Edgestream Partners L.P. Acquires New Position in Blackstone Inc. (NYSE:BX)

Edgestream Partners L.P. acquired a new stake in Blackstone Inc. (NYSE:BX) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 14,640 shares of the asset manager’s stock, valued at approximately $2,524,000.

Other hedge funds have also added to or reduced their stakes in the company. Bangor Savings Bank increased its stake in Blackstone by 187.5% in the fourth quarter. Bangor Savings Bank now owns 161 shares of the asset manager’s stock valued at $28,000 after acquiring an additional 105 shares during the last quarter. Hager Investment Management Services LLC bought a new position in Blackstone in the fourth quarter valued at approximately $28,000. Centricity Wealth Management LLC acquired a new stake in Blackstone in the fourth quarter valued at approximately $30,000. Roxbury Financial LLC acquired a new stake in Blackstone in the fourth quarter valued at approximately $34,000. Finally, Berbice Capital Management LLC acquired a new stake in Blackstone in the fourth quarter valued at approximately $34,000. 70.00% of the stock is owned by institutional investors.

Blackstone Price Performance

Shares of NYSE BX opened at $145.12 on Monday. Blackstone Inc. has a twelve month low of $115.82 and a twelve month high of $200.96. The firm has a fifty day simple moving average of $169.33 and a 200 day simple moving average of $167.23. The company has a market capitalization of $105.86 billion, a PE ratio of 39.98, a P/E/G ratio of 1.07 and a beta of 1.55. The company has a quick ratio of 0.71, a current ratio of 0.67 and a debt-to-equity ratio of 0.61.

Blackstone (NYSE:BX) last posted its quarterly earnings results on Thursday, January 30th. The asset manager reported $1.69 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.19. Blackstone had a net margin of 20.99% and a return on equity of 19.58%. On average, sell-side analysts forecast that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 18th. Shareholders of record on Monday, February 10th were paid a $1.44 dividend. This is an increase from Blackstone’s previous quarterly dividend of $0.86. This represents a $5.76 annualized dividend and a yield of 3.97%. The ex-dividend date was Monday, February 10th. Blackstone’s payout ratio is 158.68%.

Analyst Upgrades and Downgrades

BX has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods raised their target price on shares of Blackstone from $174.00 to $177.00 and gave the company a “market perform” rating in a research report on Friday, January 31st. UBS Group restated a “neutral” rating on shares of Blackstone in a research report on Monday, March 3rd. Piper Sandler lifted their price target on shares of Blackstone from $168.00 to $179.00 and gave the stock a “neutral” rating in a report on Monday, December 23rd. Wells Fargo & Company cut their price target on shares of Blackstone from $195.00 to $180.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 14th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Blackstone from $149.00 to $154.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Thirteen research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $172.38.

Insider Buying and Selling at Blackstone

In other Blackstone news, Director Ruth Porat bought 301 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was bought at an average cost of $164.85 per share, with a total value of $49,619.85. Following the completion of the transaction, the director now directly owns 36,829 shares in the company, valued at approximately $6,071,260.65. The trade was a 0.82 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 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.