Byrne Asset Management LLC Invests $1.68 Million in Blackstone Inc. (NYSE:BX)

Byrne Asset Management LLC purchased a new stake in Blackstone Inc. (NYSE:BX) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 9,755 shares of the asset manager’s stock, valued at approximately $1,682,000. Blackstone accounts for about 1.2% of Byrne Asset Management LLC’s holdings, making the stock its 20th largest holding.

Other institutional investors also recently bought and sold shares of the company. Bangor Savings Bank boosted its holdings in Blackstone by 187.5% in the 4th quarter. Bangor Savings Bank now owns 161 shares of the asset manager’s stock worth $28,000 after acquiring an additional 105 shares during the period. Hager Investment Management Services LLC acquired a new stake in Blackstone during the 4th quarter valued at $28,000. Berbice Capital Management LLC acquired a new position in Blackstone in the 4th quarter worth $34,000. Raleigh Capital Management Inc. grew its stake in shares of Blackstone by 32.1% during the third quarter. Raleigh Capital Management Inc. now owns 255 shares of the asset manager’s stock valued at $39,000 after acquiring an additional 62 shares in the last quarter. Finally, Kieckhefer Group LLC acquired a new position in shares of Blackstone in the fourth quarter worth about $39,000. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BX. Wells Fargo & Company cut their target price on Blackstone from $195.00 to $180.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 14th. Piper Sandler increased their price objective on shares of Blackstone from $168.00 to $179.00 and gave the company a “neutral” rating in a research note on Monday, December 23rd. The Goldman Sachs Group upped their target price on shares of Blackstone from $135.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. TD Cowen upgraded Blackstone from a “hold” rating to a “buy” rating and upped their price objective for the company from $149.00 to $230.00 in a research note on Monday, December 9th. Finally, BMO Capital Markets boosted their price target on Blackstone from $134.00 to $157.00 and gave the company a “market perform” rating in a report on Thursday, December 19th. Thirteen equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $172.38.

Blackstone Price Performance

Shares of NYSE:BX opened at $170.11 on Friday. The company has a current ratio of 0.67, a quick ratio of 0.71 and a debt-to-equity ratio of 0.61. The firm’s 50 day moving average is $178.78 and its two-hundred day moving average is $163.28. The firm has a market capitalization of $122.82 billion, a P/E ratio of 46.86, a PEG ratio of 1.18 and a beta of 1.53. Blackstone Inc. has a 52 week low of $115.82 and a 52 week high of $200.96.

Blackstone (NYSE:BX) last announced its quarterly earnings results on Thursday, January 30th. The asset manager reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.19. Blackstone had a return on equity of 19.58% and a net margin of 20.99%. Analysts anticipate that Blackstone Inc. will post 5.86 earnings per share for the current year.

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 18th. Stockholders of record on Monday, February 10th will be issued a $1.44 dividend. The ex-dividend date of this dividend is Monday, February 10th. This is a boost from Blackstone’s previous quarterly dividend of $0.86. This represents a $5.76 annualized dividend and a dividend yield of 3.39%. Blackstone’s dividend payout ratio (DPR) is 94.77%.

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.