Blackstone Inc. $BX Shares Newly Acquired by Patton Albertson Miller Group LLC

Patton Albertson Miller Group LLC acquired a new stake in Blackstone Inc. (NYSE:BX) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,968 shares of the asset manager’s stock, valued at approximately $781,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Hudock Inc. lifted its stake in shares of Blackstone by 0.3% in the 2nd quarter. Hudock Inc. now owns 22,369 shares of the asset manager’s stock valued at $2,632,000 after purchasing an additional 77 shares during the last quarter. Heartland Bank & Trust Co increased its position in shares of Blackstone by 2.2% during the 1st quarter. Heartland Bank & Trust Co now owns 3,691 shares of the asset manager’s stock worth $424,000 after purchasing an additional 81 shares during the last quarter. Roman Butler Fullerton & Co. raised its holdings in Blackstone by 3.9% in the 1st quarter. Roman Butler Fullerton & Co. now owns 2,323 shares of the asset manager’s stock valued at $273,000 after buying an additional 87 shares during the period. First Horizon Corp lifted its position in Blackstone by 3.4% in the first quarter. First Horizon Corp now owns 2,625 shares of the asset manager’s stock valued at $302,000 after buying an additional 87 shares during the last quarter. Finally, GM Advisory Group LLC boosted its stake in Blackstone by 0.4% during the first quarter. GM Advisory Group LLC now owns 24,918 shares of the asset manager’s stock worth $2,865,000 after buying an additional 90 shares during the period. Institutional investors and hedge funds own 70.00% of the company’s stock.

Blackstone Stock Up 0.7%

Shares of NYSE:BX opened at $118.85 on Tuesday. The firm has a market capitalization of $89.21 billion, a PE ratio of 26.41, a price-to-earnings-growth ratio of 1.46 and a beta of 1.59. Blackstone Inc. has a 1 year low of $101.73 and a 1 year high of $165.14. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.71 and a quick ratio of 0.72. The firm’s 50-day moving average is $125.07 and its two-hundred day moving average is $125.43.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, October 22nd. The asset manager reported $1.32 EPS for the quarter, beating the consensus estimate of $1.26 by $0.06. The business had revenue of $3.06 billion during the quarter, compared to analyst estimates of $3.27 billion. Blackstone had a net margin of 22.11% and a return on equity of 23.16%. The business’s revenue for the quarter was down .8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.80 earnings per share. Analysts predict that Blackstone Inc. will post 5.85 EPS for the current year.

Blackstone Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 9th. Shareholders of record on Monday, November 2nd will be given a $1.12 dividend. The ex-dividend date of this dividend is Monday, November 2nd. This represents a $4.48 annualized dividend and a yield of 3.8%. This is a drop from Blackstone’s previous quarterly dividend of $1.29. Blackstone’s dividend payout ratio is 99.56%.

Wall Street Analyst Weigh In

BX has been the topic of a number of research analyst reports. Citigroup reissued a “market outperform” rating on shares of Blackstone in a research note on Friday. Morgan Stanley reaffirmed an “overweight” rating and set a $165.00 price objective on shares of Blackstone in a research report on Friday, October 16th. Barclays dropped their target price on shares of Blackstone from $128.00 to $124.00 and set an “equal weight” rating for the company in a report on Thursday, October 8th. Wells Fargo & Company assumed coverage on Blackstone in a research report on Friday, October 2nd. They issued an “equal weight” rating and a $122.00 target price on the stock. Finally, JPMorgan Chase & Co. lowered their price target on Blackstone from $136.00 to $135.00 and set a “neutral” rating for the company in a research report on Friday. Thirteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $144.57.

Insider Buying and Selling

In other news, insider John G. Finley sold 45,000 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $147.11, for a total value of $6,619,950.00. Following the sale, the insider directly owned 516,017 shares in the company, valued at approximately $75,911,260.87. This trade represents a 8.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Holdings Iv L.P. Blackstone bought 272,642 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The stock was bought at an average price of $26.14 per share, with a total value of $7,126,861.88. Following the completion of the acquisition, the insider owned 8,704,419 shares of the company’s stock, valued at $227,533,512.66. This trade represents a 3.23% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have bought 464,792 shares of company stock worth $12,205,945 and have sold 4,077,276 shares worth $37,573,644. 1.00% of the stock is currently owned by corporate insiders.

Blackstone Company Profile

Blackstone Inc (NYSE:BX) is a global alternative asset management firm that provides investment and advisory services to institutional investors, companies, and qualified individual investors. The company manages capital across private equity, real estate, credit and insurance, infrastructure, hedge fund solutions, secondaries, and growth-oriented investments.

Blackstone invests in and manages portfolios of businesses, properties, infrastructure assets, and credit instruments across a range of industries.