Iat Reinsurance Co. LTD. Buys Shares of 73,000 Blackstone Inc. (NYSE:BX)

Iat Reinsurance Co. LTD. bought a new stake in shares of Blackstone Inc. (NYSE:BX) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 73,000 shares of the asset manager’s stock, valued at approximately $11,178,000. Blackstone accounts for 2.5% of Iat Reinsurance Co. LTD.’s holdings, making the stock its 13th largest holding.

Several other large investors have also modified their holdings of BX. Thurston Springer Miller Herd & Titak Inc. bought a new position in Blackstone in the second quarter worth approximately $26,000. EdgeRock Capital LLC purchased a new stake in shares of Blackstone during the second quarter valued at $27,000. West Financial Advisors LLC purchased a new stake in shares of Blackstone during the third quarter valued at $27,000. Bank & Trust Co purchased a new stake in Blackstone in the second quarter valued at $29,000. Finally, Ridgewood Investments LLC purchased a new stake in Blackstone in the second quarter valued at $31,000. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Insider Activity at Blackstone

In other news, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction dated 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 12.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John G. Finley sold 42,249 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $175.94, for a total transaction of $7,433,289.06. Following the transaction, the insider now owns 387,137 shares in the company, valued at approximately $68,112,883.78. This trade represents a 9.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

Blackstone Stock Performance

NYSE:BX opened at $183.05 on Tuesday. The company has a market cap of $132.16 billion, a price-to-earnings ratio of 62.90, a price-to-earnings-growth ratio of 1.54 and a beta of 1.49. The company has a fifty day simple moving average of $162.26 and a two-hundred day simple moving average of $140.80. Blackstone Inc. has a 52 week low of $104.39 and a 52 week high of $184.34. 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 released its quarterly earnings data on Thursday, October 17th. The asset manager reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.10. The business 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, equities analysts anticipate that Blackstone Inc. will post 4.39 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Monday, October 28th were given a $0.86 dividend. The ex-dividend date of this dividend was Monday, October 28th. This is a boost from Blackstone’s previous quarterly dividend of $0.82. This represents a $3.44 dividend on an annualized basis and a yield of 1.88%. Blackstone’s payout ratio is 118.21%.

Analyst Ratings Changes

BX has been the subject of a number of analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Blackstone from $125.00 to $146.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Citigroup raised their price target on shares of Blackstone from $157.00 to $170.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Wells Fargo & Company raised their target price on shares of Blackstone from $169.00 to $188.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Evercore ISI raised their target price on shares of Blackstone from $148.00 to $155.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Finally, Piper Sandler lowered shares of Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 price target on the stock. in a research report on Wednesday, October 9th. Thirteen analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $157.63.

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.