Ellis Investment Partners LLC Has $8.40 Million Holdings in Blackstone Inc. (NYSE:BX)

Ellis Investment Partners LLC cut its holdings in shares of Blackstone Inc. (NYSE:BX) by 0.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 54,845 shares of the asset manager’s stock after selling 407 shares during the period. Blackstone accounts for approximately 1.6% of Ellis Investment Partners LLC’s holdings, making the stock its 14th biggest holding. Ellis Investment Partners LLC’s holdings in Blackstone were worth $8,398,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in BX. Raleigh Capital Management Inc. raised its position in shares of Blackstone by 32.1% in the 3rd quarter. Raleigh Capital Management Inc. now owns 255 shares of the asset manager’s stock valued at $39,000 after acquiring an additional 62 shares during the period. Capital Advisors Ltd. LLC raised its position in shares of Blackstone by 2.3% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 2,787 shares of the asset manager’s stock valued at $427,000 after acquiring an additional 62 shares during the period. Trust Co. of Vermont raised its position in shares of Blackstone by 3.1% in the 3rd quarter. Trust Co. of Vermont now owns 2,240 shares of the asset manager’s stock valued at $343,000 after acquiring an additional 67 shares during the period. CVA Family Office LLC raised its position in shares of Blackstone by 6.4% in the 3rd quarter. CVA Family Office LLC now owns 1,222 shares of the asset manager’s stock valued at $187,000 after acquiring an additional 73 shares during the period. Finally, Moseley Investment Management Inc. raised its holdings in Blackstone by 0.7% during the 2nd quarter. Moseley Investment Management Inc. now owns 11,239 shares of the asset manager’s stock worth $1,391,000 after buying an additional 74 shares during the period. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on BX. Piper Sandler cut shares of Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 price target for the company. in a research note on Wednesday, October 9th. The Goldman Sachs Group raised their price target on shares of Blackstone from $135.00 to $150.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Wells Fargo & Company raised their price target on shares of Blackstone from $169.00 to $188.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. TD Cowen raised their price target on shares of Blackstone from $133.00 to $149.00 and gave the stock a “hold” rating in a research note on Friday, October 18th. Finally, Redburn Atlantic assumed coverage on shares of Blackstone in a research note on Tuesday, August 27th. They issued a “neutral” rating and a $134.00 target price for the company. Thirteen 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 currently has a consensus rating of “Hold” and an average price target of $155.38.

Blackstone Stock Performance

Shares of BX traded down $2.16 during midday trading on Friday, reaching $167.50. 2,831,110 shares of the stock were exchanged, compared to its average volume of 3,445,846. Blackstone Inc. has a twelve month low of $88.59 and a twelve month high of $175.94. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.60. The company has a market cap of $119.70 billion, a P/E ratio of 59.19, a PEG ratio of 1.24 and a beta of 1.51. The stock’s 50 day simple moving average is $150.49 and its 200 day simple moving average is $134.68.

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Monday, October 28th will be issued a dividend of $0.86 per share. The ex-dividend date is Monday, October 28th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.05%. This is an increase from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s dividend payout ratio (DPR) is currently 121.55%.

Insider Activity at Blackstone

In other Blackstone news, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction dated 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 transaction, the director now owns 799,749 shares in the company, valued at $120,610,146.69. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Blackstone news, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction dated 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 transaction, the director now owns 799,749 shares in the company, valued at $120,610,146.69. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John G. Finley sold 35,000 shares of Blackstone stock in a transaction dated 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 transaction, the insider now owns 429,386 shares in the company, valued at approximately $56,567,311.64. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by insiders.

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.