73,000 Shares in Blackstone Inc. (NYSE:BX) Bought by Iat Reinsurance Co. LTD.

Iat Reinsurance Co. LTD. purchased a new position in Blackstone Inc. (NYSE:BX - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 73,000 shares of the asset manager's stock, valued at approximately $11,178,000. Blackstone makes up about 2.5% of Iat Reinsurance Co. LTD.'s investment portfolio, making the stock its 13th biggest holding.

A number of other hedge funds have also made changes to their positions in BX. Capital World Investors boosted its stake in Blackstone by 7.5% during the first quarter. Capital World Investors now owns 36,285,872 shares of the asset manager's stock worth $4,766,875,000 after buying an additional 2,546,886 shares in the last quarter. Wulff Hansen & CO. grew its position in shares of Blackstone by 12,192.7% during the 2nd quarter. Wulff Hansen & CO. now owns 7,340,845 shares of the asset manager's stock worth $908,797,000 after buying an additional 7,281,128 shares during the period. Legal & General Group Plc grew its position in shares of Blackstone by 2.3% in the 2nd quarter. Legal & General Group Plc now owns 6,266,207 shares of the asset manager's stock valued at $775,758,000 after purchasing an additional 141,616 shares during the period. Janus Henderson Group PLC grew its position in shares of Blackstone by 0.5% in the 1st quarter. Janus Henderson Group PLC now owns 4,670,645 shares of the asset manager's stock valued at $613,581,000 after purchasing an additional 21,450 shares during the period. Finally, International Assets Investment Management LLC grew its position in shares of Blackstone by 15,357.3% in the 3rd quarter. International Assets Investment Management LLC now owns 4,201,150 shares of the asset manager's stock valued at $6,433,220,000 after purchasing an additional 4,173,971 shares during the period. 70.00% of the stock is owned by hedge funds and other institutional investors.

Blackstone Price Performance

BX traded up $1.90 on Tuesday, hitting $184.91. 2,625,108 shares of the company were exchanged, compared to its average volume of 3,407,762. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.71 and a current ratio of 0.71. The business's fifty day moving average is $162.26 and its 200 day moving average is $140.80. Blackstone Inc. has a fifty-two week low of $104.39 and a fifty-two week high of $186.32. The firm has a market capitalization of $133.51 billion, a P/E ratio of 63.54, a price-to-earnings-growth ratio of 1.54 and a beta of 1.49.

Blackstone (NYSE:BX - Get Free Report) last posted its earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.10. The business had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.37 billion. Blackstone had a net margin of 19.46% and a return on equity of 17.53%. As a group, sell-side analysts anticipate that Blackstone Inc. will post 4.39 EPS for the current year.

Blackstone Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Monday, October 28th were issued a dividend of $0.86 per share. The ex-dividend date of this dividend was Monday, October 28th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.86%. This is a positive change from Blackstone's previous quarterly dividend of $0.82. Blackstone's payout ratio is currently 118.21%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on BX shares. Wells Fargo & Company increased their price target on Blackstone from $169.00 to $188.00 and gave the company an "overweight" rating in a research note on Friday, October 18th. The Goldman Sachs Group lifted their price target on Blackstone from $135.00 to $150.00 and gave the stock a "neutral" rating in a report on Friday, October 18th. BMO Capital Markets upped their price target on Blackstone from $112.00 to $134.00 and gave the company a "market perform" rating in a research report on Friday, October 18th. Barclays increased their price objective on Blackstone from $155.00 to $174.00 and gave the stock an "equal weight" rating in a report on Friday, October 18th. Finally, Piper Sandler lowered Blackstone from an "overweight" rating to a "neutral" rating and set a $149.00 price objective for the company. in a research report on Wednesday, October 9th. Thirteen equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $157.63.

Insider Activity

In other Blackstone news, insider John G. Finley sold 42,249 shares of the company's stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $175.94, for a total value of $7,433,289.06. Following the transaction, the insider now owns 387,137 shares in the company, valued at approximately $68,112,883.78. This represents a 9.84 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph Baratta sold 116,448 shares of the company'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 completion of the transaction, the director now owns 799,749 shares in the company, valued at approximately $120,610,146.69. This represents a 12.71 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.

About Blackstone

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.