Tred Avon Family Wealth LLC Acquires New Holdings in Blackstone Inc. $BX

Tred Avon Family Wealth LLC acquired a new position in Blackstone Inc. (NYSE:BX) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 8,846 shares of the asset manager’s stock, valued at approximately $1,511,000.

A number of other institutional investors also recently added to or reduced their stakes in BX. Perigon Wealth Management LLC lifted its position in Blackstone by 3.2% during the second quarter. Perigon Wealth Management LLC now owns 62,484 shares of the asset manager’s stock valued at $9,346,000 after acquiring an additional 1,949 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Blackstone by 2.2% during the 2nd quarter. Vanguard Group Inc. now owns 69,492,377 shares of the asset manager’s stock valued at $10,394,670,000 after purchasing an additional 1,494,796 shares during the last quarter. Redmond Asset Management LLC boosted its position in shares of Blackstone by 21.2% in the 2nd quarter. Redmond Asset Management LLC now owns 18,785 shares of the asset manager’s stock worth $2,810,000 after purchasing an additional 3,281 shares in the last quarter. Bourgeon Capital Management LLC acquired a new position in Blackstone during the 2nd quarter valued at about $423,000. Finally, Longfellow Investment Management Co. LLC boosted its holdings in Blackstone by 259.8% in the second quarter. Longfellow Investment Management Co. LLC now owns 22,160 shares of the asset manager’s stock worth $3,315,000 after acquiring an additional 16,001 shares in the last quarter. Institutional investors own 70.00% of the company’s stock.

Insiders Place Their Bets

In other Blackstone news, major shareholder Tactical Opportunit Blackstone sold 1,596,142 shares of the stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $10.00, for a total transaction of $15,961,420.00. Following the transaction, the insider owned 2,161 shares in the company, valued at approximately $21,610. This represents a 99.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ruth Porat bought 324 shares of Blackstone stock in a transaction dated Monday, November 10th. The shares were acquired at an average cost of $146.92 per share, with a total value of $47,602.08. Following the completion of the purchase, the director owned 39,077 shares in the company, valued at approximately $5,741,192.84. This trade represents a 0.84% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders purchased 797,148 shares of company stock worth $24,050,153. 1.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have weighed in on BX shares. JPMorgan Chase & Co. dropped their target price on shares of Blackstone from $177.00 to $176.00 and set a “neutral” rating on the stock in a research report on Friday, October 24th. TD Cowen dropped their price objective on shares of Blackstone from $205.00 to $183.00 and set a “buy” rating on the stock in a report on Wednesday. Bank of America reduced their target price on Blackstone from $199.00 to $189.00 in a research note on Wednesday, December 10th. UBS Group cut their price objective on Blackstone from $175.00 to $172.00 and set a “neutral” rating on the stock in a report on Tuesday. Finally, BNP Paribas Exane decreased their target price on Blackstone from $167.00 to $156.00 and set a “neutral” rating for the company in a report on Monday, January 12th. Ten research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $177.25.

Blackstone Stock Up 1.8%

Shares of BX stock opened at $163.67 on Friday. Blackstone Inc. has a twelve month low of $115.66 and a twelve month high of $190.09. The stock has a market cap of $120.86 billion, a P/E ratio of 46.76, a P/E/G ratio of 1.15 and a beta of 1.75. The stock has a 50 day moving average of $151.03 and a 200 day moving average of $161.32. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.60.

Blackstone (NYSE:BX) last issued its quarterly earnings data on Thursday, October 23rd. The asset manager reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.29. The business had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3.14 billion. Blackstone had a net margin of 20.56% and a return on equity of 22.30%. The business’s revenue was down 15.7% on a year-over-year basis. During the same quarter last year, the company earned $1.02 EPS. As a group, sell-side analysts expect that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 10th. Stockholders of record on Monday, November 3rd were given a dividend of $1.29 per share. This is a boost from Blackstone’s previous quarterly dividend of $1.03. The ex-dividend date was Monday, November 3rd. This represents a $5.16 dividend on an annualized basis and a dividend yield of 3.2%. Blackstone’s payout ratio is 147.43%.

Blackstone Company Profile

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.