Cumberland Partners Ltd Raises Stock Holdings in Blackstone Inc. (NYSE:BX)

Cumberland Partners Ltd raised its stake in Blackstone Inc. (NYSE:BX - Free Report) by 25.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,500 shares of the asset manager's stock after buying an additional 2,500 shares during the period. Cumberland Partners Ltd's holdings in Blackstone were worth $2,155,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in BX. Bangor Savings Bank raised its holdings in shares of Blackstone by 187.5% during the fourth quarter. Bangor Savings Bank now owns 161 shares of the asset manager's stock valued at $28,000 after purchasing an additional 105 shares during the period. Hager Investment Management Services LLC bought a new position in Blackstone in the fourth quarter worth approximately $28,000. Berbice Capital Management LLC bought a new stake in shares of Blackstone during the fourth quarter valued at approximately $34,000. Comprehensive Financial Planning Inc. PA acquired a new stake in Blackstone in the 4th quarter valued at $34,000. Finally, Roxbury Financial LLC bought a new position in shares of Blackstone in the fourth quarter valued at $34,000. 70.00% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Piper Sandler raised their price target on shares of Blackstone from $168.00 to $179.00 and gave the company a "neutral" rating in a research report on Monday, December 23rd. Citigroup increased their price target on Blackstone from $170.00 to $190.00 and gave the company a "neutral" rating in a research report on Friday, January 31st. Barclays reduced their target price on shares of Blackstone from $192.00 to $186.00 and set an "equal weight" rating for the company in a research note on Friday, January 31st. UBS Group boosted their price target on shares of Blackstone from $170.00 to $180.00 and gave the stock a "neutral" rating in a report on Monday, February 3rd. Finally, JPMorgan Chase & Co. lifted their target price on shares of Blackstone from $149.00 to $154.00 and gave the stock a "neutral" rating in a research report on Friday, January 31st. Thirteen investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $172.38.

Blackstone Stock Performance

Shares of BX traded down $5.87 during trading hours on Friday, hitting $158.03. The company's stock had a trading volume of 2,474,199 shares, compared to its average volume of 3,261,204. The company has a market cap of $114.10 billion, a price-to-earnings ratio of 43.58, a PEG ratio of 1.09 and a beta of 1.53. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.67 and a quick ratio of 0.71. The business has a 50 day simple moving average of $174.18 and a two-hundred day simple moving average of $165.03. Blackstone Inc. has a 52-week low of $115.82 and a 52-week high of $200.96.

Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings results 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%. On average, equities analysts expect that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The company also recently announced 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 represents a $5.76 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date of this dividend was Monday, February 10th. This is a positive change from Blackstone's previous quarterly dividend of $0.86. Blackstone's dividend payout ratio is 158.68%.

Insiders Place Their Bets

In other Blackstone news, Director Ruth Porat acquired 301 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were bought at an average price of $164.85 per share, for a total transaction of $49,619.85. Following the completion of the transaction, the director now owns 36,829 shares of the company's stock, valued at approximately $6,071,260.65. This represents a 0.82 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.00% of the company's stock.

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.