Spinnaker Trust Makes New $1.62 Million Investment in Blackstone Inc. (NYSE:BX)

Spinnaker Trust purchased a new stake in Blackstone Inc. (NYSE:BX - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 11,572 shares of the asset manager's stock, valued at approximately $1,618,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Meiji Yasuda Asset Management Co Ltd. grew its position in Blackstone by 0.5% during the fourth 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 period. Sound View Wealth Advisors Group LLC grew its position in shares of Blackstone by 0.9% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 8,110 shares of the asset manager's stock valued at $1,398,000 after acquiring an additional 74 shares during the period. Ascent Group LLC increased its stake in shares of Blackstone by 0.9% during the 4th quarter. Ascent Group LLC now owns 8,522 shares of the asset manager's stock worth $1,469,000 after purchasing an additional 74 shares during the last quarter. Global Assets Advisory LLC lifted its stake in Blackstone by 1.9% in the fourth quarter. Global Assets Advisory LLC now owns 4,013 shares of the asset manager's stock valued at $697,000 after purchasing an additional 75 shares during the last quarter. Finally, Aptus Capital Advisors LLC increased its position in Blackstone by 0.9% in the fourth quarter. Aptus Capital Advisors LLC now owns 8,466 shares of the asset manager's stock worth $1,460,000 after buying an additional 78 shares during the last quarter. Institutional investors own 70.00% of the company's stock.

Blackstone Stock Performance

Shares of BX opened at $151.29 on Monday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.67. The stock has a 50-day moving average price of $138.66 and a 200-day moving average price of $152.10. The company has a market cap of $110.39 billion, a PE ratio of 45.57, a price-to-earnings-growth ratio of 1.39 and a beta of 1.65. Blackstone Inc. has a 12-month low of $115.66 and a 12-month high of $200.96.

Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings results on Thursday, April 17th. The asset manager reported $1.09 EPS for the quarter, missing analysts' consensus estimates of $1.22 by ($0.13). Blackstone had a return on equity of 19.84% and a net margin of 19.83%. The company had revenue of $2.76 billion during the quarter, compared to analysts' expectations of $2.95 billion. During the same period in the prior year, the firm earned $0.98 EPS. As a group, equities analysts forecast that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Monday, April 28th were issued a $0.93 dividend. This represents a $3.72 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date was Monday, April 28th. Blackstone's payout ratio is currently 112.05%.

Insider Activity at Blackstone

In related news, insider Private Credit Stra Blackstone bought 1,660,000 shares of the stock in a transaction dated Thursday, May 1st. The stock was bought at an average price 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 in the company, valued at approximately $25,000,005. The trade was a 24,898.76% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ruth Porat purchased 237 shares of Blackstone stock in a transaction that occurred on Monday, May 5th. The shares were bought at an average price of $136.33 per share, for a total transaction of $32,310.21. Following the completion of the transaction, the director now owns 37,067 shares in the company, valued at $5,053,344.11. The trade was a 0.64% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on BX. Cowen reiterated a "buy" rating on shares of Blackstone in a research note on Monday, April 21st. Citizens Jmp upgraded shares of Blackstone from a "market perform" rating to an "outperform" rating and set a $165.00 target price for the company in a research report on Tuesday, April 8th. Piper Sandler lowered their price target on shares of Blackstone from $182.00 to $140.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Barclays raised their price objective on shares of Blackstone from $129.00 to $136.00 and gave the stock an "equal weight" rating in a report on Monday, April 21st. Finally, JMP Securities restated a "market outperform" rating and set a $165.00 target price on shares of Blackstone in a research report on Thursday, April 24th. Ten investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price 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.

Want to see what other hedge funds are holding BX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blackstone Inc. (NYSE:BX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.