Fortem Financial Group LLC Raises Stock Position in Blackstone Inc. (NYSE:BX)

Fortem Financial Group LLC raised its stake in shares of Blackstone Inc. (NYSE:BX) by 2.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,785 shares of the asset manager’s stock after purchasing an additional 281 shares during the quarter. Fortem Financial Group LLC’s holdings in Blackstone were worth $1,652,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. State Street Corp increased its position in Blackstone by 1.2% during the 3rd quarter. State Street Corp now owns 30,020,426 shares of the asset manager’s stock valued at $4,597,028,000 after purchasing an additional 348,751 shares during the period. Geode Capital Management LLC grew its position in shares of Blackstone by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 14,896,413 shares of the asset manager’s stock worth $2,272,227,000 after buying an additional 336,308 shares during the period. Wulff Hansen & CO. grew its position in shares of Blackstone by 12,192.7% in the 2nd quarter. Wulff Hansen & CO. now owns 7,340,845 shares of the asset manager’s stock worth $908,797,000 after buying an additional 7,281,128 shares during the period. Legal & General Group Plc grew its position in shares of Blackstone by 2.3% in the 2nd quarter. Legal & General Group Plc now owns 6,266,207 shares of the asset manager’s stock worth $775,758,000 after buying an additional 141,616 shares during the period. Finally, International Assets Investment Management LLC grew its position in shares of Blackstone by 15,357.3% in the 3rd quarter. International Assets Investment Management LLC now owns 4,201,150 shares of the asset manager’s stock worth $6,433,220,000 after buying an additional 4,173,971 shares during the period. 70.00% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Blackstone

In other Blackstone news, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction dated Tuesday, October 1st. The stock was 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 in the company, valued at $120,610,146.69. The trade was a 12.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John G. Finley sold 42,249 shares of Blackstone stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $175.94, for a total value of $7,433,289.06. Following the completion of the transaction, the insider now owns 387,137 shares in the company, 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. Corporate insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BX. Piper Sandler downgraded shares of Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 target price on the stock. in a research report on Wednesday, October 9th. Citigroup upped their price target on shares of Blackstone from $157.00 to $170.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Bank of America upped their price target on shares of Blackstone from $171.00 to $192.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. BMO Capital Markets upped their price target on shares of Blackstone from $112.00 to $134.00 and gave the stock a “market perform” rating in a research note on Friday, October 18th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Blackstone from $172.00 to $182.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Twelve analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $164.25.

Blackstone Stock Up 2.3 %

NYSE BX opened at $189.56 on Wednesday. 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 company has a market capitalization of $136.86 billion, a P/E ratio of 65.14, a P/E/G ratio of 1.59 and a beta of 1.51. Blackstone Inc. has a one year low of $112.09 and a one year high of $200.96. The stock has a 50 day moving average price of $173.07 and a 200-day moving average price of $147.64.

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

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Monday, October 28th were given a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a dividend yield of 1.81%. This is an increase from Blackstone’s previous quarterly dividend of $0.82. The ex-dividend date of this dividend was Monday, October 28th. Blackstone’s dividend payout ratio (DPR) is 118.21%.

Blackstone Company 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.