Covenant Partners LLC Takes $290,000 Position in Blackstone Inc. (NYSE:BX)

Covenant Partners LLC bought a new position in Blackstone Inc. (NYSE:BX) during the 3rd quarter, Holdings Channel reports. The institutional investor bought 1,892 shares of the asset manager’s stock, valued at approximately $290,000.

A number of other hedge funds have also added to or reduced their stakes in BX. Chilton Capital Management LLC bought a new stake in Blackstone during the first quarter valued at approximately $26,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Blackstone in the 2nd quarter worth $26,000. EdgeRock Capital LLC bought a new position in Blackstone in the 2nd quarter worth $27,000. West Financial Advisors LLC bought a new stake in Blackstone during the third quarter valued at about $27,000. Finally, Bank & Trust Co bought a new position in shares of Blackstone in the second quarter worth about $29,000. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Blackstone news, insider John G. Finley sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total value of $4,610,900.00. Following the completion of the sale, the insider now owns 429,386 shares of the company’s stock, valued at $56,567,311.64. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other 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 directly owns 799,749 shares of the company’s stock, valued at approximately $120,610,146.69. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John G. Finley sold 35,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total value of $4,610,900.00. Following the completion of the transaction, the insider now directly owns 429,386 shares in the company, valued at approximately $56,567,311.64. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by insiders.

Blackstone Price Performance

Shares of NYSE BX traded down $2.16 during mid-day trading on Friday, hitting $167.50. 2,831,110 shares of the company’s stock traded hands, compared to its average volume of 3,445,846. The company has a market capitalization of $119.70 billion, a P/E ratio of 59.19, a PEG ratio of 1.24 and a beta of 1.51. Blackstone Inc. has a 1 year low of $88.59 and a 1 year high of $175.94. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.77 and a quick ratio of 0.77. The company’s 50-day moving average is $150.49 and its two-hundred day moving average is $134.66.

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Monday, October 28th will be issued a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a yield of 2.05%. The ex-dividend date of this dividend is Monday, October 28th. This is a positive change from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s dividend payout ratio is presently 121.55%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Citigroup increased their target price on shares of Blackstone from $157.00 to $170.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Piper Sandler downgraded shares of Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 price objective on the stock. in a research report on Wednesday, October 9th. Morgan Stanley increased their price target on Blackstone from $164.00 to $177.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. JPMorgan Chase & Co. upped their price objective on Blackstone from $125.00 to $146.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Blackstone from $145.00 to $146.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Thirteen equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Blackstone currently has a consensus rating of “Hold” and a consensus target price of $155.38.

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.