Pines Wealth Management LLC Invests $346,000 in Blackstone Inc. (NYSE:BX)

Pines Wealth Management LLC acquired a new position in Blackstone Inc. (NYSE:BX) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,096 shares of the asset manager’s stock, valued at approximately $346,000.

Several other large investors also recently added to or reduced their stakes in BX. Sather Financial Group Inc boosted its holdings in Blackstone by 202.5% in the third quarter. Sather Financial Group Inc now owns 6,050 shares of the asset manager’s stock worth $926,000 after purchasing an additional 4,050 shares in the last quarter. Portside Wealth Group LLC bought a new stake in shares of Blackstone during the 3rd quarter worth about $201,000. Aljian Capital Management LLC bought a new position in shares of Blackstone in the 3rd quarter valued at approximately $1,951,000. Icon Wealth Advisors LLC grew its holdings in Blackstone by 2,185.4% during the third quarter. Icon Wealth Advisors LLC now owns 18,946 shares of the asset manager’s stock valued at $2,901,000 after purchasing an additional 18,117 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Blackstone by 3.2% in the third quarter. PNC Financial Services Group Inc. now owns 1,169,526 shares of the asset manager’s stock worth $179,089,000 after buying an additional 36,343 shares during the last quarter. 70.00% of the stock is owned by institutional investors.

Insider Activity

In related news, insider John G. Finley sold 42,249 shares of Blackstone stock in a transaction dated Thursday, November 7th. The stock was 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 directly owns 387,137 shares of the company’s stock, valued at $68,112,883.78. The trade was a 9.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Morgan Stanley lifted their target price on shares of Blackstone from $164.00 to $177.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. UBS Group increased their target price on Blackstone from $140.00 to $160.00 and gave the company a “neutral” rating in a research note on Wednesday, October 16th. Barclays cut their price target on Blackstone from $199.00 to $192.00 and set an “equal weight” rating for the company in a report on Monday. StockNews.com upgraded shares of Blackstone from a “hold” rating to a “buy” rating in a research note on Thursday, January 9th. Finally, Wells Fargo & Company decreased their price target on shares of Blackstone from $195.00 to $180.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Twelve equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Blackstone has a consensus rating of “Hold” and a consensus target price of $169.56.

Blackstone Stock Performance

Shares of NYSE:BX opened at $175.12 on Thursday. The stock has a market capitalization of $126.44 billion, a price-to-earnings ratio of 60.18, a price-to-earnings-growth ratio of 1.63 and a beta of 1.53. The business’s fifty day moving average price is $180.70 and its two-hundred day moving average price is $157.59. Blackstone Inc. has a fifty-two week low of $114.88 and a fifty-two week high of $200.96. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.71 and a quick ratio of 0.71.

Blackstone (NYSE:BX) last announced 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. The firm had revenue of $2.43 billion during 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%. As a group, analysts predict that Blackstone Inc. will post 4.43 EPS for the current fiscal year.

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.