Princeton Capital Management LLC Invests $240,000 in Blackstone Inc. (NYSE:BX)

Princeton Capital Management LLC bought a new position in shares of Blackstone Inc. (NYSE:BX) in the third quarter, Holdings Channel.com reports. The fund bought 1,565 shares of the asset manager’s stock, valued at approximately $240,000.

Other hedge funds have also bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in Blackstone during the second quarter worth $26,000. EdgeRock Capital LLC bought a new position in Blackstone during the second quarter worth $27,000. West Financial Advisors LLC bought a new position in Blackstone during the third quarter worth $27,000. Bank & Trust Co bought a new stake in Blackstone in the second quarter valued at $29,000. Finally, Ridgewood Investments LLC bought a new stake in Blackstone in the second quarter valued at $31,000. Institutional investors own 70.00% of the company’s stock.

Insider Buying and Selling

In other news, Director Joseph Baratta sold 116,448 shares of the stock in a transaction on 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 transaction, the director now owns 799,749 shares of the company’s stock, valued at $120,610,146.69. This represents a 12.71 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider John G. Finley sold 42,249 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $175.94, for a total transaction of $7,433,289.06. Following the completion of the sale, the insider now directly owns 387,137 shares of the company’s stock, valued at $68,112,883.78. This trade represents a 9.84 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have weighed in on BX. Wells Fargo & Company lifted their price target on shares of Blackstone from $169.00 to $188.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. Redburn Atlantic initiated coverage on shares of Blackstone in a research note on Tuesday, August 27th. They issued a “neutral” rating and a $134.00 price target for the company. TD Cowen boosted their target price on shares of Blackstone from $133.00 to $149.00 and gave the stock a “hold” rating in a research report on Friday, October 18th. Piper Sandler downgraded shares of Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 target price for the company. in a research report on Wednesday, October 9th. Finally, BMO Capital Markets boosted their target price on shares of Blackstone from $112.00 to $134.00 and gave the stock a “market perform” rating in a research report on Friday, October 18th. Thirteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $157.63.

Blackstone Stock Up 0.9 %

BX opened at $183.05 on Tuesday. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.58. The stock has a market cap of $132.16 billion, a price-to-earnings ratio of 62.90, a PEG ratio of 1.54 and a beta of 1.49. Blackstone Inc. has a twelve month low of $104.39 and a twelve month high of $184.34. The company’s 50-day moving average price is $162.26 and its two-hundred day moving average price is $140.80.

Blackstone (NYSE:BX) last posted its quarterly earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.10. Blackstone had a net margin of 19.46% and a return on equity of 17.53%. The company had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.37 billion. As a group, equities analysts expect that Blackstone Inc. will post 4.39 earnings per share for the current year.

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Monday, October 28th were issued a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date was Monday, October 28th. This is a positive change from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s dividend payout ratio is 118.21%.

About Blackstone

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.