Blackstone Inc. (NYSE:BX) Shares Acquired by Sierra Summit Advisors LLC

Sierra Summit Advisors LLC raised its holdings in shares of Blackstone Inc. (NYSE:BX) by 8.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 78,412 shares of the asset manager’s stock after buying an additional 5,794 shares during the quarter. Blackstone accounts for about 2.7% of Sierra Summit Advisors LLC’s portfolio, making the stock its 8th biggest holding. Sierra Summit Advisors LLC’s holdings in Blackstone were worth $13,520,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of BX. Vanguard Group Inc. grew its position in Blackstone by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 66,894,632 shares of the asset manager’s stock worth $11,533,972,000 after purchasing an additional 889,286 shares during the last quarter. Geode Capital Management LLC grew its position in Blackstone by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 15,341,300 shares of the asset manager’s stock worth $2,637,266,000 after buying an additional 444,887 shares in the last quarter. Norges Bank acquired a new position in Blackstone in the 4th quarter valued at approximately $974,448,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Blackstone by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,045,143 shares of the asset manager’s stock worth $697,464,000 after purchasing an additional 113,732 shares in the last quarter. Finally, FMR LLC raised its stake in shares of Blackstone by 38.8% in the fourth quarter. FMR LLC now owns 2,990,238 shares of the asset manager’s stock valued at $515,577,000 after purchasing an additional 835,170 shares in the last quarter. Institutional investors and hedge funds own 70.00% of the company’s stock.

Blackstone Stock Performance

Blackstone stock opened at $124.68 on Monday. The company’s 50-day moving average is $156.29 and its two-hundred day moving average is $167.20. The company has a current ratio of 0.67, a quick ratio of 0.71 and a debt-to-equity ratio of 0.61. Blackstone Inc. has a 1 year low of $115.24 and a 1 year high of $200.96. The company has a market cap of $90.94 billion, a PE ratio of 34.35, a PEG ratio of 1.07 and a beta of 1.61.

Blackstone (NYSE:BX) last announced its quarterly earnings data on Thursday, January 30th. The asset manager reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.19. Blackstone had a return on equity of 19.58% and a net margin of 20.99%. Equities analysts anticipate that Blackstone Inc. will post 5.87 earnings per share for the current 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. The ex-dividend date was Monday, February 10th. This represents a $5.76 dividend on an annualized basis and a yield of 4.62%. This is a boost from Blackstone’s previous quarterly dividend of $0.86. Blackstone’s payout ratio is currently 158.68%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. boosted their price target on shares of Blackstone from $149.00 to $154.00 and gave the company a “neutral” rating in a report on Friday, January 31st. BMO Capital Markets increased their price target on shares of Blackstone from $134.00 to $157.00 and gave the stock a “market perform” rating in a research report on Thursday, December 19th. TD Cowen upgraded Blackstone from a “hold” rating to a “buy” rating and upped their price objective for the company from $149.00 to $230.00 in a research note on Monday, December 9th. StockNews.com lowered Blackstone from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Finally, Bank of America cut their price target on shares of Blackstone from $219.00 to $207.00 and set a “buy” rating for the company in a report on Friday. Twelve investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $172.06.

Insiders Place Their Bets

In other Blackstone news, Director Ruth Porat purchased 301 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were bought at an average price 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 $6,071,260.65. This trade represents a 0.82 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.