FSA Wealth Management LLC Makes New $70,000 Investment in Blackstone Inc. (NYSE:BX)

FSA Wealth Management LLC bought a new position in shares of Blackstone Inc. (NYSE:BX) in the third quarter, HoldingsChannel reports. The institutional investor bought 460 shares of the asset manager’s stock, valued at approximately $70,000.

A number of other institutional investors and hedge funds have also bought and sold shares of BX. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Blackstone by 19.2% during the second quarter. Massmutual Trust Co. FSB ADV now owns 2,302 shares of the asset manager’s stock worth $285,000 after buying an additional 371 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Blackstone in the 2nd quarter worth about $26,000. Bank & Trust Co acquired a new position in shares of Blackstone during the 2nd quarter worth approximately $29,000. Mather Group LLC. raised its position in shares of Blackstone by 44.3% in the second quarter. Mather Group LLC. now owns 10,264 shares of the asset manager’s stock valued at $1,348,000 after buying an additional 3,151 shares in the last quarter. Finally, Fragasso Financial Advisors Inc grew its position in Blackstone by 2.7% during the second quarter. Fragasso Financial Advisors Inc now owns 3,344 shares of the asset manager’s stock worth $414,000 after buying an additional 89 shares in the last quarter. Institutional investors and hedge funds own 70.00% of the company’s stock.

Blackstone Stock Performance

Shares of Blackstone stock opened at $191.09 on Monday. The stock has a market cap of $137.97 billion, a price-to-earnings ratio of 65.67, a P/E/G ratio of 1.63 and a beta of 1.49. Blackstone Inc. has a twelve month low of $110.77 and a twelve month high of $200.96. The company’s fifty day moving average is $169.29 and its 200 day moving average is $145.09. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.58.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, October 17th. The asset manager reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.10. Blackstone had a return on equity of 17.53% and a net margin of 19.46%. The company had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.37 billion. Sell-side analysts forecast that Blackstone Inc. will post 4.4 EPS for the current year.

Blackstone Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Monday, October 28th were given 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 yield of 1.80%. This is a boost from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s dividend payout ratio is 118.21%.

Insider Transactions at Blackstone

In other Blackstone news, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction 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 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John G. Finley sold 42,249 shares of the firm’s stock in a transaction dated 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 owns 387,137 shares of the company’s stock, valued at approximately $68,112,883.78. This represents a 9.84 % 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.

Analysts Set New Price Targets

BX has been the subject of a number of recent analyst reports. Citigroup upped their target price on Blackstone from $157.00 to $170.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Redburn Atlantic assumed coverage on shares of Blackstone in a research note on Tuesday, August 27th. They set a “neutral” rating and a $134.00 price objective on the stock. BMO Capital Markets upped their price target on shares of Blackstone from $112.00 to $134.00 and gave the stock a “market perform” rating in a report on Friday, October 18th. Morgan Stanley boosted 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. Finally, Bank of America lifted their price target on Blackstone from $171.00 to $192.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Thirteen analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $157.63.

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.