Waterfront Capital Partners LLC Makes New $3.07 Million Investment in Blackstone Inc. (NYSE:BX)

Waterfront Capital Partners LLC bought a new position in shares of Blackstone Inc. (NYSE:BX) in the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 20,023 shares of the asset manager’s stock, valued at approximately $3,066,000.

Several other institutional investors also recently modified their holdings of BX. Wulff Hansen & CO. grew its position in shares of Blackstone by 12,192.7% during the 2nd quarter. Wulff Hansen & CO. now owns 7,340,845 shares of the asset manager’s stock worth $908,797,000 after buying an additional 7,281,128 shares during the period. International Assets Investment Management LLC grew its position in shares of Blackstone by 15,357.3% in the 3rd quarter. International Assets Investment Management LLC now owns 4,201,150 shares of the asset manager’s stock valued at $6,433,220,000 after purchasing an additional 4,173,971 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Blackstone by 213.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,375,969 shares of the asset manager’s stock valued at $170,345,000 after purchasing an additional 937,084 shares during the period. Mackenzie Financial Corp grew its position in shares of Blackstone by 468.4% in the 2nd quarter. Mackenzie Financial Corp now owns 1,107,547 shares of the asset manager’s stock valued at $137,114,000 after purchasing an additional 912,685 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its position in Blackstone by 7,917.6% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 400,000 shares of the asset manager’s stock worth $49,520,000 after acquiring an additional 395,011 shares during the last quarter. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Blackstone Stock Performance

NYSE:BX opened at $189.02 on Friday. The firm has a market capitalization of $136.47 billion, a PE ratio of 64.96, a price-to-earnings-growth ratio of 1.64 and a beta of 1.49. Blackstone Inc. has a twelve month low of $106.00 and a twelve month high of $200.96. The stock’s 50-day simple moving average is $168.63 and its 200 day simple moving average is $144.38. 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 (NYSE:BX) last released its quarterly earnings data 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. The company had revenue of $2.43 billion for 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%. On average, analysts anticipate that Blackstone Inc. will post 4.4 EPS for the current fiscal year.

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Monday, October 28th were given a $0.86 dividend. This is a boost 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 yield of 1.82%. Blackstone’s dividend payout ratio (DPR) is presently 118.21%.

Insider Activity at Blackstone

In other Blackstone news, Director Joseph Baratta sold 116,448 shares of the stock in a transaction dated 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 owns 799,749 shares in the company, valued at approximately $120,610,146.69. This trade represents a 12.71 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider John G. Finley sold 42,249 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $175.94, for a total transaction of $7,433,289.06. Following the completion of the sale, the insider now owns 387,137 shares of the company’s stock, valued at approximately $68,112,883.78. This trade represents a 9.84 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on BX shares. JPMorgan Chase & Co. upped their price target on Blackstone from $125.00 to $146.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Barclays upped their price objective on Blackstone from $155.00 to $174.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. UBS Group upped their price objective on Blackstone from $140.00 to $160.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. Evercore ISI upped 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. Finally, Piper Sandler cut Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 price target on the stock. in a research note on Wednesday, October 9th. Thirteen investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Blackstone currently has an average rating of “Hold” and a consensus target price 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.