Flagship Wealth Advisors LLC acquired a new position in Blackstone Inc. (NYSE:BX – Free Report) in the 4th quarter, Holdings Channel.com reports. The firm acquired 1,822 shares of the asset manager’s stock, valued at approximately $314,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of BX. Sather Financial Group Inc increased its stake in Blackstone by 202.5% in the 3rd 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 in the last quarter. Aljian Capital Management LLC purchased a new stake in Blackstone in the 3rd quarter worth $1,951,000. Icon Wealth Advisors LLC increased its stake in Blackstone by 2,185.4% in the 3rd quarter. Icon Wealth Advisors LLC now owns 18,946 shares of the asset manager’s stock worth $2,901,000 after buying an additional 18,117 shares in the last quarter. Wealthcare Capital Partners LLC purchased a new stake in Blackstone in the 4th quarter worth $2,102,000. Finally, Highland Capital Management LLC boosted its holdings in shares of Blackstone by 214.2% during the 4th quarter. Highland Capital Management LLC now owns 22,303 shares of the asset manager’s stock valued at $3,845,000 after purchasing an additional 15,205 shares during the last quarter. 70.00% of the stock is currently owned by hedge funds and other institutional investors.
Blackstone Stock Performance
Shares of BX stock opened at $141.01 on Monday. The firm has a market cap of $102.86 billion, a price-to-earnings ratio of 38.85, a PEG ratio of 1.07 and a beta of 1.55. The company’s 50 day moving average is $165.90 and its 200 day moving average is $167.21. 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 52-week low of $115.82 and a 52-week high of $200.96.
Blackstone Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 18th. Shareholders of record on Monday, February 10th were issued a $1.44 dividend. This is a boost from Blackstone’s previous quarterly dividend of $0.86. The ex-dividend date of this dividend was Monday, February 10th. This represents a $5.76 dividend on an annualized basis and a yield of 4.08%. Blackstone’s payout ratio is presently 158.68%.
Insider Transactions at Blackstone
In other news, Director Ruth Porat bought 301 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were bought at an average cost of $164.85 per share, for a total transaction of $49,619.85. Following the acquisition, the director now directly owns 36,829 shares of the company’s stock, valued at $6,071,260.65. This trade represents a 0.82 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 1.00% of the company’s stock.
Analyst Ratings Changes
Several research analysts have commented on the stock. TD Cowen raised shares of Blackstone from a “hold” rating to a “buy” rating and increased their price objective for the company from $149.00 to $230.00 in a report on Monday, December 9th. JPMorgan Chase & Co. increased their price objective on shares of Blackstone from $149.00 to $154.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Piper Sandler increased their price objective on shares of Blackstone from $168.00 to $179.00 and gave the company a “neutral” rating in a report on Monday, December 23rd. Barclays reaffirmed an “equal weight” rating on shares of Blackstone in a report on Friday, February 7th. Finally, UBS Group reaffirmed a “neutral” rating on shares of Blackstone in a report on Monday, March 3rd. Thirteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $172.38.
Check Out Our Latest Stock Report on Blackstone
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.
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