Wealth Architects LLC Acquires New Stake in Blackstone Inc. (NYSE:BX)

Wealth Architects LLC bought a new stake in Blackstone Inc. (NYSE:BX) during the 3rd quarter, HoldingsChannel reports. The fund bought 1,564 shares of the asset manager’s stock, valued at approximately $239,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Blackstone by 1.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 431,784 shares of the asset manager’s stock valued at $53,455,000 after buying an additional 7,692 shares in the last quarter. Blue Trust Inc. lifted its stake in shares of Blackstone by 936.2% in the second quarter. Blue Trust Inc. now owns 5,958 shares of the asset manager’s stock valued at $783,000 after purchasing an additional 5,383 shares during the period. Asahi Life Asset Management CO. LTD. acquired a new position in Blackstone during the third quarter worth about $557,000. Scientech Research LLC purchased a new position in Blackstone in the 2nd quarter valued at approximately $1,364,000. Finally, EverSource Wealth Advisors LLC boosted its position in Blackstone by 11.3% during the second quarter. EverSource Wealth Advisors LLC now owns 54,159 shares of the asset manager’s stock worth $6,705,000 after purchasing an additional 5,479 shares in the last quarter. Institutional investors and hedge funds own 70.00% of the company’s stock.

Blackstone Stock Up 4.0 %

Shares of Blackstone stock opened at $176.38 on Thursday. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.71 and a quick ratio of 0.77. Blackstone Inc. has a 1-year low of $96.15 and a 1-year high of $178.30. The business has a 50-day moving average of $155.70 and a 200-day moving average of $137.33. The company has a market capitalization of $127.01 billion, a PE ratio of 60.61, a P/E/G ratio of 1.44 and a beta of 1.49.

Blackstone Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Monday, October 28th were issued a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.95%. This is an increase from Blackstone’s previous quarterly dividend of $0.82. The ex-dividend date was Monday, October 28th. Blackstone’s payout ratio is 118.21%.

Wall Street Analysts Forecast Growth

BX has been the topic of a number of research reports. Morgan Stanley increased their price objective on shares of Blackstone from $164.00 to $177.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Deutsche Bank Aktiengesellschaft upped their target price on Blackstone from $145.00 to $146.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Citigroup increased their price objective on Blackstone from $157.00 to $170.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Wells Fargo & Company upped their target price on shares of Blackstone from $169.00 to $188.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Finally, UBS Group raised their target price on shares of Blackstone from $140.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Thirteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $155.38.

Insider Transactions at Blackstone

In related news, Director Joseph Baratta sold 116,448 shares of the firm’s stock in a transaction that occurred on 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 owns 799,749 shares in the company, valued at $120,610,146.69. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.00% of the company’s stock.

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.