SOL Capital Management CO Grows Holdings in Blackstone Inc. (NYSE:BX)

SOL Capital Management CO lifted its position in Blackstone Inc. (NYSE:BX) by 2.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 87,599 shares of the asset manager’s stock after purchasing an additional 2,096 shares during the period. Blackstone comprises 1.5% of SOL Capital Management CO’s portfolio, making the stock its 15th largest holding. SOL Capital Management CO’s holdings in Blackstone were worth $13,414,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Chilton Capital Management LLC purchased a new position in shares of Blackstone in the first quarter valued at about $26,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Blackstone in the 2nd quarter worth approximately $26,000. EdgeRock Capital LLC purchased a new position in shares of Blackstone in the second quarter worth $27,000. West Financial Advisors LLC bought a new stake in Blackstone in the 3rd quarter valued at $27,000. Finally, Bank & Trust Co purchased a new position in shares of Blackstone during the second quarter valued at about $29,000. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Insider Activity

In other news, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total value of $17,561,522.88. Following the completion of the transaction, the director now directly owns 799,749 shares of the company’s stock, valued at approximately $120,610,146.69. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider John G. Finley sold 35,000 shares of Blackstone stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total value of $4,610,900.00. Following the completion of the sale, the insider now directly owns 429,386 shares in the company, valued at $56,567,311.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total transaction of $17,561,522.88. Following the sale, the director now owns 799,749 shares of the company’s stock, valued at $120,610,146.69. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

BX has been the subject of several research analyst reports. The Goldman Sachs Group raised their price target on Blackstone from $135.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Barclays boosted their price target on shares of Blackstone from $155.00 to $174.00 and gave the stock an “equal weight” rating in a research report on Friday, October 18th. Evercore ISI boosted their target price on shares of Blackstone from $148.00 to $155.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Cowen reiterated a “hold” rating on shares of Blackstone in a research report on Friday, October 18th. Finally, Morgan Stanley upped their price objective on Blackstone from $164.00 to $177.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Thirteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $155.38.

Blackstone Stock Performance

Shares of NYSE:BX opened at $166.92 on Thursday. Blackstone Inc. has a one year low of $88.59 and a one year high of $175.94. The firm has a market cap of $119.29 billion, a PE ratio of 58.98, a price-to-earnings-growth ratio of 1.24 and a beta of 1.51. The firm’s 50 day simple moving average is $149.16 and its 200-day simple moving average is $134.15. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.77 and a current ratio of 0.77.

Blackstone Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Monday, October 28th will be paid a $0.86 dividend. The ex-dividend date of this dividend is Monday, October 28th. This is a positive change from Blackstone’s previous quarterly dividend of $0.82. This represents a $3.44 dividend on an annualized basis and a yield of 2.06%. Blackstone’s dividend payout ratio is 121.55%.

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.