Blackstone Inc. $BX Shares Newly Purchased by Adams Asset Advisors LLC

Adams Asset Advisors LLC purchased a new stake in shares of Blackstone Inc. (NYSE:BX) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 8,800 shares of the asset manager’s stock, valued at approximately $986,000.

A number of other hedge funds have also made changes to their positions in the business. Apella Capital LLC increased its holdings in Blackstone by 3.6% in the 3rd quarter. Apella Capital LLC now owns 16,297 shares of the asset manager’s stock valued at $1,823,000 after purchasing an additional 570 shares in the last quarter. Avidian Wealth Enterprises LLC boosted its position in shares of Blackstone by 6.1% in the third quarter. Avidian Wealth Enterprises LLC now owns 16,680 shares of the asset manager’s stock worth $1,870,000 after buying an additional 963 shares during the period. Valeo Financial Advisors LLC grew its stake in shares of Blackstone by 12.2% in the third quarter. Valeo Financial Advisors LLC now owns 17,306 shares of the asset manager’s stock valued at $1,940,000 after buying an additional 1,886 shares in the last quarter. Chickasaw Capital Management LLC lifted its position in Blackstone by 5.3% during the 3rd quarter. Chickasaw Capital Management LLC now owns 17,824 shares of the asset manager’s stock worth $1,998,000 after acquiring an additional 894 shares in the last quarter. Finally, Venture Visionary Partners LLC boosted its holdings in Blackstone by 4.6% in the 3rd quarter. Venture Visionary Partners LLC now owns 63,169 shares of the asset manager’s stock worth $7,081,000 after acquiring an additional 2,785 shares during the period. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Insider Activity

In related news, major shareholder Bx Buzz Ml-1 Gp Llc sold 3,767,776 shares of the firm’s stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $2.94, for a total value of $11,077,261.44. Following the sale, the insider owned 16,120 shares of the company’s stock, valued at approximately $47,392.80. This trade represents a 99.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO David Payne sold 9,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $145.23, for a total value of $1,379,685.00. Following the transaction, the chief accounting officer owned 64,448 shares of the company’s stock, valued at $9,359,783.04. This represents a 12.85% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have acquired 1,038,406 shares of company stock valued at $27,205,951 and have sold 4,077,276 shares valued at $37,573,644. Insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

BX has been the subject of several analyst reports. The Goldman Sachs Group upped their target price on shares of Blackstone from $114.00 to $127.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Royal Bank Of Canada upped their price objective on shares of Blackstone from $161.00 to $169.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. Weiss Ratings upgraded Blackstone from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, July 24th. TD Cowen raised their price objective on Blackstone from $133.00 to $145.00 and gave the company a “buy” rating in a research note on Friday, July 24th. Finally, Citizens Jmp cut their target price on Blackstone from $190.00 to $165.00 and set a “market outperform” rating on the stock in a research report on Thursday, July 9th. Thirteen research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat.com, Blackstone presently has a consensus rating of “Moderate Buy” and an average price target of $147.32.

Blackstone Stock Performance

NYSE:BX traded up $0.97 during trading hours on Thursday, reaching $112.80. 6,470,584 shares of the stock were exchanged, compared to its average volume of 6,088,092. The stock has a market capitalization of $84.67 billion, a P/E ratio of 25.23, a P/E/G ratio of 1.35 and a beta of 1.59. The firm has a 50 day simple moving average of $131.42 and a 200-day simple moving average of $124.16. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.63. Blackstone Inc. has a 52 week low of $101.73 and a 52 week high of $166.39.

Blackstone (NYSE:BX) last posted its quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.18. Blackstone had a return on equity of 23.77% and a net margin of 21.84%.The business had revenue of $5.04 billion for the quarter, compared to analyst estimates of $3.42 billion. During the same period in the prior year, the company posted $0.98 EPS. The business’s revenue was up 35.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Blackstone Inc. will post 5.95 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Monday, August 3rd were issued a $1.29 dividend. This is a boost from Blackstone’s previous quarterly dividend of $1.16. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $5.16 annualized dividend and a dividend yield of 4.6%. Blackstone’s dividend payout ratio (DPR) is presently 115.44%.

About Blackstone

Blackstone Inc is a global alternative asset management firm that provides investment solutions to institutional investors, companies, financial advisers and individual investors. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson, the company has developed a broad platform spanning private markets and other alternative investments.

Blackstone’s businesses include private equity, real estate, credit and insurance, infrastructure, secondaries and hedge fund solutions. Its investment activities may involve acquiring and managing companies, commercial and residential properties, infrastructure assets, private credit and other investments on behalf of its clients.

The firm serves clients and invests across North America, Europe, Asia-Pacific and other international markets.