Waterfront Capital Partners LLC Invests $3.07 Million in Blackstone Inc. (NYSE:BX)

Waterfront Capital Partners LLC purchased a new stake in shares of Blackstone Inc. (NYSE:BX - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 20,023 shares of the asset manager's stock, valued at approximately $3,066,000.

Several other large investors also recently added to or reduced their stakes in BX. Raleigh Capital Management Inc. increased its holdings in Blackstone by 32.1% in the 3rd quarter. Raleigh Capital Management Inc. now owns 255 shares of the asset manager's stock worth $39,000 after acquiring an additional 62 shares in the last quarter. Capital Advisors Ltd. LLC lifted its stake in shares of Blackstone by 2.3% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 2,787 shares of the asset manager's stock valued at $427,000 after buying an additional 62 shares in the last quarter. Fidelis Capital Partners LLC increased its stake in Blackstone by 2.7% in the 3rd quarter. Fidelis Capital Partners LLC now owns 2,374 shares of the asset manager's stock worth $396,000 after buying an additional 62 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position in shares of Blackstone by 0.5% in the third quarter. Harbor Capital Advisors Inc. now owns 13,926 shares of the asset manager's stock valued at $2,132,000 after acquiring an additional 64 shares in the last quarter. Finally, Lindbrook Capital LLC grew its position in shares of Blackstone by 1.1% during the third quarter. Lindbrook Capital LLC now owns 5,743 shares of the asset manager's stock worth $879,000 after purchasing an additional 65 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider John G. Finley sold 42,249 shares of the firm's stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $175.94, for a total transaction of $7,433,289.06. Following the sale, the insider now owns 387,137 shares of the company's stock, valued at $68,112,883.78. This trade represents a 9.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Joseph Baratta sold 116,448 shares of the stock in a transaction dated 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 sale, the director now directly owns 799,749 shares of the company's stock, valued at approximately $120,610,146.69. The trade was a 12.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company's stock.

Blackstone Trading Up 1.1 %

BX stock traded up $2.07 during midday trading on Friday, reaching $191.09. The company's stock had a trading volume of 1,460,421 shares, compared to its average volume of 3,414,683. The firm has a market capitalization of $137.97 billion, a price-to-earnings ratio of 65.67, a PEG ratio of 1.61 and a beta of 1.49. Blackstone Inc. has a 1 year low of $110.77 and a 1 year high of $200.96. 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 stock has a fifty day simple moving average of $169.29 and a two-hundred day simple moving average of $144.86.

Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings data on Thursday, October 17th. The asset manager reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.10. Blackstone had a net margin of 19.46% and a return on equity of 17.53%. The company had revenue of $2.43 billion during the quarter, compared to analysts' expectations of $2.37 billion. On average, equities research analysts predict that Blackstone Inc. will post 4.4 EPS for the current year.

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Monday, October 28th were issued a $0.86 dividend. This represents a $3.44 annualized dividend and a dividend yield of 1.80%. This is a boost from Blackstone's previous quarterly dividend of $0.82. The ex-dividend date was Monday, October 28th. Blackstone's dividend payout ratio is currently 118.21%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BX. Evercore ISI upped their price target on Blackstone from $148.00 to $155.00 and gave the stock an "outperform" rating in a research note on Monday, October 14th. JPMorgan Chase & Co. increased their price target on Blackstone from $125.00 to $146.00 and gave the company a "neutral" rating in a research note on Friday, October 18th. Piper Sandler cut Blackstone from an "overweight" rating to a "neutral" rating and set a $149.00 price objective on the stock. in a report on Wednesday, October 9th. Bank of America raised their target price on shares of Blackstone from $171.00 to $192.00 and gave the company a "buy" rating in a report on Friday, October 18th. Finally, Morgan Stanley increased their price objective on shares of Blackstone from $164.00 to $177.00 and gave the company an "overweight" rating in a research report on Thursday, October 10th. Thirteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $157.63.

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.