Perennial Investment Advisors LLC Has $627,000 Stock Position in Blackstone Inc. (NYSE:BX)

Perennial Investment Advisors LLC grew its position in Blackstone Inc. (NYSE:BX) by 4.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,638 shares of the asset manager’s stock after purchasing an additional 155 shares during the quarter. Perennial Investment Advisors LLC’s holdings in Blackstone were worth $627,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Bangor Savings Bank grew its position in shares of Blackstone by 187.5% during the 4th quarter. Bangor Savings Bank now owns 161 shares of the asset manager’s stock worth $28,000 after purchasing an additional 105 shares in the last quarter. Hager Investment Management Services LLC bought a new position in Blackstone during the 4th quarter worth $28,000. Centricity Wealth Management LLC acquired a new position in Blackstone in the 4th quarter valued at $30,000. Murphy & Mullick Capital Management Corp acquired a new stake in shares of Blackstone during the 4th quarter worth $33,000. Finally, Berbice Capital Management LLC acquired a new stake in Blackstone during the fourth quarter worth about $34,000. 70.00% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Blackstone

In related news, Director Ruth Porat acquired 301 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were purchased at an average price of $164.85 per share, for a total transaction of $49,619.85. Following the completion of the acquisition, the director now owns 36,829 shares of the company’s stock, valued at approximately $6,071,260.65. This trade represents a 0.82 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Barclays reaffirmed an “equal weight” rating on shares of Blackstone in a report on Friday, February 7th. BMO Capital Markets raised their target price on Blackstone from $134.00 to $157.00 and gave the company a “market perform” rating in a report on Thursday, December 19th. Piper Sandler upped their price objective on Blackstone from $168.00 to $179.00 and gave the stock a “neutral” rating in a research report on Monday, December 23rd. TD Cowen raised Blackstone from a “hold” rating to a “buy” rating and boosted their target price for the stock from $149.00 to $230.00 in a research note on Monday, December 9th. Finally, Wells Fargo & Company decreased their price target on shares of Blackstone from $180.00 to $160.00 and set an “equal weight” rating on the stock in a report on Thursday, March 20th. Twelve analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $172.06.

Blackstone Price Performance

Blackstone stock opened at $124.68 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.67 and a quick ratio of 0.71. Blackstone Inc. has a one year low of $115.82 and a one year high of $200.96. The stock’s 50 day moving average is $156.29 and its 200 day moving average is $167.11. The firm has a market cap of $90.94 billion, a P/E ratio of 34.35, a P/E/G ratio of 1.07 and a beta of 1.61.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, January 30th. The asset manager reported $1.69 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.19. Blackstone had a net margin of 20.99% and a return on equity of 19.58%. As a group, research analysts expect that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 18th. Investors of record on Monday, February 10th were paid a dividend of $1.44 per share. The ex-dividend date of this dividend was Monday, February 10th. This represents a $5.76 annualized dividend and a yield of 4.62%. This is a boost from Blackstone’s previous quarterly dividend of $0.86. Blackstone’s dividend payout ratio (DPR) is currently 158.68%.

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.