Summit Financial LLC Buys 3,951 Shares of Blackstone Inc. (NYSE:BX)

Summit Financial LLC grew its stake in shares of Blackstone Inc. (NYSE:BX) by 34.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,522 shares of the asset manager’s stock after buying an additional 3,951 shares during the period. Summit Financial LLC’s holdings in Blackstone were worth $2,676,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Glen Eagle Advisors LLC boosted its holdings in Blackstone by 1.8% in the 3rd quarter. Glen Eagle Advisors LLC now owns 3,251 shares of the asset manager’s stock valued at $498,000 after purchasing an additional 59 shares during the period. Avidian Wealth Enterprises LLC grew its position in Blackstone by 0.4% during the fourth quarter. Avidian Wealth Enterprises LLC now owns 16,184 shares of the asset manager’s stock worth $2,790,000 after buying an additional 59 shares in the last quarter. Investmark Advisory Group LLC raised its holdings in shares of Blackstone by 2.4% in the 3rd quarter. Investmark Advisory Group LLC now owns 2,608 shares of the asset manager’s stock valued at $399,000 after acquiring an additional 60 shares in the last quarter. McIlrath & Eck LLC grew its holdings in shares of Blackstone by 6.5% during 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 in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. raised its stake in Blackstone by 0.5% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,426 shares of the asset manager’s stock valued at $1,970,000 after purchasing an additional 62 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors.

Blackstone Trading Up 1.3 %

NYSE BX opened at $139.89 on Tuesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.71 and a current ratio of 0.67. Blackstone Inc. has a fifty-two week low of $115.82 and a fifty-two week high of $200.96. The stock has a market cap of $102.04 billion, a P/E ratio of 38.54, a price-to-earnings-growth ratio of 1.07 and a beta of 1.55. The stock has a 50 day simple moving average of $160.06 and a two-hundred day simple moving average of $167.67.

Blackstone (NYSE:BX) last issued its quarterly earnings data 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 net margin of 20.99% and a return on equity of 19.58%. On average, analysts forecast that Blackstone Inc. will post 5.87 earnings per share for the current year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 18th. Shareholders of record on Monday, February 10th were paid a dividend of $1.44 per share. This is an increase 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 4.12%. Blackstone’s dividend payout ratio (DPR) is currently 158.68%.

Insider Buying and Selling

In other Blackstone news, Director Ruth Porat acquired 301 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were acquired at an average cost of $164.85 per share, with a total value of $49,619.85. Following the transaction, the director now owns 36,829 shares of the company’s stock, valued at $6,071,260.65. The trade was a 0.82 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Blackstone from $174.00 to $177.00 and gave the company a “market perform” rating in a research report on Friday, January 31st. BMO Capital Markets lifted their price target on Blackstone from $134.00 to $157.00 and gave the stock a “market perform” rating in a research note on Thursday, December 19th. Citigroup reissued a “hold” rating on shares of Blackstone in a report on Friday, February 7th. Piper Sandler increased their price target on shares of Blackstone from $168.00 to $179.00 and gave the company a “neutral” rating in a research report on Monday, December 23rd. Finally, JPMorgan Chase & Co. upped their price objective on shares of Blackstone from $149.00 to $154.00 and gave the company a “neutral” rating in a research note on Friday, January 31st. Twelve research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $171.13.

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.