Summit Trail Advisors LLC Buys 2,628 Shares of Blackstone Inc. (NYSE:BX)

Summit Trail Advisors LLC raised its holdings in shares of Blackstone Inc. (NYSE:BX - Free Report) by 12.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,681 shares of the asset manager's stock after purchasing an additional 2,628 shares during the period. Summit Trail Advisors LLC's holdings in Blackstone were worth $3,310,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of BX. Norges Bank bought a new stake in shares of Blackstone during the fourth quarter valued at approximately $974,448,000. Raymond James Financial Inc. bought a new stake in Blackstone during the 4th quarter valued at $316,257,000. Capital Research Global Investors acquired a new position in Blackstone during the 4th quarter worth $239,837,000. GAMMA Investing LLC increased its holdings in shares of Blackstone by 14,608.6% during the first quarter. GAMMA Investing LLC now owns 1,322,598 shares of the asset manager's stock valued at $184,873,000 after purchasing an additional 1,313,606 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Blackstone by 1.3% during 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 purchasing an additional 889,286 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on BX shares. Bank of America dropped their price target on shares of Blackstone from $219.00 to $207.00 and set a "buy" rating on the stock in a research report on Friday, April 4th. UBS Group cut their target price on Blackstone from $180.00 to $175.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Citigroup lowered their price target on Blackstone from $190.00 to $137.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. JMP Securities reaffirmed a "market outperform" rating and set a $165.00 target price on shares of Blackstone in a research note on Thursday, April 24th. Finally, Piper Sandler dropped 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. Ten analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $155.65.

Blackstone Trading Up 2.2%

Blackstone stock traded up $3.24 during midday trading on Tuesday, reaching $152.82. The stock had a trading volume of 4,543,599 shares, compared to its average volume of 3,846,177. The firm's fifty day simple moving average is $139.25 and its two-hundred day simple moving average is $151.83. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.75 and a quick ratio of 0.75. Blackstone Inc. has a twelve month low of $115.66 and a twelve month high of $200.96. The firm has a market cap of $111.51 billion, a price-to-earnings ratio of 46.03, a PEG ratio of 1.39 and a beta of 1.65.

Blackstone (NYSE:BX - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The asset manager reported $1.09 EPS for the quarter, missing analysts' consensus estimates of $1.22 by ($0.13). The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.95 billion. Blackstone had a return on equity of 19.84% and a net margin of 19.83%. During the same quarter in the previous year, the business posted $0.98 earnings per share. Equities analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Monday, April 28th were given 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 2.43%. Blackstone's payout ratio is 112.05%.

Insider Activity

In other news, Director Ruth Porat acquired 237 shares of Blackstone stock in a transaction that occurred on Monday, May 5th. The stock was purchased at an average price of $136.33 per share, with a total value of $32,310.21. Following the completion of the transaction, the director owned 37,067 shares in the company, valued at approximately $5,053,344.11. This trade represents a 0.64% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider John G. Finley sold 25,000 shares of the firm's stock in a transaction dated 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 sale, the insider directly owned 475,336 shares of the company's stock, valued at $65,819,775.92. This trade represents a 5.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is currently 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.