Cary Street Partners Financial LLC Makes New Investment in Blackstone Inc. (NYSE:BX)

Cary Street Partners Financial LLC purchased a new stake in Blackstone Inc. (NYSE:BX - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 16,601 shares of the asset manager's stock, valued at approximately $2,862,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Lord Abbett & CO. LLC purchased a new stake in Blackstone in the 4th quarter valued at approximately $63,109,000. Wealthcare Capital Partners LLC purchased a new position in Blackstone in the fourth quarter worth $2,102,000. Highland Capital Management LLC boosted its position in shares of Blackstone by 214.2% during the 4th quarter. Highland Capital Management LLC now owns 22,303 shares of the asset manager's stock worth $3,845,000 after purchasing an additional 15,205 shares in the last quarter. Nordea Investment Management AB lifted its stake in shares of Blackstone by 8.8% in the fourth quarter. Nordea Investment Management AB now owns 58,229 shares of the asset manager's stock valued at $10,053,000 after purchasing an additional 4,688 shares during the period. Finally, Vanguard Group Inc. grew its position in Blackstone by 1.3% during 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 during the period. 70.00% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Blackstone news, insider Private Credit Stra Blackstone acquired 1,660,000 shares of the firm's stock in a transaction on Thursday, May 1st. The stock was purchased at an average price of $15.00 per share, with a total value of $24,900,000.00. Following the completion of the acquisition, the insider now directly owns 1,666,667 shares in the company, valued at $25,000,005. This trade represents a 24,898.76 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Ruth Porat purchased 301 shares of Blackstone stock in a transaction dated Tuesday, February 18th. The stock was acquired at an average price of $164.85 per share, for a total transaction of $49,619.85. Following the completion of the transaction, the director now owns 36,829 shares in the company, valued at approximately $6,071,260.65. The trade was a 0.82 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 1,660,538 shares of company stock worth $24,981,930 in the last three months. 1.00% of the stock is owned by insiders.

Blackstone Stock Down 0.3 %

Shares of NYSE:BX traded down $0.40 during midday trading on Friday, hitting $139.41. 3,113,790 shares of the company's stock traded hands, compared to its average volume of 3,765,155. The company has a market cap of $101.72 billion, a PE ratio of 38.40, a P/E/G ratio of 1.07 and a beta of 1.67. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.71 and a current ratio of 0.67. Blackstone Inc. has a twelve month low of $115.66 and a twelve month high of $200.96. The firm's fifty day moving average price is $136.87 and its two-hundred day moving average price is $162.24.

Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings data 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 for 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 in the prior year, the business earned $0.98 EPS. On average, equities research analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, May 5th. Investors of record on Monday, April 28th were issued a $0.93 dividend. This represents a $3.72 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date of this dividend was Monday, April 28th. Blackstone's dividend payout ratio is currently 112.05%.

Analyst Ratings Changes

Several brokerages recently issued reports on BX. Piper Sandler reduced their price objective on Blackstone from $182.00 to $140.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. TD Cowen lowered their price objective on shares of Blackstone from $233.00 to $147.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. UBS Group reduced their price target on shares of Blackstone from $180.00 to $175.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Keefe, Bruyette & Woods cut their price objective on Blackstone from $141.00 to $139.00 and set a "market perform" rating for the company in a research report on Tuesday, April 22nd. Finally, JMP Securities reissued a "market outperform" rating and set a $165.00 price target on shares of Blackstone in a research report on Thursday, April 24th. Ten equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average 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.