Pinnacle Associates Ltd. Acquires 2,552 Shares of Blackstone Inc. (NYSE:BX)

Pinnacle Associates Ltd. boosted its holdings in Blackstone Inc. (NYSE:BX) by 1.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 192,054 shares of the asset manager’s stock after purchasing an additional 2,552 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Blackstone were worth $29,409,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of BX. Wealth Enhancement Advisory Services LLC raised its stake in Blackstone by 1.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 431,784 shares of the asset manager’s stock valued at $53,455,000 after purchasing an additional 7,692 shares in the last quarter. Norden Group LLC lifted its holdings in shares of Blackstone by 2,072.0% in the 1st quarter. Norden Group LLC now owns 36,555 shares of the asset manager’s stock valued at $4,802,000 after acquiring an additional 34,872 shares during the last quarter. Blue Trust Inc. increased its stake in Blackstone by 936.2% during the second quarter. Blue Trust Inc. now owns 5,958 shares of the asset manager’s stock worth $783,000 after acquiring an additional 5,383 shares during the last quarter. Asahi Life Asset Management CO. LTD. bought a new stake in shares of Blackstone in the 3rd quarter valued at approximately $557,000. Finally, Scientech Research LLC purchased a new stake in Blackstone during the 2nd quarter valued at $1,364,000. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on BX shares. Wells Fargo & Company raised their target price on shares of Blackstone from $169.00 to $188.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Citigroup upped their target price on Blackstone from $157.00 to $170.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Cowen reissued a “hold” rating on shares of Blackstone in a research note on Friday, October 18th. Piper Sandler lowered Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 target price on the stock. in a research note on Wednesday, October 9th. Finally, Redburn Atlantic started coverage on shares of Blackstone in a research note on Tuesday, August 27th. They set a “neutral” rating and a $134.00 target price for the company. Thirteen analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $155.38.

Insider Activity at Blackstone

In other news, Director Joseph Baratta sold 116,448 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total transaction of $17,561,522.88. Following the completion of the sale, the director now owns 799,749 shares in the company, valued at approximately $120,610,146.69. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider John G. Finley sold 35,000 shares of Blackstone stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the completion of the sale, the insider now directly owns 429,386 shares in the company, valued at approximately $56,567,311.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $150.81, for a total value of $17,561,522.88. Following the sale, the director now owns 799,749 shares in the company, valued at approximately $120,610,146.69. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by corporate insiders.

Blackstone Stock Up 1.6 %

Shares of NYSE BX traded up $2.65 during mid-day trading on Wednesday, reaching $172.46. 619,578 shares of the company were exchanged, compared to its average volume of 3,420,789. The firm has a 50-day moving average of $151.93 and a 200 day moving average of $135.37. Blackstone Inc. has a 1 year low of $91.14 and a 1 year high of $175.94. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.60. The stock has a market cap of $123.25 billion, a price-to-earnings ratio of 60.00, a P/E/G ratio of 1.24 and a beta of 1.51.

Blackstone Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Monday, October 28th will be given a $0.86 dividend. The ex-dividend date of this dividend is Monday, October 28th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.99%. This is an increase from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s payout ratio is presently 121.55%.

Blackstone 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.