1,941 Shares in Blackstone Inc. (NYSE:BX) Purchased by Bestgate Wealth Advisors LLC

Bestgate Wealth Advisors LLC acquired a new position in shares of Blackstone Inc. (NYSE:BX) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 1,941 shares of the asset manager’s stock, valued at approximately $335,000.

A number of other hedge funds have also modified their holdings of BX. Glen Eagle Advisors LLC grew its position in shares of Blackstone by 1.8% in the 3rd quarter. Glen Eagle Advisors LLC now owns 3,251 shares of the asset manager’s stock valued at $498,000 after buying an additional 59 shares during the last quarter. Avidian Wealth Enterprises LLC grew its position in shares of Blackstone by 0.4% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 16,184 shares of the asset manager’s stock valued at $2,790,000 after buying an additional 59 shares during the last quarter. Investmark Advisory Group LLC grew its position in shares of Blackstone by 2.4% in the 3rd quarter. Investmark Advisory Group LLC now owns 2,608 shares of the asset manager’s stock valued at $399,000 after buying an additional 60 shares during the last quarter. McIlrath & Eck LLC grew its position in shares of Blackstone by 6.5% in the 3rd quarter. McIlrath & Eck LLC now owns 1,019 shares of the asset manager’s stock valued at $156,000 after buying an additional 62 shares during the last quarter. Finally, McAdam LLC lifted its stake in shares of Blackstone by 3.9% in the 4th quarter. McAdam LLC now owns 1,687 shares of the asset manager’s stock valued at $291,000 after purchasing an additional 63 shares during the period. 70.00% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Ruth Porat acquired 301 shares of Blackstone stock in a transaction on Tuesday, February 18th. The stock was acquired at an average cost of $164.85 per share, with a total value of $49,619.85. Following the completion of the acquisition, the director now owns 36,829 shares in the company, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BX. UBS Group raised Blackstone from a “neutral” rating to a “buy” rating and set a $180.00 price objective on the stock in a research note on Monday. StockNews.com downgraded Blackstone from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. TD Cowen raised Blackstone from a “hold” rating to a “buy” rating and boosted their price objective for the company from $149.00 to $230.00 in a research note on Monday, December 9th. JPMorgan Chase & Co. boosted their price objective on Blackstone from $149.00 to $154.00 and gave the company a “neutral” rating in a research note on Friday, January 31st. Finally, Barclays reaffirmed an “equal weight” rating on shares of Blackstone in a research note on Friday, February 7th. Twelve investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $172.38.

Blackstone Stock Performance

Shares of BX opened at $146.11 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.71 and a current ratio of 0.67. The stock has a 50 day moving average price of $164.85 and a two-hundred day moving average price of $167.29. The firm has a market capitalization of $106.58 billion, a P/E ratio of 40.25, a P/E/G ratio of 1.07 and a beta of 1.55. Blackstone Inc. has a 52 week low of $115.82 and a 52 week high of $200.96.

Blackstone (NYSE:BX) last released its earnings results on Thursday, January 30th. The asset manager reported $1.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.19. Blackstone had a return on equity of 19.58% and a net margin of 20.99%. Equities analysts forecast that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Monday, February 10th were issued a $1.44 dividend. The ex-dividend date of this dividend was Monday, February 10th. This is a positive change from Blackstone’s previous quarterly dividend of $0.86. This represents a $5.76 annualized dividend and a dividend yield of 3.94%. Blackstone’s dividend payout ratio is currently 158.68%.

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.