “neutral” rating in a research report on Friday, January 31st. Barclays reiterated an “equal weight” rating on shares of Blackstone in a research report on Friday, February 7th. Deutsche Bank Aktiengesellschaft raised their price target on Blackstone from $172.00 to $182.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Piper Sandler increased their target price on Blackstone from $168.00 to $179.00 and gave the company a “neutral” rating in a research note on Monday, December 23rd. Finally, Citigroup restated a “hold” rating on shares of Blackstone in a research report on Friday, February 7th. Thirteen research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $172.38.

Blackstone Trading Up 0.1 %

Shares of NYSE:BX opened at $157.22 on Wednesday. The firm has a market cap of $113.51 billion, a price-to-earnings ratio of 43.31, a PEG ratio of 1.07 and a beta of 1.53. The company has a quick ratio of 0.71, a current ratio of 0.67 and a debt-to-equity ratio of 0.61. Blackstone Inc. has a 12 month low of $115.82 and a 12 month high of $200.96. The company’s fifty day simple moving average is $172.44 and its 200 day simple moving average is $166.12.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, January 30th. The asset manager reported $1.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.19. Blackstone had a net margin of 20.99% and a return on equity of 19.58%. As a group, research analysts forecast that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Monday, February 10th were issued a $1.44 dividend. This represents a $5.76 dividend on an annualized basis and a dividend yield of 3.66%. This is a boost from Blackstone’s previous quarterly dividend of $0.86. The ex-dividend date was Monday, February 10th. Blackstone’s dividend payout ratio is presently 158.68%.

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.