Summit X LLC Buys New Shares in Blackstone Inc. (NYSE:BX)

Summit X LLC purchased a new position in Blackstone Inc. (NYSE:BX) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,566 shares of the asset manager’s stock, valued at approximately $270,000.

A number of other large investors have also added to or reduced their stakes in the company. Moors & Cabot Inc. grew its holdings in Blackstone by 2.4% in the 4th quarter. Moors & Cabot Inc. now owns 55,898 shares of the asset manager’s stock worth $9,638,000 after acquiring an additional 1,312 shares during the last quarter. AGF Management Ltd. bought a new stake in shares of Blackstone during the 4th quarter valued at about $740,000. Wealthfront Advisers LLC boosted its stake in shares of Blackstone by 76.8% during the 4th quarter. Wealthfront Advisers LLC now owns 108,421 shares of the asset manager’s stock valued at $18,694,000 after purchasing an additional 47,095 shares in the last quarter. GC Wealth Management RIA LLC bought a new stake in shares of Blackstone during the 4th quarter valued at about $269,000. Finally, King Luther Capital Management Corp boosted its stake in shares of Blackstone by 39.4% during the 4th quarter. King Luther Capital Management Corp now owns 14,103 shares of the asset manager’s stock valued at $2,432,000 after purchasing an additional 3,985 shares in the last quarter. Institutional investors own 70.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on BX shares. Barclays reaffirmed an “equal weight” rating on shares of Blackstone in a research note on Friday, February 7th. JPMorgan Chase & Co. lifted their price target on shares of Blackstone from $149.00 to $154.00 and gave the company a “neutral” rating in a research report on Friday, January 31st. TD Cowen raised shares of Blackstone from a “hold” rating to a “buy” rating and lifted their price target for the company from $149.00 to $230.00 in a research report on Monday, December 9th. StockNews.com cut shares of Blackstone from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Finally, UBS Group reissued a “neutral” rating on shares of Blackstone in a research report on Monday, March 3rd. Thirteen equities 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 has an average rating of “Hold” and an average target price of $172.38.

Blackstone Stock Up 1.7 %

Shares of BX stock opened at $140.46 on Thursday. The company has a 50 day simple moving average of $167.34 and a two-hundred day simple moving average of $167.06. The company has a current ratio of 0.67, a quick ratio of 0.71 and a debt-to-equity ratio of 0.61. The stock has a market cap of $102.46 billion, a P/E ratio of 38.70, a P/E/G ratio of 1.07 and a beta of 1.55. Blackstone Inc. has a 12 month low of $115.82 and a 12 month high of $200.96.

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

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 18th. Investors of record on Monday, February 10th were paid a $1.44 dividend. This represents a $5.76 annualized dividend and a yield of 4.10%. The ex-dividend date of this dividend was Monday, February 10th. This is an increase from Blackstone’s previous quarterly dividend of $0.86. Blackstone’s dividend payout ratio (DPR) is currently 158.68%.

Insider Buying and Selling

In other Blackstone news, Director Ruth Porat acquired 301 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was acquired at an average cost of $164.85 per share, for a total transaction of $49,619.85. Following the purchase, the director now owns 36,829 shares in the company, valued at approximately $6,071,260.65. The trade was 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 owned by company insiders.

Blackstone Company 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.