Burling Wealth Partners LLC Takes Position in Blackstone Inc. (NYSE:BX)

Burling Wealth Partners LLC purchased a new stake in shares of Blackstone Inc. (NYSE:BX - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 95,713 shares of the asset manager's stock, valued at approximately $16,503,000. Blackstone makes up about 3.4% of Burling Wealth Partners LLC's investment portfolio, making the stock its 5th biggest position.

Other hedge funds have also bought and sold shares of the company. Norges Bank bought a new stake in shares of Blackstone during the fourth quarter valued at approximately $974,448,000. Raymond James Financial Inc. bought a new stake in shares of Blackstone during the fourth quarter valued at approximately $316,257,000. Capital Research Global Investors bought a new position in Blackstone in the fourth quarter worth approximately $239,837,000. Vanguard Group Inc. raised its stake in Blackstone by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 66,894,632 shares of the asset manager's stock worth $11,533,972,000 after buying an additional 889,286 shares in the last quarter. Finally, FMR LLC raised its stake in Blackstone by 38.8% in the fourth quarter. FMR LLC now owns 2,990,238 shares of the asset manager's stock worth $515,577,000 after buying an additional 835,170 shares in the last quarter. Institutional investors own 70.00% of the company's stock.

Insider Activity

In other Blackstone news, Director Ruth Porat purchased 301 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The stock was purchased at an average cost of $164.85 per share, with a total value of $49,619.85. Following the transaction, 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 legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.00% of the company's stock.

Blackstone Price Performance

Shares of Blackstone stock traded down $1.02 on Tuesday, hitting $132.56. The company's stock had a trading volume of 972,304 shares, compared to its average volume of 4,721,321. Blackstone Inc. has a 52-week low of $115.66 and a 52-week high of $200.96. The company has a quick ratio of 0.71, a current ratio of 0.67 and a debt-to-equity ratio of 0.61. The firm has a fifty day moving average price of $140.89 and a 200-day moving average price of $164.05. The company has a market capitalization of $96.69 billion, a P/E ratio of 36.51, a price-to-earnings-growth ratio of 1.07 and a beta of 1.61.

Blackstone (NYSE:BX - Get Free Report) last released its earnings results on Thursday, April 17th. The asset manager reported $1.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.22 by ($0.13). The firm had revenue of $2.76 billion during the quarter, compared to analysts' expectations of $2.95 billion. Blackstone had a net margin of 20.99% and a return on equity of 19.58%. During the same quarter last year, the company posted $0.98 earnings per share. On average, equities research analysts expect that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Stockholders of record on Monday, April 28th will be paid a dividend of $0.93 per share. The ex-dividend date is Monday, April 28th. This represents a $3.72 annualized dividend and a dividend yield of 2.81%. Blackstone's dividend payout ratio is presently 112.05%.

Analyst Upgrades and Downgrades

BX has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Blackstone from $149.00 to $154.00 and gave the stock a "neutral" rating in a report on Friday, January 31st. Piper Sandler cut their price objective on Blackstone from $182.00 to $140.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. UBS Group reduced their price objective on Blackstone from $180.00 to $175.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Barclays upped their target price on Blackstone from $129.00 to $136.00 and gave the company an "equal weight" rating in a report on Monday, April 21st. Finally, JMP Securities restated a "market outperform" rating and issued a $165.00 target price on shares of Blackstone in a report on Thursday, April 24th. Ten analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $154.82.

Blackstone 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.