Montecito Bank & Trust Raises Stake in Blackstone Inc. (NYSE:BX)

Montecito Bank & Trust lifted its holdings in Blackstone Inc. (NYSE:BX) by 11.6% during the fourth quarter, Holdings Channel reports. The fund owned 6,442 shares of the asset manager’s stock after buying an additional 668 shares during the quarter. Montecito Bank & Trust’s holdings in Blackstone were worth $1,111,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Smallwood Wealth Investment Management LLC purchased a new stake in shares of Blackstone in the fourth quarter worth about $221,000. Cerro Pacific Wealth Advisors LLC acquired a new stake in shares of Blackstone during the 4th quarter worth approximately $237,000. Veracity Capital LLC lifted its stake in shares of Blackstone by 11.2% in the 4th quarter. Veracity Capital LLC now owns 3,672 shares of the asset manager’s stock valued at $633,000 after purchasing an additional 371 shares during the period. Red Door Wealth Management LLC boosted its holdings in Blackstone by 1.5% during the fourth quarter. Red Door Wealth Management LLC now owns 19,518 shares of the asset manager’s stock worth $3,365,000 after buying an additional 281 shares in the last quarter. Finally, Capital Planning Advisors LLC increased its holdings in Blackstone by 6.2% in the fourth quarter. Capital Planning Advisors LLC now owns 30,683 shares of the asset manager’s stock valued at $5,290,000 after buying an additional 1,801 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Blackstone Trading Up 1.5 %

NYSE BX opened at $185.56 on Friday. Blackstone Inc. has a one year low of $115.82 and a one year high of $200.96. The firm has a 50 day simple moving average of $180.71 and a 200-day simple moving average of $159.71. The firm has a market cap of $133.98 billion, a price-to-earnings ratio of 63.77, a PEG ratio of 1.21 and a beta of 1.53. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.71 and a current ratio of 0.71.

Insiders Place Their Bets

In other news, insider John G. Finley sold 42,249 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $175.94, for a total transaction of $7,433,289.06. Following the completion of the transaction, the insider now directly owns 387,137 shares of the company’s stock, valued at approximately $68,112,883.78. The trade was a 9.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.00% of the company’s stock.

Wall Street Analyst Weigh In

BX has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Blackstone from $172.00 to $182.00 and gave the company a “buy” rating in a research report on Monday, November 11th. StockNews.com raised Blackstone from a “hold” rating to a “buy” rating in a research note on Tuesday. Cowen restated a “hold” rating on shares of Blackstone in a report on Friday, October 18th. Keefe, Bruyette & Woods decreased their price target on shares of Blackstone from $175.00 to $174.00 and set a “market perform” rating on the stock in a research note on Monday, January 13th. Finally, Wells Fargo & Company dropped their price objective on shares of Blackstone from $195.00 to $180.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 14th. Twelve investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $169.56.

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.