Lakeshore Capital Group Inc. Makes New $797,000 Investment in Blackstone Inc. (NYSE:BX)

Lakeshore Capital Group Inc. purchased a new stake in Blackstone Inc. (NYSE:BX - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 4,621 shares of the asset manager's stock, valued at approximately $797,000. Blackstone comprises 1.2% of Lakeshore Capital Group Inc.'s holdings, making the stock its 29th largest holding.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Lord Abbett & CO. LLC acquired a new stake in shares of Blackstone during the 4th quarter worth approximately $63,109,000. Wealthcare Capital Partners LLC bought a new position in Blackstone during the 4th quarter worth approximately $2,102,000. Highland Capital Management LLC raised its position in shares of Blackstone by 214.2% in the 4th quarter. Highland Capital Management LLC now owns 22,303 shares of the asset manager's stock worth $3,845,000 after acquiring an additional 15,205 shares in the last quarter. Vanguard Group Inc. lifted 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 valued at $11,533,972,000 after buying an additional 889,286 shares during the period. Finally, Commonwealth Equity Services LLC increased its stake in Blackstone by 0.8% in the fourth quarter. Commonwealth Equity Services LLC now owns 716,319 shares of the asset manager's stock valued at $123,508,000 after purchasing an additional 5,951 shares in the last quarter. 70.00% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

BX has been the subject of several recent research reports. Piper Sandler decreased 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. Barclays raised their price objective on shares of Blackstone from $129.00 to $136.00 and gave the company an "equal weight" rating in a research note on Monday, April 21st. Cowen restated a "buy" rating on shares of Blackstone in a report on Monday, April 21st. Wells Fargo & Company lifted their price target on Blackstone from $139.00 to $153.00 and gave the company an "equal weight" rating in a research note on Friday, May 23rd. Finally, Citizens Jmp raised Blackstone from a "market perform" rating to an "outperform" rating and set a $165.00 price objective for the company in a research note on Tuesday, April 8th. Ten analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $155.65.

Blackstone Stock Performance

NYSE BX traded up $0.33 on Thursday, hitting $138.74. 2,208,703 shares of the stock traded hands, compared to its average volume of 3,783,808. Blackstone Inc. has a 12 month low of $115.66 and a 12 month high of $200.96. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.71 and a current ratio of 0.67. The business's fifty day moving average is $136.36 and its two-hundred day moving average is $159.75. The firm has a market capitalization of $101.23 billion, a price-to-earnings ratio of 38.22, a PEG ratio of 1.07 and a beta of 1.67.

Blackstone (NYSE:BX - Get Free Report) last announced 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 during the quarter, compared to the consensus estimate 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 firm posted $0.98 earnings per share. As a group, equities analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Investors of record on Monday, April 28th were paid a $0.93 dividend. The ex-dividend date of this dividend was Monday, April 28th. This represents a $3.72 dividend on an annualized basis and a yield of 2.68%. Blackstone's dividend payout ratio is 112.05%.

Insiders Place Their Bets

In other Blackstone news, insider John G. Finley sold 25,000 shares of Blackstone stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $138.47, for a total transaction of $3,461,750.00. Following the completion of the transaction, the insider now owns 475,336 shares of the company's stock, valued at $65,819,775.92. The trade was a 5.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Private Credit Stra Blackstone acquired 1,660,000 shares of Blackstone stock in a transaction that occurred on Thursday, May 1st. The shares were purchased at an average cost of $15.00 per share, with a total value of $24,900,000.00. Following the purchase, the insider now owns 1,666,667 shares of the company's stock, valued at $25,000,005. This represents a 24,898.76% increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.00% of the company's stock.

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.