Amalgamated Bank Acquires 3,545 Shares of Blackstone Inc. $BX

Amalgamated Bank boosted its holdings in Blackstone Inc. (NYSE:BX) by 2.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 166,222 shares of the asset manager’s stock after purchasing an additional 3,545 shares during the quarter. Amalgamated Bank’s holdings in Blackstone were worth $28,399,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in BX. Perigon Wealth Management LLC lifted its holdings in shares of Blackstone by 3.2% in the 2nd quarter. Perigon Wealth Management LLC now owns 62,484 shares of the asset manager’s stock worth $9,346,000 after buying an additional 1,949 shares during the period. Vanguard Group Inc. increased its stake in Blackstone by 2.2% during the 2nd quarter. Vanguard Group Inc. now owns 69,492,377 shares of the asset manager’s stock valued at $10,394,670,000 after purchasing an additional 1,494,796 shares in the last quarter. Redmond Asset Management LLC lifted its position in Blackstone by 21.2% during the 2nd quarter. Redmond Asset Management LLC now owns 18,785 shares of the asset manager’s stock worth $2,810,000 after acquiring an additional 3,281 shares during the period. Bourgeon Capital Management LLC purchased a new position in Blackstone during the 2nd quarter worth approximately $423,000. Finally, Longfellow Investment Management Co. LLC boosted its holdings in Blackstone by 259.8% during the second quarter. Longfellow Investment Management Co. LLC now owns 22,160 shares of the asset manager’s stock worth $3,315,000 after buying an additional 16,001 shares in the last quarter. 70.00% of the stock is owned by institutional investors.

Analyst Ratings Changes

BX has been the topic of a number of research reports. UBS Group decreased their target price on shares of Blackstone from $175.00 to $172.00 and set a “neutral” rating on the stock in a research note on Tuesday. Citigroup decreased their target price on Blackstone from $185.00 to $170.00 and set a “neutral” rating on the stock in a research note on Monday, October 13th. Rothschild & Co Redburn cut their price objective on Blackstone from $168.00 to $165.00 and set a “neutral” rating on the stock in a research report on Thursday. Evercore ISI decreased their price target on shares of Blackstone from $197.00 to $180.00 and set an “outperform” rating for the company in a research note on Wednesday, October 22nd. Finally, JPMorgan Chase & Co. dropped their price objective on Blackstone from $177.00 to $176.00 and set a “neutral” rating on the stock in a report on Friday, October 24th. Ten research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $177.25.

Insiders Place Their Bets

In other news, Director Ruth Porat bought 324 shares of the firm’s stock in a transaction dated Monday, November 10th. The shares were bought at an average price of $146.92 per share, with a total value of $47,602.08. Following the completion of 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 purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director James Breyer acquired 13,900 shares of Blackstone stock in a transaction that occurred on Tuesday, November 4th. The stock was acquired at an average cost of $143.86 per share, for a total transaction of $1,999,654.00. Following the completion of the purchase, the director directly owned 68,906 shares of the company’s stock, valued at $9,912,817.16. This represents a 25.27% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders acquired 797,148 shares of company stock valued at $24,050,153. 1.00% of the stock is owned by corporate insiders.

Blackstone Stock Up 1.8%

BX stock opened at $163.67 on Friday. The firm has a fifty day moving average price of $151.03 and a two-hundred day moving average price of $161.32. The firm has a market cap of $120.86 billion, a price-to-earnings ratio of 46.76, a PEG ratio of 1.15 and a beta of 1.75. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.75 and a quick ratio of 0.75. Blackstone Inc. has a 1-year low of $115.66 and a 1-year high of $190.09.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, October 23rd. The asset manager reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.29. Blackstone had a net margin of 20.56% and a return on equity of 22.30%. The business had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.14 billion. During the same quarter in the prior year, the company posted $1.02 earnings per share. The company’s quarterly revenue was down 15.7% compared to the same quarter last year. Research analysts predict that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 10th. Shareholders of record on Monday, November 3rd were issued a dividend of $1.29 per share. The ex-dividend date of this dividend was Monday, November 3rd. This is a boost from Blackstone’s previous quarterly dividend of $1.03. This represents a $5.16 dividend on an annualized basis and a dividend yield of 3.2%. Blackstone’s dividend payout ratio (DPR) is 147.43%.

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.