Cumberland Partners Ltd Makes New $1.53 Million Investment in Blackstone Inc. (NYSE:BX)

Cumberland Partners Ltd acquired a new stake in shares of Blackstone Inc. (NYSE:BX) during the 3rd quarter, HoldingsChannel reports. The institutional investor acquired 10,000 shares of the asset manager’s stock, valued at approximately $1,531,000.

A number of other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Blackstone by 2.0% in the first quarter. Vanguard Group Inc. now owns 64,262,972 shares of the asset manager’s stock worth $8,442,227,000 after acquiring an additional 1,290,324 shares in the last quarter. Capital World Investors lifted its stake in Blackstone by 7.5% during the 1st quarter. Capital World Investors now owns 36,285,872 shares of the asset manager’s stock valued at $4,766,875,000 after acquiring an additional 2,546,886 shares during the period. Wulff Hansen & CO. increased its stake in shares of Blackstone by 12,192.7% in the second quarter. Wulff Hansen & CO. now owns 7,340,845 shares of the asset manager’s stock worth $908,797,000 after acquiring an additional 7,281,128 shares during the period. Legal & General Group Plc lifted its position in Blackstone by 2.3% during the second quarter. Legal & General Group Plc now owns 6,266,207 shares of the asset manager’s stock valued at $775,758,000 after purchasing an additional 141,616 shares during the period. Finally, Janus Henderson Group PLC grew its position in Blackstone by 0.5% during the 1st quarter. Janus Henderson Group PLC now owns 4,670,645 shares of the asset manager’s stock worth $613,581,000 after purchasing an additional 21,450 shares during the period. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Insider Buying and Selling at Blackstone

In related news, Director Joseph Baratta sold 116,448 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total transaction 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Blackstone news, insider John G. Finley sold 42,249 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 387,137 shares of the company’s stock, valued at $68,112,883.78. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joseph Baratta sold 116,448 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $150.81, for a total transaction of $17,561,522.88. Following the transaction, the director now directly owns 799,749 shares of the company’s stock, valued at approximately $120,610,146.69. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.

Blackstone Stock Down 1.0 %

BX traded down $1.77 during trading hours on Tuesday, hitting $181.39. 288,143 shares of the company’s stock were exchanged, compared to its average volume of 3,414,977. The company has a current ratio of 0.71, a quick ratio of 0.77 and a debt-to-equity ratio of 0.58. The firm has a market cap of $130.96 billion, a P/E ratio of 62.94, a price-to-earnings-growth ratio of 1.52 and a beta of 1.49. The firm has a 50 day moving average of $157.93 and a 200 day moving average of $138.60. Blackstone Inc. has a 12-month low of $96.93 and a 12-month high of $183.96.

Blackstone (NYSE:BX) last posted its quarterly earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.10. Blackstone had a return on equity of 17.53% and a net margin of 19.46%. The company had revenue of $2.43 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Analysts predict that Blackstone Inc. will post 4.39 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 paid a dividend of $0.86 per share. This is an increase from Blackstone’s previous quarterly dividend of $0.82. The ex-dividend date of this dividend was Monday, October 28th. This represents a $3.44 annualized dividend and a dividend yield of 1.90%. Blackstone’s dividend payout ratio is 118.21%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft boosted 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. Barclays boosted their price target on shares of Blackstone from $155.00 to $174.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Citigroup boosted their target price 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. Piper Sandler cut Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 price objective on the stock. in a report on Wednesday, October 9th. Finally, Morgan Stanley boosted their target price on Blackstone from $164.00 to $177.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Thirteen analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Blackstone currently has an average rating of “Hold” and a consensus target price of $157.63.

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.