Bedell Frazier Investment Counselling LLC Acquires New Holdings in Blackstone Inc. (NYSE:BX)

Bedell Frazier Investment Counselling LLC purchased a new stake in shares of Blackstone Inc. (NYSE:BX) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,500 shares of the asset manager’s stock, valued at approximately $230,000.

Several other large investors have also recently modified their holdings of BX. Harvest Fund Management Co. Ltd raised its stake in Blackstone by 198.7% during the third quarter. Harvest Fund Management Co. Ltd now owns 15,536 shares of the asset manager’s stock worth $2,378,000 after buying an additional 10,334 shares during the last quarter. Dynamic Technology Lab Private Ltd grew its holdings in Blackstone by 260.0% in the third quarter. Dynamic Technology Lab Private Ltd now owns 8,305 shares of the asset manager’s stock worth $1,272,000 after purchasing an additional 5,998 shares during the period. Davis R M Inc. grew its holdings in Blackstone by 29.2% in the third quarter. Davis R M Inc. now owns 6,393 shares of the asset manager’s stock worth $979,000 after purchasing an additional 1,445 shares during the period. Douglass Winthrop Advisors LLC grew its holdings in Blackstone by 5.1% in the third quarter. Douglass Winthrop Advisors LLC now owns 12,021 shares of the asset manager’s stock worth $1,841,000 after purchasing an additional 585 shares during the period. Finally, Daiwa Securities Group Inc. grew its holdings in shares of Blackstone by 11.7% during the third quarter. Daiwa Securities Group Inc. now owns 93,546 shares of the asset manager’s stock valued at $14,325,000 after buying an additional 9,778 shares during the last quarter. Institutional investors own 70.00% of the company’s stock.

Blackstone Stock Performance

Shares of NYSE BX opened at $199.05 on Monday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.58. Blackstone Inc. has a 12-month low of $105.51 and a 12-month high of $199.95. The firm has a market capitalization of $143.71 billion, a price-to-earnings ratio of 68.40, a price-to-earnings-growth ratio of 1.69 and a beta of 1.49. The firm has a 50 day moving average of $165.86 and a 200 day moving average of $142.79.

Blackstone (NYSE:BX) last issued 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 business had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.37 billion. On average, research analysts anticipate that Blackstone Inc. will post 4.4 earnings per share for the current year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Monday, October 28th were issued a $0.86 dividend. This represents a $3.44 annualized dividend and a dividend yield of 1.73%. The ex-dividend date was Monday, October 28th. This is an increase from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s payout ratio is 118.21%.

Insider Transactions at Blackstone

In related news, insider John G. Finley sold 42,249 shares of the business’s stock in a transaction on 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 sale, the insider now owns 387,137 shares in the company, valued at approximately $68,112,883.78. The trade was a 9.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total transaction of $17,561,522.88. Following the completion of the sale, the director now owns 799,749 shares in the company, valued at $120,610,146.69. This represents a 12.71 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Barclays boosted their price target on shares of Blackstone from $155.00 to $174.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Blackstone from $172.00 to $182.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Citigroup upped 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 increased 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. Finally, Evercore ISI increased their price target on shares of Blackstone from $148.00 to $155.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Thirteen analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has an average 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.