Code Waechter LLC Invests $358,000 in Blackstone Inc. (NYSE:BX)

Code Waechter LLC bought a new stake in Blackstone Inc. (NYSE:BX) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 2,338 shares of the asset manager’s stock, valued at approximately $358,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Chickasaw Capital Management LLC boosted its holdings in Blackstone by 3.0% during the third quarter. Chickasaw Capital Management LLC now owns 14,474 shares of the asset manager’s stock worth $2,216,000 after buying an additional 425 shares in the last quarter. Silverlake Wealth Management LLC raised its position in shares of Blackstone by 3.2% during the third quarter. Silverlake Wealth Management LLC now owns 4,820 shares of the asset manager’s stock worth $738,000 after purchasing an additional 148 shares during the period. Next Level Private LLC boosted its position in shares of Blackstone by 0.3% in the 3rd quarter. Next Level Private LLC now owns 32,707 shares of the asset manager’s stock valued at $5,008,000 after purchasing an additional 105 shares during the period. Bennett Selby Investments LP acquired a new stake in Blackstone during the 3rd quarter worth about $219,000. Finally, FARMERS & MERCHANTS TRUST Co OF LONG BEACH purchased a new position in shares of Blackstone in the third quarter worth approximately $222,000. Institutional investors own 70.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BX. Piper Sandler downgraded shares of Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 target price on the stock. in a research note on Wednesday. TD Cowen upped their target price on Blackstone from $114.00 to $120.00 and gave the company a “hold” rating in a report on Friday, July 19th. The Goldman Sachs Group boosted their price objective on shares of Blackstone from $130.00 to $135.00 and gave the company a “neutral” rating in a research report on Thursday, October 3rd. Redburn Atlantic began coverage on shares of Blackstone in a research note on Tuesday, August 27th. They set a “neutral” rating and a $134.00 target price for the company. Finally, Bank of America increased their price objective on Blackstone from $130.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Twelve research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $135.00.

Blackstone Stock Performance

Shares of NYSE BX traded up $4.01 during trading hours on Friday, hitting $153.04. 2,205,616 shares of the stock were exchanged, compared to its average volume of 3,418,553. The firm has a market capitalization of $110.20 billion, a P/E ratio of 58.42, a P/E/G ratio of 1.24 and a beta of 1.51. Blackstone Inc. has a one year low of $88.59 and a one year high of $161.25. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.77 and a quick ratio of 0.77. The company’s 50 day moving average is $143.72 and its 200 day moving average is $132.10.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.03). The business had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $2.58 billion. Blackstone had a return on equity of 17.43% and a net margin of 19.35%. The company’s revenue for the quarter was up 166.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.93 earnings per share. On average, research analysts expect that Blackstone Inc. will post 4.46 EPS for the current year.

Blackstone Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 29th were paid a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a yield of 2.14%. The ex-dividend date was Monday, July 29th. Blackstone’s payout ratio is currently 125.19%.

Insiders Place Their Bets

In other Blackstone news, Director Joseph Baratta sold 116,448 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the director now owns 799,749 shares of the company’s stock, valued at $120,610,146.69. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider John G. Finley sold 35,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total value of $4,610,900.00. Following the sale, the insider now directly owns 429,386 shares in the company, valued at approximately $56,567,311.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction on 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 directly owns 799,749 shares in the company, valued at approximately $120,610,146.69. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

About Blackstone

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.