Blackstone Inc. (NYSE:BX) Stake Lifted by Acorn Wealth Advisors LLC

Acorn Wealth Advisors LLC boosted its holdings in Blackstone Inc. (NYSE:BX) by 0.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,928 shares of the asset manager’s stock after acquiring an additional 111 shares during the quarter. Blackstone accounts for 1.0% of Acorn Wealth Advisors LLC’s portfolio, making the stock its 24th largest position. Acorn Wealth Advisors LLC’s holdings in Blackstone were worth $2,439,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of BX. West Financial Advisors LLC purchased a new position in shares of Blackstone during the 3rd quarter valued at $27,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Blackstone during the 2nd quarter valued at about $26,000. EdgeRock Capital LLC acquired a new position in shares of Blackstone during the 2nd quarter worth $27,000. Bank & Trust Co acquired a new position in Blackstone during the second quarter worth $29,000. Finally, Ridgewood Investments LLC bought a new position in shares of Blackstone in the 2nd quarter valued at approximately $31,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Blackstone Trading Down 1.6 %

Blackstone stock traded down $3.26 during trading hours on Monday, hitting $195.79. The stock had a trading volume of 593,780 shares, compared to its average volume of 3,402,046. The stock has a market cap of $141.36 billion, a price-to-earnings ratio of 68.40, a P/E/G ratio of 1.69 and a beta of 1.49. The business’s 50 day simple moving average is $165.86 and its 200-day simple moving average is $142.79. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.58. Blackstone Inc. has a one year low of $105.51 and a one year high of $200.96.

Blackstone (NYSE:BX) last released 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. Blackstone had a net margin of 19.46% and a return on equity of 17.53%. The company had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.37 billion. On average, equities analysts predict that Blackstone Inc. will post 4.4 EPS for the current fiscal year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Monday, October 28th were paid a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a yield of 1.76%. This is a boost from Blackstone’s previous quarterly dividend of $0.82. The ex-dividend date of this dividend was Monday, October 28th. Blackstone’s payout ratio is presently 118.21%.

Insiders Place Their Bets

In other news, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total transaction of $17,561,522.88. Following the completion of the transaction, the director now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John G. Finley sold 42,249 shares of the business’s stock in a transaction that occurred on 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 directly owns 387,137 shares of the company’s stock, valued at approximately $68,112,883.78. This represents a 9.84 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BX. JPMorgan Chase & Co. boosted their target price on shares of Blackstone from $125.00 to $146.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Piper Sandler cut Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 target price for the company. in a research report on Wednesday, October 9th. TD Cowen lifted their price target on shares of Blackstone from $133.00 to $149.00 and gave the company a “hold” rating in a report on Friday, October 18th. Morgan Stanley boosted their price objective on Blackstone from $164.00 to $177.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Finally, Evercore ISI increased their price objective on shares of Blackstone from $148.00 to $155.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Thirteen analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $157.63.

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.