Second Line Capital LLC Makes New $364,000 Investment in Blackstone Inc. (NYSE:BX)

Second Line Capital LLC acquired a new stake in Blackstone Inc. (NYSE:BX) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,379 shares of the asset manager’s stock, valued at approximately $364,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wulff Hansen & CO. grew its holdings in Blackstone by 12,192.7% during the second quarter. Wulff Hansen & CO. now owns 7,340,845 shares of the asset manager’s stock valued at $908,797,000 after purchasing an additional 7,281,128 shares during the period. International Assets Investment Management LLC raised its stake in Blackstone by 15,357.3% during the 3rd quarter. International Assets Investment Management LLC now owns 4,201,150 shares of the asset manager’s stock worth $6,433,220,000 after buying an additional 4,173,971 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of Blackstone by 213.5% in the second quarter. The Manufacturers Life Insurance Company now owns 1,375,969 shares of the asset manager’s stock worth $170,345,000 after acquiring an additional 937,084 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Blackstone by 468.4% during the 2nd quarter. Mackenzie Financial Corp now owns 1,107,547 shares of the asset manager’s stock valued at $137,114,000 after purchasing an additional 912,685 shares in the last quarter. Finally, Castleark Management LLC acquired a new stake in Blackstone during the 3rd quarter worth approximately $67,472,000. Institutional investors own 70.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BX. Evercore ISI boosted their price objective on shares of Blackstone from $148.00 to $155.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Barclays lifted their target price on Blackstone from $174.00 to $199.00 and gave the company an “equal weight” rating in a research report on Monday. Piper Sandler cut shares of Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 price target for the company. in a research note on Wednesday, October 9th. Morgan Stanley raised their target price 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, TD Cowen upgraded Blackstone from a “hold” rating to a “buy” rating and raised their price objective for the company from $149.00 to $230.00 in a report on Monday. Twelve equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Blackstone has an average rating of “Hold” and an average price target of $164.25.

Blackstone Price Performance

NYSE:BX opened at $189.56 on Wednesday. The firm’s fifty day moving average price is $173.07 and its two-hundred day moving average price is $147.64. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.71 and a quick ratio of 0.71. The company has a market cap of $136.86 billion, a P/E ratio of 65.14, a P/E/G ratio of 1.59 and a beta of 1.51. Blackstone Inc. has a one year low of $112.09 and a one year high of $200.96.

Blackstone (NYSE:BX) last released its quarterly earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.10. Blackstone had a net margin of 19.46% and a return on equity of 17.53%. The firm had revenue of $2.43 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Equities analysts expect that Blackstone Inc. will post 4.4 earnings per share for the current year.

Blackstone Increases Dividend

The company also recently disclosed 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. This is a boost from Blackstone’s previous quarterly dividend of $0.82. The ex-dividend date of this dividend was Monday, October 28th. This represents a $3.44 annualized dividend and a yield of 1.81%. Blackstone’s dividend payout ratio (DPR) is presently 118.21%.

Insider Activity

In related news, 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 value of $7,433,289.06. Following the completion of the transaction, the insider now owns 387,137 shares of the company’s stock, valued at $68,112,883.78. The trade was a 9.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Joseph Baratta sold 116,448 shares of the firm’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 completion of the transaction, the director now directly owns 799,749 shares in the company, valued at approximately $120,610,146.69. This represents a 12.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company 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.