Riversedge Advisors LLC Takes $212,000 Position in Blackstone Inc. (NYSE:BX)

Riversedge Advisors LLC acquired a new position in shares of Blackstone Inc. (NYSE:BX) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,382 shares of the asset manager’s stock, valued at approximately $212,000.

A number of other institutional investors have also added to or reduced their stakes in BX. Scarborough Advisors LLC bought a new stake in Blackstone during the fourth quarter worth $32,000. Fisher Asset Management LLC raised its position in shares of Blackstone by 10.9% during the fourth quarter. Fisher Asset Management LLC now owns 4,688 shares of the asset manager’s stock worth $614,000 after purchasing an additional 459 shares during the period. Mather Group LLC. increased its holdings in Blackstone by 1.2% during the 1st quarter. Mather Group LLC. now owns 7,113 shares of the asset manager’s stock worth $931,000 after purchasing an additional 87 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its position in shares of Blackstone by 9.9% during the first quarter. Massmutual Trust Co. FSB ADV now owns 1,931 shares of the asset manager’s stock valued at $254,000 after purchasing an additional 174 shares in the last quarter. Finally, Fulton Bank N.A. increased its position in shares of Blackstone by 5.0% during the first quarter. Fulton Bank N.A. now owns 10,745 shares of the asset manager’s stock valued at $1,412,000 after acquiring an additional 516 shares during the last quarter. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on BX shares. UBS Group increased their target price on shares of Blackstone from $140.00 to $160.00 and gave the stock a “neutral” rating in a research note on Wednesday. Piper Sandler lowered Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 target price for the company. in a research note on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft boosted their price target on Blackstone from $145.00 to $146.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Evercore ISI lifted their price objective on Blackstone from $148.00 to $155.00 and gave the company an “outperform” rating in a research report on Monday. Finally, Barclays raised their target price on shares of Blackstone from $141.00 to $155.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Twelve equities 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 stock has a consensus rating of “Hold” and an average price target of $137.47.

Blackstone Trading Up 7.1 %

Shares of Blackstone stock traded up $11.39 during trading hours on Thursday, reaching $171.10. 4,535,387 shares of the company’s stock were exchanged, compared to its average volume of 3,418,632. Blackstone Inc. has a 52-week low of $88.59 and a 52-week high of $172.09. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.60. The company has a fifty day moving average of $145.40 and a 200-day moving average of $132.67. The firm has a market capitalization of $122.28 billion, a price-to-earnings ratio of 60.30, a price-to-earnings-growth ratio of 1.24 and a beta of 1.51.

Blackstone (NYSE:BX) last announced its earnings results on Thursday, July 18th. The asset manager reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.03). Blackstone had a net margin of 19.35% and a return on equity of 17.43%. The business had revenue of $3.69 billion for the quarter, compared to analyst estimates of $2.58 billion. During the same quarter in the prior year, the business earned $0.93 earnings per share. The firm’s revenue was up 166.9% on a year-over-year basis. Sell-side analysts forecast that Blackstone Inc. will post 4.46 EPS for the current fiscal year.

Insider Activity at Blackstone

In related news, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the sale, the insider now owns 429,386 shares of the company’s stock, valued at $56,567,311.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction on 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 transaction, the director now directly owns 799,749 shares in the company, valued at $120,610,146.69. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total value of $4,610,900.00. Following the completion of the sale, the insider now directly owns 429,386 shares of the company’s stock, valued at approximately $56,567,311.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by insiders.

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.