Blackstone (NYSE:BX) Hits New 52-Week High – Should You Buy?

Blackstone Inc. (NYSE:BX) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $176.32 and last traded at $175.36, with a volume of 67923 shares traded. The stock had previously closed at $169.62.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. 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 note on Wednesday, October 9th. Barclays lifted their price target on shares of Blackstone from $155.00 to $174.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. raised their price objective on shares of Blackstone from $125.00 to $146.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Blackstone from $145.00 to $146.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Finally, Morgan Stanley increased their target price on Blackstone from $164.00 to $177.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Thirteen analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Blackstone currently has a consensus rating of “Hold” and a consensus target price of $155.38.

Blackstone Trading Up 0.7 %

The firm’s 50-day simple moving average is $155.70 and its 200 day simple moving average is $137.33. The stock has a market cap of $128.16 billion, a P/E ratio of 60.58, a PEG ratio of 1.43 and a beta of 1.49. The company has a current ratio of 0.71, a quick ratio of 0.77 and a debt-to-equity ratio of 0.58.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Monday, October 28th were paid a dividend of $0.86 per share. The ex-dividend date was Monday, October 28th. This represents a $3.44 annualized dividend and a yield of 1.94%. This is an increase from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s payout ratio is presently 118.21%.

Insider Activity

In other news, Director Joseph Baratta sold 116,448 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $150.81, for a total value of $17,561,522.88. Following the completion of the transaction, the director now directly owns 799,749 shares in the company, valued at $120,610,146.69. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Blackstone

A number of institutional investors and hedge funds have recently bought and sold shares of BX. West Financial Advisors LLC acquired a new position in shares of Blackstone in the 3rd quarter valued at $27,000. Chilton Capital Management LLC acquired a new stake in shares of Blackstone during the first quarter valued at approximately $26,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Blackstone in the 2nd quarter worth approximately $26,000. EdgeRock Capital LLC purchased a new position in shares of Blackstone during the second quarter valued at $27,000. Finally, Bank & Trust Co acquired a new position in Blackstone during the second quarter valued at $29,000. 70.00% of the stock is owned by institutional investors and hedge funds.

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.