Element Wealth LLC Increases Holdings in Blackstone Inc. (NYSE:BX)

Element Wealth LLC lifted its holdings in Blackstone Inc. (NYSE:BX) by 3.2% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 7,974 shares of the asset manager’s stock after acquiring an additional 246 shares during the quarter. Element Wealth LLC’s holdings in Blackstone were worth $1,221,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in BX. Vanguard Group Inc. grew its holdings in shares of Blackstone by 2.0% in the first quarter. Vanguard Group Inc. now owns 64,262,972 shares of the asset manager’s stock worth $8,442,227,000 after purchasing an additional 1,290,324 shares during the last quarter. Capital World Investors raised its stake in shares of Blackstone by 7.5% during the first quarter. Capital World Investors now owns 36,285,872 shares of the asset manager’s stock valued at $4,766,875,000 after acquiring an additional 2,546,886 shares during the last quarter. Wulff Hansen & CO. grew its stake in shares of Blackstone by 12,192.7% in the second quarter. Wulff Hansen & CO. now owns 7,340,845 shares of the asset manager’s stock worth $908,797,000 after purchasing an additional 7,281,128 shares during the last quarter. Legal & General Group Plc raised its position in Blackstone by 2.3% during the 2nd quarter. Legal & General Group Plc now owns 6,266,207 shares of the asset manager’s stock valued at $775,758,000 after purchasing an additional 141,616 shares during the last quarter. Finally, Janus Henderson Group PLC increased its stake in shares of Blackstone by 0.5% during the first quarter. Janus Henderson Group PLC now owns 4,670,645 shares of the asset manager’s stock valued at $613,581,000 after buying an additional 21,450 shares during the period. Institutional investors own 70.00% of the company’s stock.

Insider Transactions at Blackstone

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

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of Blackstone from $164.00 to $177.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Citigroup increased their price target on shares of Blackstone from $157.00 to $170.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. TD Cowen increased their target price on Blackstone from $133.00 to $149.00 and gave the stock a “hold” rating in a research report on Friday, October 18th. Bank of America upped their price target on Blackstone from $171.00 to $192.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Finally, Wells Fargo & Company boosted their target price on shares of Blackstone from $169.00 to $188.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Thirteen equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Blackstone presently has a consensus rating of “Hold” and a consensus price target of $155.38.

Blackstone Price Performance

NYSE BX opened at $169.66 on Friday. The business’s fifty day moving average is $149.16 and its 200 day moving average is $134.15. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.77 and a current ratio of 0.77. The company has a market capitalization of $121.25 billion, a PE ratio of 59.95, a price-to-earnings-growth ratio of 1.24 and a beta of 1.51. Blackstone Inc. has a fifty-two week low of $88.59 and a fifty-two week high of $175.94.

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Shareholders of record on Monday, October 28th will be paid a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date is Monday, October 28th. This is a positive change from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s dividend payout ratio is presently 121.55%.

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.