Blackstone Inc. (NYSE:BX) is Cottage Street Advisors LLC’s 2nd Largest Position

Cottage Street Advisors LLC trimmed its holdings in Blackstone Inc. (NYSE:BX) by 1.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 65,973 shares of the asset manager’s stock after selling 845 shares during the quarter. Blackstone comprises approximately 5.9% of Cottage Street Advisors LLC’s portfolio, making the stock its 2nd biggest position. Cottage Street Advisors LLC’s holdings in Blackstone were worth $11,375,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of BX. Wealthcare Capital Partners LLC purchased a new stake in shares of Blackstone in the fourth quarter valued at about $2,102,000. Highland Capital Management LLC boosted its holdings in shares of Blackstone by 214.2% in the 4th quarter. Highland Capital Management LLC now owns 22,303 shares of the asset manager’s stock valued at $3,845,000 after purchasing an additional 15,205 shares during the last quarter. Nordea Investment Management AB increased its stake in Blackstone by 8.8% during the fourth quarter. Nordea Investment Management AB now owns 58,229 shares of the asset manager’s stock worth $10,053,000 after acquiring an additional 4,688 shares during the last quarter. Dynamic Technology Lab Private Ltd lifted its position in Blackstone by 260.0% during the third quarter. Dynamic Technology Lab Private Ltd now owns 8,305 shares of the asset manager’s stock valued at $1,272,000 after buying an additional 5,998 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Blackstone by 6.1% in the 3rd quarter. Principal Financial Group Inc. now owns 909,698 shares of the asset manager’s stock valued at $139,302,000 after purchasing an additional 51,897 shares in the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Blackstone Stock Performance

Shares of BX stock opened at $151.29 on Wednesday. The firm has a market cap of $110.35 billion, a P/E ratio of 41.68, a PEG ratio of 1.07 and a beta of 1.55. The stock’s 50-day moving average is $162.90 and its two-hundred day moving average is $167.69. Blackstone Inc. has a fifty-two week low of $115.82 and a fifty-two week high of $200.96. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.67 and a quick ratio of 0.71.

Blackstone (NYSE:BX) last released its quarterly earnings data on Thursday, January 30th. The asset manager reported $1.69 earnings per share (EPS) 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%. Analysts predict that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 18th. Investors of record on Monday, February 10th were issued a dividend of $1.44 per share. This is an increase from Blackstone’s previous quarterly dividend of $0.86. This represents a $5.76 annualized dividend and a dividend yield of 3.81%. The ex-dividend date was Monday, February 10th. Blackstone’s dividend payout ratio is currently 158.68%.

Insiders Place Their Bets

In other Blackstone news, Director Ruth Porat purchased 301 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was bought at an average cost of $164.85 per share, for a total transaction of $49,619.85. Following the completion of the acquisition, the director now directly owns 36,829 shares in the company, valued at $6,071,260.65. This represents a 0.82 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. StockNews.com downgraded shares of Blackstone from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Citigroup reaffirmed a “hold” rating on shares of Blackstone in a report on Friday, February 7th. JPMorgan Chase & Co. boosted their target price on shares of Blackstone from $149.00 to $154.00 and gave the company a “neutral” rating in a research note on Friday, January 31st. Piper Sandler raised their target price on Blackstone from $168.00 to $179.00 and gave the company a “neutral” rating in a research note on Monday, December 23rd. Finally, Barclays restated an “equal weight” rating on shares of Blackstone in a research report on Friday, February 7th. Twelve analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $171.13.

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.