Pacific Point Advisors LLC Makes New Investment in Blackstone Inc. (NYSE:BX)

Pacific Point Advisors LLC purchased a new stake in shares of Blackstone Inc. (NYSE:BX - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 2,325 shares of the asset manager's stock, valued at approximately $397,000.

A number of other hedge funds have also recently made changes to their positions in the business. Simon Quick Advisors LLC increased its holdings in shares of Blackstone by 7.0% in the fourth quarter. Simon Quick Advisors LLC now owns 5,345 shares of the asset manager's stock worth $922,000 after buying an additional 349 shares during the period. Nisa Investment Advisors LLC increased its stake in shares of Blackstone by 13.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 134,116 shares of the asset manager's stock worth $23,124,000 after buying an additional 15,755 shares during the period. Advisory Alpha LLC grew its holdings in Blackstone by 9.4% in the 4th quarter. Advisory Alpha LLC now owns 4,035 shares of the asset manager's stock worth $696,000 after acquiring an additional 346 shares during the last quarter. Wesbanco Bank Inc. increased its holdings in Blackstone by 3.2% during the 4th quarter. Wesbanco Bank Inc. now owns 3,256 shares of the asset manager's stock valued at $561,000 after purchasing an additional 100 shares during the period. Finally, Beacon Investment Advisory Services Inc. boosted its position in Blackstone by 7.4% during the 4th quarter. Beacon Investment Advisory Services Inc. now owns 13,768 shares of the asset manager's stock valued at $2,374,000 after acquiring an additional 943 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors.

Blackstone Stock Down 0.1%

Shares of BX traded down $0.20 during midday trading on Wednesday, hitting $139.10. The company had a trading volume of 809,081 shares, compared to its average volume of 3,781,187. 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 1 year low of $115.66 and a 1 year high of $200.96. The firm has a market capitalization of $101.49 billion, a P/E ratio of 38.31, a P/E/G ratio of 1.07 and a beta of 1.67. The company's 50-day simple moving average is $136.56 and its 200-day simple moving average is $159.90.

Blackstone (NYSE:BX - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The asset manager reported $1.09 EPS for the quarter, missing the consensus estimate of $1.22 by ($0.13). Blackstone had a return on equity of 19.58% and a net margin of 20.99%. The company had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.95 billion. During the same quarter in the prior year, the business earned $0.98 earnings per share. As a group, sell-side analysts expect that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 5th. Investors of record on Monday, April 28th were given a dividend of $0.93 per share. This represents a $3.72 annualized dividend and a yield of 2.67%. The ex-dividend date of this dividend was Monday, April 28th. Blackstone's dividend payout ratio (DPR) is 112.05%.

Insider Transactions at Blackstone

In other news, insider Private Credit Stra Blackstone bought 1,660,000 shares of the firm's stock in a transaction dated Thursday, May 1st. The stock was acquired at an average cost of $15.00 per share, for a total transaction of $24,900,000.00. Following the completion of the purchase, the insider now owns 1,666,667 shares of the company's stock, valued at $25,000,005. This trade represents a 24,898.76% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ruth Porat purchased 237 shares of the firm's stock in a transaction dated Monday, May 5th. The shares were bought at an average cost of $136.33 per share, with a total value of $32,310.21. Following the transaction, the director now directly owns 37,067 shares of the company's stock, valued at approximately $5,053,344.11. This represents a 0.64% increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Barclays raised their price target on shares of Blackstone from $129.00 to $136.00 and gave the company an "equal weight" rating in a report on Monday, April 21st. JMP Securities restated a "market outperform" rating and set a $165.00 price objective on shares of Blackstone in a research report on Thursday, April 24th. Wall Street Zen downgraded shares of Blackstone from a "buy" rating to a "hold" rating in a report on Friday, January 31st. Cowen reiterated a "buy" rating on shares of Blackstone in a research report on Monday, April 21st. Finally, Citizens Jmp raised shares of Blackstone from a "market perform" rating to an "outperform" rating and set a $165.00 price target for the company in a research note on Tuesday, April 8th. Ten analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $155.65.

Blackstone Company 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.