Runnymede Capital Advisors Inc. Invests $3.41 Million in Blackstone Inc. (NYSE:BX)

Runnymede Capital Advisors Inc. bought a new stake in shares of Blackstone Inc. (NYSE:BX) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 19,773 shares of the asset manager’s stock, valued at approximately $3,409,000. Blackstone makes up 3.0% of Runnymede Capital Advisors Inc.’s investment portfolio, making the stock its 11th largest holding.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Glen Eagle Advisors LLC lifted its position in shares of Blackstone by 1.8% in the third quarter. Glen Eagle Advisors LLC now owns 3,251 shares of the asset manager’s stock valued at $498,000 after acquiring an additional 59 shares in the last quarter. Avidian Wealth Enterprises LLC increased its holdings in shares of Blackstone by 0.4% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 16,184 shares of the asset manager’s stock worth $2,790,000 after purchasing an additional 59 shares during the last quarter. Investmark Advisory Group LLC increased its holdings in shares of Blackstone by 2.4% in the third quarter. Investmark Advisory Group LLC now owns 2,608 shares of the asset manager’s stock worth $399,000 after purchasing an additional 60 shares during the last quarter. McIlrath & Eck LLC increased its holdings in shares of Blackstone by 6.5% in the third quarter. McIlrath & Eck LLC now owns 1,019 shares of the asset manager’s stock worth $156,000 after purchasing an additional 62 shares during the last quarter. Finally, McAdam LLC increased its holdings in shares of Blackstone by 3.9% in the fourth quarter. McAdam LLC now owns 1,687 shares of the asset manager’s stock worth $291,000 after purchasing an additional 63 shares during the last quarter. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BX. JPMorgan Chase & Co. lifted their target price on Blackstone from $149.00 to $154.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Piper Sandler lifted their target price on Blackstone from $168.00 to $179.00 and gave the stock a “neutral” rating in a report on Monday, December 23rd. StockNews.com cut Blackstone from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Citigroup reissued a “hold” rating on shares of Blackstone in a research note on Friday, February 7th. Finally, Wells Fargo & Company reduced their price objective on Blackstone from $180.00 to $160.00 and set an “equal weight” rating on the stock in a research note on Thursday. Twelve research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $171.13.

Blackstone Stock Down 0.1 %

Shares of NYSE BX opened at $148.65 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.71 and a current ratio of 0.67. The firm has a market capitalization of $108.43 billion, a price-to-earnings ratio of 40.95, a PEG ratio of 1.07 and a beta of 1.55. The stock has a 50 day moving average price of $163.53 and a 200 day moving average price of $167.08. Blackstone Inc. has a 52-week low of $115.82 and a 52-week high of $200.96.

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

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 18th. Shareholders of record on Monday, February 10th were issued a dividend of $1.44 per share. 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 3.87%. This is a positive change from Blackstone’s previous quarterly dividend of $0.86. Blackstone’s dividend payout ratio is currently 158.68%.

Insiders Place Their Bets

In related news, Director Ruth Porat bought 301 shares of the stock in a transaction on Tuesday, February 18th. The stock was bought at an average price of $164.85 per share, for a total transaction of $49,619.85. Following the completion of the acquisition, 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 acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.00% of the stock is owned by company insiders.

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.