Allstate Corp Invests $3.68 Million in Blackstone Inc. (NYSE:BX)

Allstate Corp bought a new position in shares of Blackstone Inc. (NYSE:BX - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 21,364 shares of the asset manager's stock, valued at approximately $3,684,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Bangor Savings Bank grew its holdings in Blackstone by 187.5% during the 4th quarter. Bangor Savings Bank now owns 161 shares of the asset manager's stock worth $28,000 after acquiring an additional 105 shares during the period. Hager Investment Management Services LLC acquired a new stake in Blackstone during the fourth quarter worth approximately $28,000. Centricity Wealth Management LLC acquired a new position in Blackstone in the fourth quarter valued at approximately $30,000. Murphy & Mullick Capital Management Corp bought a new stake in shares of Blackstone in the 4th quarter valued at $33,000. Finally, Berbice Capital Management LLC bought a new position in Blackstone during the fourth quarter worth $34,000. Institutional investors own 70.00% of the company's stock.

Insider Activity

In other Blackstone news, Director Ruth Porat bought 301 shares of Blackstone stock in a transaction that occurred on Tuesday, February 18th. The stock was acquired at an average cost of $164.85 per share, for a total transaction 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 represents a 0.82 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.00% of the company's stock.

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Blackstone Stock Performance

BX traded up $2.99 during trading hours on Tuesday, hitting $142.77. The stock had a trading volume of 4,030,249 shares, compared to its average volume of 3,449,664. The stock has a market cap of $104.14 billion, a PE ratio of 39.33, a price-to-earnings-growth ratio of 1.07 and a beta of 1.55. Blackstone Inc. has a 1 year low of $115.82 and a 1 year high of $200.96. The company has a quick ratio of 0.71, a current ratio of 0.67 and a debt-to-equity ratio of 0.61. The company's fifty day simple moving average is $160.06 and its 200 day simple moving average is $167.67.

Blackstone (NYSE:BX - Get Free Report) last announced its quarterly earnings results on Thursday, January 30th. The asset manager reported $1.69 EPS for the quarter, beating analysts' consensus estimates of $1.50 by $0.19. Blackstone had a net margin of 20.99% and a return on equity of 19.58%. Equities analysts anticipate that Blackstone Inc. will post 5.87 earnings per share for the current year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 18th. Shareholders of record on Monday, February 10th were paid a $1.44 dividend. The ex-dividend date was Monday, February 10th. This represents a $5.76 annualized dividend and a yield of 4.03%. This is an increase from Blackstone's previous quarterly dividend of $0.86. Blackstone's dividend payout ratio (DPR) is currently 158.68%.

Analyst Ratings Changes

BX has been the topic of a number of research analyst reports. Piper Sandler increased their price objective on shares of Blackstone from $168.00 to $179.00 and gave the stock a "neutral" rating in a research report on Monday, December 23rd. TD Cowen raised Blackstone from a "hold" rating to a "buy" rating and raised their price objective for the company from $149.00 to $230.00 in a research note on Monday, December 9th. Barclays reiterated an "equal weight" rating on shares of Blackstone in a report on Friday, February 7th. BMO Capital Markets raised their price objective on shares of Blackstone from $134.00 to $157.00 and gave the company a "market perform" rating in a research note on Thursday, December 19th. Finally, Citigroup restated a "hold" rating on shares of Blackstone in a report on Friday, February 7th. Twelve equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $171.13.

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.