Icon Wealth Advisors LLC Raises Stock Holdings in Blackstone Inc. (NYSE:BX)

22 Nov 2024, 17:10 by Kim Johansen · The Markets Daily

Icon Wealth Advisors LLC lifted its position in Blackstone Inc. (NYSE:BX – Free Report) by 2,185.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,946 shares of the asset manager’s stock after purchasing an additional 18,117 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Blackstone were worth $2,901,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Raleigh Capital Management Inc. lifted its holdings in shares of Blackstone by 32.1% in the 3rd quarter. Raleigh Capital Management Inc. now owns 255 shares of the asset manager’s stock valued at $39,000 after buying an additional 62 shares during the period. Capital Advisors Ltd. LLC lifted its holdings in Blackstone by 2.3% in the third quarter. Capital Advisors Ltd. LLC now owns 2,787 shares of the asset manager’s stock valued at $427,000 after acquiring an additional 62 shares during the period. Fidelis Capital Partners LLC grew its stake in shares of Blackstone by 2.7% during the 3rd quarter. Fidelis Capital Partners LLC now owns 2,374 shares of the asset manager’s stock worth $396,000 after purchasing an additional 62 shares during the period. Harbor Capital Advisors Inc. increased its holdings in shares of Blackstone by 0.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 13,926 shares of the asset manager’s stock valued at $2,132,000 after purchasing an additional 64 shares in the last quarter. Finally, Lindbrook Capital LLC boosted its holdings in Blackstone by 1.1% during the third quarter. Lindbrook Capital LLC now owns 5,743 shares of the asset manager’s stock worth $879,000 after buying an additional 65 shares in the last quarter. Institutional investors and hedge funds own 70.00% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. 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. Morgan Stanley raised their price objective on Blackstone from $164.00 to $177.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. The Goldman Sachs Group increased their target price on Blackstone from $135.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Piper Sandler cut shares of Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 price objective for the company. in a research report on Wednesday, October 9th. Finally, Citigroup lifted their target price on shares of Blackstone from $157.00 to $170.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Thirteen equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Blackstone presently has a consensus rating of “Hold” and an average target price of $157.63.

Check Out Our Latest Report on Blackstone

Insider Activity at Blackstone

In other Blackstone news, insider John G. Finley sold 42,249 shares of Blackstone 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 directly owns 387,137 shares of the company’s stock, valued at $68,112,883.78. The trade was a 9.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Joseph Baratta sold 116,448 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 799,749 shares of the company’s stock, valued at approximately $120,610,146.69. The trade was a 12.71 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by insiders.

Blackstone Stock Performance

NYSE:BX opened at $194.21 on Friday. The firm has a market capitalization of $140.22 billion, a price-to-earnings ratio of 66.74, a PEG ratio of 1.57 and a beta of 1.49. 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’s 50-day moving average is $164.90 and its two-hundred day moving average is $141.94. Blackstone Inc. has a 1-year low of $105.51 and a 1-year high of $194.64.

Blackstone (NYSE:BX – Get Free Report) last announced its quarterly earnings results on Thursday, October 17th. The asset manager reported $1.01 EPS for the quarter, beating the consensus estimate of $0.91 by $0.10. The business had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.37 billion. Blackstone had a return on equity of 17.53% and a net margin of 19.46%. Analysts forecast that Blackstone Inc. will post 4.4 EPS for the current year.

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Monday, October 28th were issued a $0.86 dividend. This is a positive change from Blackstone’s previous quarterly dividend of $0.82. This represents a $3.44 annualized dividend and a dividend yield of 1.77%. The ex-dividend date was Monday, October 28th. Blackstone’s dividend payout ratio is currently 118.21%.

Blackstone Company Profile

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