J. L. Bainbridge & Co. Inc. Cuts Stake in Blackstone Inc. (NYSE:BX)

J. L. Bainbridge & Co. Inc. trimmed its position in shares of Blackstone Inc. (NYSE:BX) by 0.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 176,863 shares of the asset manager’s stock after selling 1,418 shares during the quarter. Blackstone comprises about 2.8% of J. L. Bainbridge & Co. Inc.’s holdings, making the stock its 15th biggest holding. J. L. Bainbridge & Co. Inc.’s holdings in Blackstone were worth $30,495,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Blackstone in the 3rd quarter worth approximately $245,000. Aptus Capital Advisors LLC lifted its stake in shares of Blackstone by 18.1% in the 3rd quarter. Aptus Capital Advisors LLC now owns 8,388 shares of the asset manager’s stock worth $1,284,000 after purchasing an additional 1,284 shares during the period. Empower Advisory Group LLC lifted its stake in shares of Blackstone by 55.5% in the 3rd quarter. Empower Advisory Group LLC now owns 3,469 shares of the asset manager’s stock worth $531,000 after purchasing an additional 1,238 shares during the period. Plato Investment Management Ltd raised its stake in Blackstone by 136.4% during the 3rd quarter. Plato Investment Management Ltd now owns 759 shares of the asset manager’s stock worth $116,000 after acquiring an additional 438 shares during the period. Finally, Huntington National Bank raised its stake in Blackstone by 1.9% during the 3rd quarter. Huntington National Bank now owns 24,451 shares of the asset manager’s stock worth $3,744,000 after acquiring an additional 452 shares during the period. Institutional investors own 70.00% of the company’s stock.

Insider Activity at Blackstone

In other news, Director Ruth Porat bought 301 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The shares were purchased at an average price of $164.85 per share, for a total transaction of $49,619.85. Following the completion of the transaction, the director now directly owns 36,829 shares in the company, valued at approximately $6,071,260.65. This represents a 0.82 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on BX. Keefe, Bruyette & Woods raised their target price on shares of Blackstone from $174.00 to $177.00 and gave the stock a “market perform” rating in a research note on Friday, January 31st. Barclays restated an “equal weight” rating on shares of Blackstone in a research note on Friday, February 7th. Citigroup reaffirmed a “hold” rating on shares of Blackstone in a report on Friday, February 7th. 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. Finally, 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. Thirteen research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $172.38.

Blackstone Stock Up 3.3 %

Shares of BX opened at $141.01 on Friday. The business has a fifty day moving average of $165.90 and a 200 day moving average of $166.84. Blackstone Inc. has a 52-week low of $115.82 and a 52-week high of $200.96. The company has a quick ratio of 0.71, a current ratio of 0.67 and a debt-to-equity ratio of 0.61. The company has a market cap of $102.86 billion, a PE ratio of 38.85, a P/E/G ratio of 1.07 and a beta of 1.55.

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

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Monday, February 10th were paid a dividend of $1.44 per share. This is a positive change from Blackstone’s previous quarterly dividend of $0.86. The ex-dividend date was Monday, February 10th. This represents a $5.76 dividend on an annualized basis and a dividend yield of 4.08%. Blackstone’s payout ratio is presently 158.68%.

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.