ARS Investment Partners LLC Purchases 3,636 Shares of Blackstone Inc. $BX

ARS Investment Partners LLC increased its position in Blackstone Inc. (NYSE:BX) by 1.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 200,638 shares of the asset manager’s stock after purchasing an additional 3,636 shares during the quarter. Blackstone makes up 2.3% of ARS Investment Partners LLC’s portfolio, making the stock its 16th largest holding. ARS Investment Partners LLC’s holdings in Blackstone were worth $34,279,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Perigon Wealth Management LLC boosted its holdings in Blackstone by 3.2% during the second quarter. Perigon Wealth Management LLC now owns 62,484 shares of the asset manager’s stock valued at $9,346,000 after purchasing an additional 1,949 shares in the last quarter. Vanguard Group Inc. grew its position in Blackstone by 2.2% in the second quarter. Vanguard Group Inc. now owns 69,492,377 shares of the asset manager’s stock valued at $10,394,670,000 after acquiring an additional 1,494,796 shares during the period. Redmond Asset Management LLC lifted its holdings in shares of Blackstone by 21.2% during the second quarter. Redmond Asset Management LLC now owns 18,785 shares of the asset manager’s stock valued at $2,810,000 after acquiring an additional 3,281 shares during the period. Kera Capital Partners Inc. acquired a new stake in shares of Blackstone in the 2nd quarter valued at $273,000. Finally, Bourgeon Capital Management LLC acquired a new stake in shares of Blackstone during the 2nd quarter worth about $423,000. 70.00% of the stock is owned by institutional investors.

Blackstone Stock Performance

Blackstone stock opened at $156.53 on Thursday. Blackstone Inc. has a 1 year low of $115.66 and a 1 year high of $190.09. The company’s 50-day moving average is $149.09 and its two-hundred day moving average is $159.50. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.60. The company has a market cap of $115.59 billion, a PE ratio of 44.72, a PEG ratio of 1.32 and a beta of 1.76.

Blackstone (NYSE:BX) last posted its quarterly earnings results on Friday, November 22nd. The asset manager reported $0.97 earnings per share for the quarter. Blackstone had a net margin of 20.56% and a return on equity of 22.30%. The business had revenue of $2.49 billion during the quarter. Equities analysts anticipate that Blackstone Inc. will post 5.87 earnings per share for the current year.

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 10th. Investors of record on Monday, November 3rd were paid a dividend of $1.29 per share. This represents a $5.16 dividend on an annualized basis and a dividend yield of 3.3%. This is a boost from Blackstone’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend was Monday, November 3rd. Blackstone’s payout ratio is presently 147.43%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Morgan Stanley upped their price objective on shares of Blackstone from $200.00 to $215.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 21st. TD Cowen dropped their price target on Blackstone from $208.00 to $205.00 and set a “buy” rating for the company in a report on Friday, October 24th. BMO Capital Markets reduced their price objective on Blackstone from $190.00 to $180.00 and set an “outperform” rating on the stock in a research note on Monday, October 27th. Keefe, Bruyette & Woods cut their price target on Blackstone from $180.00 to $171.00 and set a “market perform” rating for the company in a report on Monday, October 13th. Finally, Bank of America decreased their price objective on shares of Blackstone from $199.00 to $189.00 in a report on Wednesday, December 10th. Ten research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, Blackstone has an average rating of “Moderate Buy” and a consensus target price of $179.95.

Insider Buying and Selling

In other news, major shareholder Tactical Opportunit Blackstone sold 1,596,142 shares of the business’s stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $10.00, for a total transaction of $15,961,420.00. Following the completion of the transaction, the insider directly owned 2,161 shares in the company, valued at approximately $21,610. The trade was a 99.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ruth Porat purchased 324 shares of the company’s stock in a transaction dated Monday, November 10th. The shares were acquired at an average cost of $146.92 per share, for a total transaction of $47,602.08. Following the transaction, the director owned 39,077 shares of the company’s stock, valued at $5,741,192.84. This trade represents a 0.84% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders bought 797,148 shares of company stock worth $24,050,153. Corporate insiders own 1.00% of the company’s stock.

About Blackstone

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.