Icon Wealth Advisors LLC Grows Position in Blackstone Inc. (NYSE:BX)

Icon Wealth Advisors LLC boosted its position in shares of Blackstone Inc. (NYSE:BX) by 2,185.4% in the 3rd quarter, HoldingsChannel reports. The fund owned 18,946 shares of the asset manager’s stock after acquiring an additional 18,117 shares during the period. Icon Wealth Advisors LLC’s holdings in Blackstone were worth $2,901,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of BX. GM Advisory Group LLC purchased a new stake in Blackstone during the third quarter worth approximately $339,000. Biltmore Family Office LLC purchased a new stake in shares of Blackstone during the 3rd quarter worth approximately $232,000. AlphaCore Capital LLC grew its position in shares of Blackstone by 1.6% in the 3rd quarter. AlphaCore Capital LLC now owns 12,290 shares of the asset manager’s stock valued at $1,882,000 after buying an additional 189 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Blackstone by 1.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,931,411 shares of the asset manager’s stock worth $602,017,000 after acquiring an additional 61,739 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its stake in Blackstone by 4.7% in the third quarter. Pacer Advisors Inc. now owns 53,408 shares of the asset manager’s stock valued at $8,178,000 after acquiring an additional 2,412 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Blackstone

In other news, insider John G. Finley sold 42,249 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $175.94, for a total value of $7,433,289.06. Following the completion of the transaction, the insider now directly owns 387,137 shares of the company’s stock, valued at $68,112,883.78. The trade was a 9.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, 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 sale, the director now owns 799,749 shares of the company’s stock, valued at approximately $120,610,146.69. This represents a 12.71 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BX. BMO Capital Markets boosted their target price on Blackstone from $112.00 to $134.00 and gave the company a “market perform” rating in a report on Friday, October 18th. Deutsche Bank Aktiengesellschaft increased their price objective on Blackstone from $172.00 to $182.00 and gave the company a “buy” rating in a report on Monday, November 11th. UBS Group upped their price target on shares of Blackstone from $140.00 to $160.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Morgan Stanley lifted their price objective on shares of Blackstone from $164.00 to $177.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Finally, Bank of America raised their price target on Blackstone from $171.00 to $192.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Thirteen equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $157.63.

Blackstone Price Performance

Shares of NYSE BX opened at $194.21 on Friday. The company’s fifty day moving average is $164.90 and its two-hundred day moving average is $141.94. 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 $140.22 billion, a P/E ratio of 66.74, a PEG ratio of 1.57 and a beta of 1.49. Blackstone Inc. has a one year low of $105.51 and a one year high of $194.64.

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, beating analysts’ consensus estimates of $0.91 by $0.10. The company had revenue of $2.43 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Blackstone had a net margin of 19.46% and a return on equity of 17.53%. Analysts forecast that Blackstone Inc. will post 4.4 EPS for the current fiscal year.

Blackstone Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Monday, October 28th were given a $0.86 dividend. The ex-dividend date was Monday, October 28th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.77%. This is a boost from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s dividend payout ratio (DPR) is currently 118.21%.

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.