Blackstone Inc. (NYSE:BX) Shares Bought by Wellington Management Group LLP

Wellington Management Group LLP boosted its holdings in Blackstone Inc. (NYSE:BX) by 29.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 246,998 shares of the asset manager’s stock after buying an additional 56,559 shares during the quarter. Wellington Management Group LLP’s holdings in Blackstone were worth $37,823,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of BX. Sather Financial Group Inc raised its holdings in Blackstone by 202.5% during 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 during the period. Portside Wealth Group LLC acquired a new position in Blackstone in the 3rd quarter worth about $201,000. Aljian Capital Management LLC acquired a new stake in shares of Blackstone during the 3rd quarter valued at about $1,951,000. Icon Wealth Advisors LLC boosted its holdings in Blackstone by 2,185.4% in the third quarter. Icon Wealth Advisors LLC now owns 18,946 shares of the asset manager’s stock worth $2,901,000 after purchasing an additional 18,117 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in Blackstone by 3.2% during the third quarter. PNC Financial Services Group Inc. now owns 1,169,526 shares of the asset manager’s stock valued at $179,089,000 after buying an additional 36,343 shares in the last quarter. Institutional investors and hedge funds own 70.00% of the company’s stock.

Insider Activity at Blackstone

In related news, insider John G. Finley sold 42,249 shares of Blackstone stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $175.94, for a total transaction of $7,433,289.06. Following the completion of the transaction, the insider now owns 387,137 shares in the company, valued at approximately $68,112,883.78. This trade represents a 9.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Joseph Baratta sold 116,448 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $150.81, for a total value of $17,561,522.88. Following the completion of the sale, the director now directly owns 799,749 shares of the company’s stock, valued at approximately $120,610,146.69. The trade was a 12.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on BX shares. JPMorgan Chase & Co. increased their price objective on Blackstone from $125.00 to $146.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Evercore ISI lifted their price objective on Blackstone from $148.00 to $155.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Piper Sandler cut Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 price objective for the company. in a research report on Wednesday, October 9th. Citigroup upped their target price on shares of Blackstone from $157.00 to $170.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Finally, TD Cowen raised Blackstone from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $149.00 to $230.00 in a report on Monday. Thirteen research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $164.69.

Blackstone Price Performance

BX opened at $190.29 on Friday. Blackstone Inc. has a 52 week low of $112.44 and a 52 week high of $200.96. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.71 and a current ratio of 0.71. The firm has a market capitalization of $137.39 billion, a PE ratio of 65.39, a P/E/G ratio of 1.59 and a beta of 1.51. The company has a fifty day moving average price of $174.63 and a two-hundred day moving average price of $148.41.

Blackstone (NYSE:BX) last issued its earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.10. Blackstone had a return on equity of 17.53% and a net margin of 19.46%. The firm had revenue of $2.43 billion for the quarter, compared to analysts’ expectations of $2.37 billion. As a group, analysts anticipate that Blackstone Inc. will post 4.4 earnings per share for the current year.

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Monday, October 28th were given a dividend of $0.86 per share. This is an increase from Blackstone’s previous quarterly dividend of $0.82. The ex-dividend date was Monday, October 28th. This represents a $3.44 annualized dividend and a dividend yield of 1.81%. Blackstone’s dividend payout ratio is currently 118.21%.

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.