WealthPlan Investment Management LLC Increases Position in Blackstone Inc. (NYSE:BX)

WealthPlan Investment Management LLC raised its stake in Blackstone Inc. (NYSE:BX - Free Report) by 60.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 26,213 shares of the asset manager's stock after purchasing an additional 9,830 shares during the quarter. WealthPlan Investment Management LLC's holdings in Blackstone were worth $4,014,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the stock. Portside Wealth Group LLC purchased a new position in Blackstone in the third quarter worth $201,000. Wealth Enhancement Advisory Services LLC increased its stake in shares of Blackstone by 1.8% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 431,784 shares of the asset manager's stock worth $53,455,000 after purchasing an additional 7,692 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Blackstone by 936.2% during the 2nd quarter. Blue Trust Inc. now owns 5,958 shares of the asset manager's stock worth $783,000 after acquiring an additional 5,383 shares during the period. Asahi Life Asset Management CO. LTD. purchased a new position in shares of Blackstone in the third quarter worth about $557,000. Finally, Scientech Research LLC purchased a new stake in shares of Blackstone during the second quarter worth $1,364,000. Hedge funds and other institutional investors own 70.00% of the company's stock.

Insider Transactions at Blackstone

In related news, insider John G. Finley sold 42,249 shares of Blackstone 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 completion of the sale, the insider now directly owns 387,137 shares in the company, valued at $68,112,883.78. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Blackstone news, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction dated Tuesday, October 1st. The stock was 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 trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider John G. Finley sold 42,249 shares of the business'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 completion of the transaction, the insider now directly owns 387,137 shares of the company's stock, valued at $68,112,883.78. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on BX shares. Bank of America raised their price target on shares of Blackstone from $171.00 to $192.00 and gave the company a "buy" rating in a report on Friday, October 18th. UBS Group upped their target price on Blackstone from $140.00 to $160.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 16th. Morgan Stanley boosted their price objective on Blackstone from $164.00 to $177.00 and gave the stock an "overweight" rating in a report on Thursday, October 10th. Redburn Atlantic started coverage on shares of Blackstone in a research report on Tuesday, August 27th. They set a "neutral" rating and a $134.00 target price for the company. Finally, TD Cowen lifted their price objective on shares of Blackstone from $133.00 to $149.00 and gave the stock a "hold" rating in a report on Friday, October 18th. Thirteen research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $157.63.

Blackstone Trading Down 2.6 %

Shares of Blackstone stock traded down $4.68 on Tuesday, reaching $178.48. The company had a trading volume of 881,074 shares, compared to its average volume of 3,417,587. The firm has a market cap of $128.86 billion, a price-to-earnings ratio of 62.94, a P/E/G ratio of 1.52 and a beta of 1.49. The firm's 50-day moving average price is $157.93 and its two-hundred day moving average price is $138.60. Blackstone Inc. has a 1 year low of $96.93 and a 1 year high of $183.96. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.71 and a quick ratio of 0.77.

Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings results on Thursday, October 17th. The asset manager reported $1.01 EPS for the quarter, topping analysts' consensus estimates of $0.91 by $0.10. The firm had revenue of $2.43 billion during the quarter, compared to analysts' expectations of $2.37 billion. Blackstone had a net margin of 19.46% and a return on equity of 17.53%. As a group, research analysts predict that Blackstone Inc. will post 4.39 earnings per share for the current fiscal 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 1.93%. This is a boost from Blackstone's previous quarterly dividend of $0.82. The ex-dividend date of this dividend was Monday, October 28th. Blackstone's dividend payout ratio is currently 118.21%.

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.