Truvestments Capital LLC Increases Stock Holdings in Blackstone Inc. (NYSE:BX)

Truvestments Capital LLC raised its position in Blackstone Inc. (NYSE:BX) by 20.4% in the 3rd quarter, Holdings Channel reports. The fund owned 2,604 shares of the asset manager’s stock after purchasing an additional 441 shares during the period. Truvestments Capital LLC’s holdings in Blackstone were worth $399,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in BX. Acadian Asset Management LLC increased its holdings in Blackstone by 232.8% during the 1st quarter. Acadian Asset Management LLC now owns 1,158 shares of the asset manager’s stock worth $151,000 after purchasing an additional 810 shares during the last quarter. BOKF NA increased its stake in shares of Blackstone by 1.8% in the first quarter. BOKF NA now owns 7,824 shares of the asset manager’s stock worth $1,025,000 after buying an additional 138 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Blackstone by 39.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,345,005 shares of the asset manager’s stock valued at $176,695,000 after acquiring an additional 383,827 shares during the last quarter. Kennedy Capital Management LLC bought a new stake in shares of Blackstone in the 1st quarter worth about $5,486,000. Finally, Tidal Investments LLC lifted its position in shares of Blackstone by 15.8% during the first quarter. Tidal Investments LLC now owns 17,250 shares of the asset manager’s stock worth $2,266,000 after purchasing an additional 2,358 shares during the last quarter. 70.00% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider John G. Finley sold 42,249 shares of the stock in a transaction on Thursday, November 7th. The stock was 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 owns 387,137 shares in the company, valued at approximately $68,112,883.78. This represents a 9.84 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph Baratta sold 116,448 shares of the company’s 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 sale, the director now directly owns 799,749 shares of the company’s stock, valued at approximately $120,610,146.69. This represents a 12.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on BX shares. Redburn Atlantic assumed coverage on Blackstone in a report on Tuesday, August 27th. They issued a “neutral” rating and a $134.00 price objective for the company. The Goldman Sachs Group upped their price target on Blackstone from $135.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Wells Fargo & Company boosted their target price 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. Evercore ISI raised their price target on shares of Blackstone from $148.00 to $155.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Finally, TD Cowen increased their price objective on shares of Blackstone from $133.00 to $149.00 and gave the stock a “hold” rating in a research note on Friday, October 18th. Thirteen analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Blackstone presently has a consensus rating of “Hold” and an average price target of $157.63.

Blackstone Trading Down 3.0 %

NYSE:BX opened at $193.12 on Tuesday. Blackstone Inc. has a 1 year low of $105.51 and a 1 year high of $200.96. The business has a fifty day moving average of $166.63 and a 200-day moving average of $143.28. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.71 and a current ratio of 0.71. The stock has a market cap of $139.43 billion, a price-to-earnings ratio of 66.36, a PEG ratio of 1.69 and a beta of 1.49.

Blackstone (NYSE:BX) last released its quarterly earnings results on Thursday, October 17th. The asset manager reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.10. The company had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.37 billion. Blackstone had a net margin of 19.46% and a return on equity of 17.53%. Equities analysts predict that Blackstone Inc. will post 4.4 earnings per share for the current year.

Blackstone Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Monday, October 28th were paid a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date was Monday, October 28th. This is an increase from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s payout ratio is currently 118.21%.

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.