1,763 Shares in Blackstone Inc. (NYSE:BX) Acquired by Summit Global Investments

Summit Global Investments bought a new stake in shares of Blackstone Inc. (NYSE:BX) during the 4th quarter, Holdings Channel reports. The firm bought 1,763 shares of the asset manager’s stock, valued at approximately $231,000.

A number of other large investors also recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Blackstone by 30.2% in the 3rd quarter. Vanguard Group Inc. now owns 62,091,903 shares of the asset manager’s stock worth $6,652,526,000 after purchasing an additional 14,396,655 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Blackstone by 13.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 14,825,769 shares of the asset manager’s stock worth $1,588,433,000 after acquiring an additional 1,744,652 shares in the last quarter. Northern Trust Corp raised its position in shares of Blackstone by 43.9% during the third quarter. Northern Trust Corp now owns 6,877,288 shares of the asset manager’s stock worth $736,833,000 after purchasing an additional 2,098,150 shares during the period. Legal & General Group Plc boosted its position in shares of Blackstone by 2.1% in the 3rd quarter. Legal & General Group Plc now owns 5,246,005 shares of the asset manager’s stock valued at $562,058,000 after purchasing an additional 106,251 shares during the period. Finally, International Assets Investment Management LLC raised its holdings in Blackstone by 13,816.5% during the 4th quarter. International Assets Investment Management LLC now owns 3,623,868 shares of the asset manager’s stock worth $4,744,370,000 after buying an additional 3,597,828 shares during the period. 70.00% of the stock is owned by institutional investors and hedge funds.

Blackstone Trading Up 2.7 %

Shares of BX opened at $121.21 on Tuesday. Blackstone Inc. has a 52-week low of $80.05 and a 52-week high of $133.56. The company has a market cap of $86.62 billion, a price-to-earnings ratio of 42.83, a PEG ratio of 0.98 and a beta of 1.52. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.80 and a current ratio of 0.79. The stock has a fifty day moving average price of $125.06 and a two-hundred day moving average price of $119.25.

Blackstone (NYSE:BX) last issued its quarterly earnings results on Thursday, April 18th. The asset manager reported $0.98 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.98. The business had revenue of $3.69 billion during the quarter, compared to analyst estimates of $2.56 billion. Blackstone had a net margin of 20.84% and a return on equity of 17.33%. Blackstone’s revenue for the quarter was up 166.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.97 earnings per share. Analysts predict that Blackstone Inc. will post 4.77 EPS for the current fiscal year.

Blackstone Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 6th. Investors of record on Monday, April 29th were paid a dividend of $0.83 per share. The ex-dividend date of this dividend was Friday, April 26th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 2.74%. Blackstone’s dividend payout ratio (DPR) is presently 117.31%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on BX shares. Wells Fargo & Company lifted their price objective on shares of Blackstone from $127.00 to $130.00 and gave the stock an “overweight” rating in a research report on Monday, January 22nd. Citigroup cut Blackstone from a “buy” rating to a “neutral” rating and lifted their target price for the company from $116.00 to $124.00 in a research note on Friday, January 19th. BMO Capital Markets upped their price objective on shares of Blackstone from $95.00 to $101.00 and gave the company a “market perform” rating in a research note on Friday, January 26th. Bank of America lowered their target price on Blackstone from $141.00 to $132.00 and set a “buy” rating on the stock in a research note on Friday, April 19th. Finally, Piper Sandler dropped their price target on shares of Blackstone from $150.00 to $146.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 10th. Thirteen equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Blackstone currently has an average rating of “Hold” and a consensus price target of $123.65.

Insider Buying and Selling at Blackstone

In other Blackstone news, Director Joseph Baratta sold 28,852 shares of the stock in a transaction on Friday, February 9th. The shares were sold at an average price of $128.05, for a total value of $3,694,498.60. Following the sale, the director now directly owns 982,221 shares in the company, valued at $125,773,399.05. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Ruth Porat acquired 232 shares of Blackstone stock in a transaction dated Monday, February 12th. The stock was bought at an average cost of $127.08 per share, with a total value of $29,482.56. Following the completion of the transaction, the director now directly owns 34,225 shares of the company’s stock, valued at $4,349,313. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph Baratta sold 28,852 shares of Blackstone stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $128.05, for a total value of $3,694,498.60. Following the completion of the sale, the director now directly owns 982,221 shares in the company, valued at approximately $125,773,399.05. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,587,168 shares of company stock valued at $37,816,476. 1.00% of the stock is currently owned by company insiders.

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.