Garden State Investment Advisory Services LLC Acquires 497 Shares of Blackstone Inc. (NYSE:BX)

Garden State Investment Advisory Services LLC grew its stake in Blackstone Inc. (NYSE:BX) by 14.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,007 shares of the asset manager’s stock after acquiring an additional 497 shares during the quarter. Garden State Investment Advisory Services LLC’s holdings in Blackstone were worth $614,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of BX. Raleigh Capital Management Inc. boosted its holdings in shares of Blackstone by 32.1% during the 3rd quarter. Raleigh Capital Management Inc. now owns 255 shares of the asset manager’s stock valued at $39,000 after acquiring an additional 62 shares during the last quarter. Capital Advisors Ltd. LLC grew its position in Blackstone by 2.3% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 2,787 shares of the asset manager’s stock worth $427,000 after purchasing an additional 62 shares during the period. Fidelis Capital Partners LLC lifted its holdings in shares of Blackstone by 2.7% during the 3rd quarter. Fidelis Capital Partners LLC now owns 2,374 shares of the asset manager’s stock valued at $396,000 after buying an additional 62 shares during the period. Harbor Capital Advisors Inc. boosted its stake in shares of Blackstone by 0.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 13,926 shares of the asset manager’s stock worth $2,132,000 after buying an additional 64 shares during the last quarter. Finally, Lindbrook Capital LLC increased its position in Blackstone by 1.1% during the third quarter. Lindbrook Capital LLC now owns 5,743 shares of the asset manager’s stock valued at $879,000 after acquiring an additional 65 shares during the last quarter. 70.00% of the stock is currently owned by institutional investors.

Blackstone Trading Up 1.1 %

BX opened at $191.09 on Monday. The firm has a market cap of $137.97 billion, a price-to-earnings ratio of 65.67, a PEG ratio of 1.63 and a beta of 1.49. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.58. The stock has a fifty day moving average price of $169.29 and a 200-day moving average price of $145.09. Blackstone Inc. has a 12 month low of $110.77 and a 12 month high of $200.96.

Blackstone (NYSE:BX) last released its quarterly earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.10. Blackstone had a net margin of 19.46% and a return on equity of 17.53%. The business had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.37 billion. As a group, equities research analysts anticipate that Blackstone Inc. will post 4.4 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Monday, October 28th were given a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend was Monday, October 28th. This is an increase from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s payout ratio is currently 118.21%.

Insider Buying and Selling at Blackstone

In other news, Director Joseph Baratta sold 116,448 shares of the stock in a transaction dated 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 transaction, the director now directly owns 799,749 shares of the company’s stock, valued at approximately $120,610,146.69. This represents a 12.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John G. Finley sold 42,249 shares of the stock in a transaction that occurred on 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 owns 387,137 shares in the company, valued at approximately $68,112,883.78. This trade represents a 9.84 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. UBS Group raised their price objective on shares of Blackstone from $140.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. The Goldman Sachs Group raised their target price on Blackstone from $135.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. BMO Capital Markets boosted their price target on Blackstone from $112.00 to $134.00 and gave the company a “market perform” rating in a report on Friday, October 18th. Deutsche Bank Aktiengesellschaft lifted their price objective on Blackstone from $172.00 to $182.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Finally, Piper Sandler downgraded shares of Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 price target on the stock. in a report on Wednesday, October 9th. Thirteen equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Blackstone currently has an average rating of “Hold” and an average target price of $157.63.

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.