Pinnacle Financial Partners Inc Buys 81 Shares of Blackstone Inc. (NYSE:BX)

Pinnacle Financial Partners Inc raised its stake in shares of Blackstone Inc. (NYSE:BX) by 0.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 39,475 shares of the asset manager’s stock after acquiring an additional 81 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Blackstone were worth $6,767,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bangor Savings Bank boosted its position in Blackstone by 187.5% during the 4th quarter. Bangor Savings Bank now owns 161 shares of the asset manager’s stock valued at $28,000 after acquiring an additional 105 shares in the last quarter. Hager Investment Management Services LLC bought a new stake in Blackstone during the 4th quarter valued at $28,000. Centricity Wealth Management LLC purchased a new stake in shares of Blackstone during the 4th quarter valued at $30,000. Roxbury Financial LLC purchased a new stake in shares of Blackstone during the 4th quarter valued at $34,000. Finally, Berbice Capital Management LLC purchased a new stake in shares of Blackstone during the 4th quarter valued at $34,000. Institutional investors own 70.00% of the company’s stock.

Blackstone Price Performance

Shares of BX opened at $158.21 on Friday. The business’s 50-day moving average is $173.58 and its two-hundred day moving average is $165.48. The company has a market capitalization of $114.23 billion, a P/E ratio of 43.58, a P/E/G ratio of 1.07 and a beta of 1.53. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.71 and a current ratio of 0.67. Blackstone Inc. has a fifty-two week low of $115.82 and a fifty-two week high of $200.96.

Blackstone (NYSE:BX) last posted its earnings results on Thursday, January 30th. The asset manager reported $1.69 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.19. Blackstone had a return on equity of 19.58% and a net margin of 20.99%. Research analysts predict that Blackstone Inc. will post 5.87 earnings per share for the current year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Monday, February 10th were given a dividend of $1.44 per share. The ex-dividend date of this dividend was Monday, February 10th. This is a boost from Blackstone’s previous quarterly dividend of $0.86. This represents a $5.76 dividend on an annualized basis and a dividend yield of 3.64%. Blackstone’s dividend payout ratio (DPR) is 158.68%.

Insider Activity

In other news, Director Ruth Porat acquired 301 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were bought at an average cost of $164.85 per share, for a total transaction of $49,619.85. Following the acquisition, the director now owns 36,829 shares in the company, valued at approximately $6,071,260.65. This represents a 0.82 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. JPMorgan Chase & Co. increased their price objective on Blackstone from $149.00 to $154.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Piper Sandler increased their price objective on Blackstone from $168.00 to $179.00 and gave the company a “neutral” rating in a report on Monday, December 23rd. StockNews.com lowered Blackstone from a “buy” rating to a “hold” rating in a report on Friday, January 31st. BMO Capital Markets raised their target price on Blackstone from $134.00 to $157.00 and gave the stock a “market perform” rating in a research note on Thursday, December 19th. Finally, Wells Fargo & Company reduced their target price on Blackstone from $195.00 to $180.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 14th. Thirteen research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $172.38.

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.