Summit Trail Advisors LLC Raises Stock Holdings in Blackstone Inc. (NYSE:BX)

Summit Trail Advisors LLC raised its position in Blackstone Inc. (NYSE:BX) by 46.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 21,053 shares of the asset manager’s stock after acquiring an additional 6,707 shares during the quarter. Summit Trail Advisors LLC’s holdings in Blackstone were worth $3,630,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Ritholtz Wealth Management boosted its holdings in Blackstone by 10.5% during the 3rd quarter. Ritholtz Wealth Management now owns 10,239 shares of the asset manager’s stock valued at $1,568,000 after acquiring an additional 969 shares during the period. Carnegie Investment Counsel purchased a new stake in shares of Blackstone in the third quarter worth about $220,000. Exchange Traded Concepts LLC boosted its stake in shares of Blackstone by 2,188.2% in the third quarter. Exchange Traded Concepts LLC now owns 1,167 shares of the asset manager’s stock worth $179,000 after buying an additional 1,116 shares during the last quarter. CVA Family Office LLC boosted its position in Blackstone by 6.4% during the third quarter. CVA Family Office LLC now owns 1,222 shares of the asset manager’s stock worth $187,000 after purchasing an additional 73 shares in the last quarter. Finally, Rise Advisors LLC lifted its position in shares of Blackstone by 4.8% in the third quarter. Rise Advisors LLC now owns 3,038 shares of the asset manager’s stock valued at $465,000 after acquiring an additional 139 shares in the last quarter. 70.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BX has been the subject of several recent research reports. Cowen reaffirmed a “hold” rating on shares of Blackstone in a report on Friday, October 18th. Keefe, Bruyette & Woods lifted their target price on Blackstone from $174.00 to $177.00 and gave the company a “market perform” rating in a report on Friday, January 31st. StockNews.com downgraded Blackstone from a “buy” rating to a “hold” rating in a report on Friday, January 31st. BMO Capital Markets lifted their price target on Blackstone from $134.00 to $157.00 and gave the stock a “market perform” rating in a report on Thursday, December 19th. Finally, Citigroup lifted their target price on Blackstone from $170.00 to $190.00 and gave the stock a “neutral” rating in a research report on Friday, January 31st. Thirteen analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $172.38.

Blackstone Price Performance

BX opened at $168.52 on Tuesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.71 and a current ratio of 0.67. The firm has a market cap of $121.67 billion, a P/E ratio of 46.42, a PEG ratio of 1.13 and a beta of 1.53. Blackstone Inc. has a fifty-two week low of $115.82 and a fifty-two week high of $200.96. The firm has a 50-day moving average of $178.36 and a 200 day moving average of $163.80.

Blackstone (NYSE:BX) last announced its earnings results on Thursday, January 30th. The asset manager reported $1.69 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.19. Blackstone had a net margin of 20.99% and a return on equity of 19.58%. On average, research analysts expect that Blackstone Inc. will post 5.88 EPS for the current year.

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 18th. Stockholders of record on Monday, February 10th will be given a $1.44 dividend. This represents a $5.76 annualized dividend and a dividend yield of 3.42%. The ex-dividend date is Monday, February 10th. This is a positive change from Blackstone’s previous quarterly dividend of $0.86. Blackstone’s payout ratio is currently 158.68%.

About Blackstone

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.