Blackstone Inc. (NYSE:BX) is Sierra Summit Advisors LLC's 8th Largest Position

Sierra Summit Advisors LLC grew its holdings in Blackstone Inc. (NYSE:BX - Free Report) by 8.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). 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 2.7% of Sierra Summit Advisors LLC's investment portfolio, making the stock its 8th largest position. Sierra Summit Advisors LLC's holdings in Blackstone were worth $13,520,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in BX. Trek Financial LLC acquired a new position in shares of Blackstone during the fourth quarter valued at approximately $849,000. FMR LLC lifted its holdings in Blackstone by 38.8% in the 4th 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. Aster Capital Management DIFC Ltd lifted its stake in shares of Blackstone by 556.2% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,819 shares of the asset manager's stock worth $1,521,000 after buying an additional 7,475 shares in the last quarter. Quadrant Capital Group LLC boosted its holdings in shares of Blackstone by 6.2% during the 4th quarter. Quadrant Capital Group LLC now owns 2,483 shares of the asset manager's stock worth $428,000 after purchasing an additional 146 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in shares of Blackstone by 2.2% in the fourth quarter. Russell Investments Group Ltd. now owns 354,219 shares of the asset manager's stock valued at $61,065,000 after purchasing an additional 7,716 shares in the last quarter. Hedge funds and other institutional investors own 70.00% of the company's stock.

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Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BX. Piper Sandler dropped their target price on Blackstone from $182.00 to $140.00 and set a "neutral" rating for the company in a report on Tuesday. BMO Capital Markets raised their price objective 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. Bank of America dropped their price target on shares of Blackstone from $219.00 to $207.00 and set a "buy" rating for the company in a research note on Friday, April 4th. JMP Securities upgraded Blackstone from a "market perform" rating to a "market outperform" rating and set a $165.00 price objective on the stock in a report on Tuesday. Finally, StockNews.com cut Blackstone from a "buy" rating to a "hold" rating in a research note on Friday, January 31st. Eleven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $157.22.

Insider Buying and Selling

In other Blackstone news, Director Ruth Porat purchased 301 shares of Blackstone stock in a transaction that occurred on Tuesday, February 18th. The stock was purchased at an average price of $164.85 per share, for a total transaction of $49,619.85. Following 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 ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.00% of the stock is owned by company insiders.

Blackstone Stock Down 0.2 %

NYSE:BX traded down $0.26 during mid-day trading on Friday, hitting $127.19. The stock had a trading volume of 7,805,964 shares, compared to its average volume of 3,690,525. Blackstone Inc. has a twelve month low of $115.66 and a twelve month high of $200.96. The stock has a 50-day simple moving average of $149.11 and a two-hundred day simple moving average of $165.63. The company has a current ratio of 0.67, a quick ratio of 0.71 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $92.77 billion, a PE ratio of 35.04, a PEG ratio of 1.07 and a beta of 1.61.

Blackstone (NYSE:BX - Get Free Report) last posted its earnings results on Thursday, January 30th. The asset manager reported $1.69 EPS for the quarter, beating the consensus estimate 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 research analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Monday, February 10th were issued a $1.44 dividend. This is a boost from Blackstone's previous quarterly dividend of $0.86. The ex-dividend date of this dividend was Monday, February 10th. This represents a $5.76 annualized dividend and a dividend yield of 4.53%. Blackstone's dividend payout ratio is presently 158.68%.

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.