Pacific Point Advisors LLC Acquires New Shares in Blackstone Inc. (NYSE:BX)

Pacific Point Advisors LLC purchased a new position in shares of Blackstone Inc. (NYSE:BX - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,325 shares of the asset manager's stock, valued at approximately $397,000.

Several other large investors have also recently added to or reduced their stakes in the company. Avidian Wealth Enterprises LLC raised its holdings in Blackstone by 0.4% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 16,184 shares of the asset manager's stock valued at $2,790,000 after buying an additional 59 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. raised its holdings in Blackstone by 0.5% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,426 shares of the asset manager's stock valued at $1,970,000 after buying an additional 62 shares during the last quarter. McAdam LLC raised its holdings in Blackstone by 3.9% in the 4th quarter. McAdam LLC now owns 1,687 shares of the asset manager's stock valued at $291,000 after buying an additional 63 shares during the last quarter. CENTRAL TRUST Co raised its holdings in Blackstone by 0.6% in the 4th quarter. CENTRAL TRUST Co now owns 11,035 shares of the asset manager's stock valued at $1,903,000 after buying an additional 63 shares during the last quarter. Finally, Catalina Capital Group LLC raised its holdings in Blackstone by 3.2% in the 4th quarter. Catalina Capital Group LLC now owns 2,117 shares of the asset manager's stock valued at $365,000 after buying an additional 65 shares during the last quarter. 70.00% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on BX shares. Bank of America lowered their price target on shares of Blackstone from $219.00 to $207.00 and set a "buy" rating for the company in a report on Friday, April 4th. JMP Securities restated a "market outperform" rating and set a $165.00 price target on shares of Blackstone in a report on Thursday, April 24th. Wells Fargo & Company raised their price objective on shares of Blackstone from $139.00 to $153.00 and gave the stock an "equal weight" rating in a research report on Friday. Morgan Stanley reduced their price objective on shares of Blackstone from $222.00 to $150.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Blackstone from $149.00 to $154.00 and gave the company a "neutral" rating in a research report on Friday, January 31st. Ten investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $155.65.

Blackstone Trading Up 2.4%

Blackstone stock traded up $3.31 during mid-day trading on Tuesday, hitting $139.43. The company's stock had a trading volume of 3,445,901 shares, compared to its average volume of 4,566,470. The company has a 50 day moving average of $136.75 and a 200-day moving average of $160.04. The stock has a market cap of $101.73 billion, a PE ratio of 38.41, 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 one year low of $115.66 and a one year high of $200.96.

Blackstone (NYSE:BX - Get Free Report) last posted its quarterly 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). Blackstone had a return on equity of 19.58% and a net margin of 20.99%. The firm had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.95 billion. During the same period in the previous year, the company posted $0.98 EPS. On average, research analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Cuts Dividend

The business also recently disclosed 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 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date was Monday, April 28th. Blackstone's payout ratio is currently 112.05%.

Insider Activity at Blackstone

In other Blackstone news, Director Ruth Porat acquired 237 shares of the business's stock in a transaction dated Monday, May 5th. The stock was acquired at an average cost of $136.33 per share, for a total transaction of $32,310.21. Following the completion of the transaction, the director now directly owns 37,067 shares of the company's stock, valued at $5,053,344.11. This represents a 0.64% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John G. Finley sold 25,000 shares of the business's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $138.47, for a total value of $3,461,750.00. Following the transaction, the insider now directly owns 475,336 shares in the company, valued at $65,819,775.92. This trade represents a 5.00% decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

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.