Logan Capital Management Inc. Increases Position in Blackstone Inc. (NYSE:BX)

Logan Capital Management Inc. boosted its holdings in Blackstone Inc. (NYSE:BXFree Report) by 37.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,125 shares of the asset manager’s stock after purchasing an additional 1,125 shares during the quarter. Logan Capital Management Inc.’s holdings in Blackstone were worth $540,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BX. Vanguard Group Inc. increased its position in Blackstone by 30.2% during the 3rd quarter. Vanguard Group Inc. now owns 62,091,903 shares of the asset manager’s stock worth $6,652,526,000 after purchasing an additional 14,396,655 shares in the last quarter. Norges Bank acquired a new position in Blackstone during the 4th quarter worth approximately $708,859,000. International Assets Investment Management LLC boosted its stake in shares of Blackstone by 13,816.5% in the fourth quarter. International Assets Investment Management LLC now owns 3,623,868 shares of the asset manager’s stock valued at $4,744,370,000 after purchasing an additional 3,597,828 shares during the period. Northern Trust Corp increased its stake in Blackstone by 43.9% during the 3rd quarter. Northern Trust Corp now owns 6,877,288 shares of the asset manager’s stock worth $736,833,000 after buying an additional 2,098,150 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Blackstone by 255.2% during the third quarter. Invesco Ltd. now owns 2,698,085 shares of the asset manager’s stock valued at $289,073,000 after acquiring an additional 1,938,593 shares in the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Barclays restated an “equal weight” rating and set a $125.00 price objective (down previously from $129.00) on shares of Blackstone in a research note on Friday, April 19th. Morgan Stanley raised their price objective on shares of Blackstone from $144.00 to $145.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. Piper Sandler decreased their price target on Blackstone from $150.00 to $146.00 and set an “overweight” rating for the company in a research note on Wednesday, April 10th. Argus raised their price target on shares of Blackstone from $133.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Finally, UBS Group lifted their target price on Blackstone from $135.00 to $138.00 and gave the company a “neutral” rating in a research note on Friday, April 12th. Thirteen analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Blackstone has a consensus rating of “Hold” and an average target price of $123.65.

Get Our Latest Report on Blackstone

Blackstone Stock Performance

Shares of NYSE BX opened at $119.78 on Tuesday. The business’s 50-day moving average price is $122.87 and its two-hundred day moving average price is $123.48. Blackstone Inc. has a one year low of $87.40 and a one year high of $133.56. The company has a market capitalization of $85.60 billion, a P/E ratio of 42.33, a price-to-earnings-growth ratio of 0.98 and a beta of 1.53. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.79 and a quick ratio of 0.79.

Blackstone (NYSE:BXGet Free Report) last posted its earnings results on Thursday, April 18th. The asset manager reported $0.98 earnings per share for the quarter, meeting the consensus estimate of $0.98. The company had revenue of $3.69 billion for the quarter, compared to analyst estimates of $2.56 billion. Blackstone had a return on equity of 17.33% and a net margin of 20.84%. The business’s revenue was up 166.9% compared to the same quarter last year. During the same period last year, the company earned $0.97 earnings per share. Analysts anticipate that Blackstone Inc. will post 4.77 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 6th. Shareholders of record on Monday, April 29th were issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date of this dividend was Friday, April 26th. Blackstone’s dividend payout ratio (DPR) is presently 117.31%.

Insider Buying and Selling at Blackstone

In other Blackstone news, Director Ruth Porat bought 219 shares of the company’s stock in a transaction on Monday, May 6th. The stock was bought at an average price of $119.48 per share, for a total transaction of $26,166.12. Following the transaction, the director now owns 34,445 shares of the company’s stock, valued at approximately $4,115,488.60. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.00% of the company’s stock.

About Blackstone

(Free Report)

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.

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Institutional Ownership by Quarter for Blackstone (NYSE:BX)

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