Byrne Asset Management LLC Invests $1.68 Million in Blackstone Inc. (NYSE:BX)

Byrne Asset Management LLC bought a new position in shares of Blackstone Inc. (NYSE:BX - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 9,755 shares of the asset manager's stock, valued at approximately $1,682,000. Blackstone comprises about 1.2% of Byrne Asset Management LLC's investment portfolio, making the stock its 20th largest holding.

A number of other hedge funds and other institutional investors have also made changes to their positions in BX. Bangor Savings Bank increased its stake in shares of Blackstone by 187.5% in the fourth 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 purchased a new position in shares of Blackstone during the 4th quarter valued at about $28,000. Berbice Capital Management LLC acquired a new stake in Blackstone during the fourth quarter worth about $34,000. Raleigh Capital Management Inc. lifted its holdings in Blackstone by 32.1% in the third quarter. Raleigh Capital Management Inc. now owns 255 shares of the asset manager's stock valued at $39,000 after acquiring an additional 62 shares during the period. Finally, Kieckhefer Group LLC acquired a new stake in shares of Blackstone during the 4th quarter worth approximately $39,000. Hedge funds and other institutional investors own 70.00% of the company's stock.

Blackstone Trading Down 1.0 %

Shares of Blackstone stock traded down $1.75 during mid-day trading on Monday, hitting $168.52. The stock had a trading volume of 2,333,438 shares, compared to its average volume of 3,115,852. Blackstone Inc. has a 12-month low of $115.82 and a 12-month high of $200.96. The firm has a market cap of $121.67 billion, a P/E ratio of 46.42, a price-to-earnings-growth ratio of 1.13 and a beta of 1.53. The firm has a 50-day moving average of $178.36 and a two-hundred day moving average of $163.80. 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 - Get Free Report) last released its quarterly earnings results on Thursday, January 30th. The asset manager reported $1.69 earnings per share 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%. Sell-side analysts forecast that Blackstone Inc. will post 5.88 earnings per share for the current year.

Blackstone Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 18th. Shareholders of record on Monday, February 10th will be paid a dividend of $1.44 per share. This represents a $5.76 dividend on an annualized basis and a yield of 3.42%. This is a boost from Blackstone's previous quarterly dividend of $0.86. The ex-dividend date of this dividend is Monday, February 10th. Blackstone's dividend payout ratio is 158.68%.

Analysts Set New Price Targets

A number of research firms have weighed in on BX. Wells Fargo & Company cut their price objective on shares of Blackstone from $195.00 to $180.00 and set an "equal weight" rating for the company in a report on Tuesday, January 14th. BMO Capital Markets increased their price target on Blackstone from $134.00 to $157.00 and gave the stock a "market perform" rating in a research report on Thursday, December 19th. Evercore ISI increased their target price on Blackstone from $148.00 to $155.00 and gave the company an "outperform" rating in a research report on Monday, October 14th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Blackstone from $172.00 to $182.00 and gave the stock a "buy" rating in a research report on Monday, November 11th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Blackstone from $174.00 to $177.00 and gave the company a "market perform" rating in a research note on Friday, January 31st. Thirteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $172.38.

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.