Korea Investment CORP Raises Stake in Blackstone Inc. (NYSE:BX)

Korea Investment CORP grew its holdings in Blackstone Inc. (NYSE:BX) by 40.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 391,893 shares of the asset manager’s stock after acquiring an additional 112,900 shares during the period. Korea Investment CORP owned about 0.05% of Blackstone worth $67,570,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Bangor Savings Bank raised its stake in shares of Blackstone by 187.5% during the 4th quarter. Bangor Savings Bank now owns 161 shares of the asset manager’s stock valued at $28,000 after buying an additional 105 shares during the last quarter. Hager Investment Management Services LLC purchased a new position in Blackstone during the fourth quarter valued at approximately $28,000. Centricity Wealth Management LLC acquired a new position in Blackstone in the fourth quarter valued at approximately $30,000. Roxbury Financial LLC acquired a new stake in shares of Blackstone during the 4th quarter worth approximately $34,000. Finally, Murphy & Mullick Capital Management Corp acquired a new position in shares of Blackstone in the 4th quarter valued at $33,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Blackstone Stock Down 1.3 %

Shares of BX opened at $144.81 on Friday. The stock has a fifty day simple moving average of $161.69 and a two-hundred day simple moving average of $167.38. The company has a quick ratio of 0.71, a current ratio of 0.67 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $105.62 billion, a PE ratio of 39.89, a price-to-earnings-growth ratio of 1.07 and a beta of 1.55. Blackstone Inc. has a 52-week low of $115.82 and a 52-week high of $200.96.

Blackstone (NYSE:BX) last issued its earnings results on Thursday, January 30th. The asset manager reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.19. Blackstone had a net margin of 20.99% and a return on equity of 19.58%. As a group, equities analysts forecast that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Monday, February 10th were paid a $1.44 dividend. This represents a $5.76 annualized dividend and a dividend yield of 3.98%. The ex-dividend date was Monday, February 10th. This is a positive change from Blackstone’s previous quarterly dividend of $0.86. Blackstone’s dividend payout ratio is 158.68%.

Analysts Set New Price Targets

A number of research analysts have weighed in on BX shares. UBS Group upgraded shares of Blackstone from a “neutral” rating to a “buy” rating and set a $180.00 price objective for the company in a research report on Monday, March 17th. TD Cowen upgraded Blackstone from a “hold” rating to a “buy” rating and increased their price target for the stock from $149.00 to $230.00 in a research report on Monday, December 9th. Citigroup reaffirmed a “hold” rating on shares of Blackstone in a research note on Friday, February 7th. StockNews.com lowered shares of Blackstone from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Finally, BMO Capital Markets lifted their target price on shares of Blackstone from $134.00 to $157.00 and gave the company a “market perform” rating in a research report on Thursday, December 19th. Twelve analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Blackstone has a consensus rating of “Hold” and an average price target of $171.13.

Insider Buying and Selling

In related news, Director Ruth Porat bought 301 shares of the company’s 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 acquisition, the director now owns 36,829 shares of the company’s stock, valued at approximately $6,071,260.65. This trade represents a 0.82 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.00% of the company’s stock.

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.