SteelPeak Wealth LLC Has $5.24 Million Holdings in Blackstone Inc. (NYSE:BX)

30 Oct 2024, 16:35 by Tristan Rich · The Markets Daily

SteelPeak Wealth LLC increased its position in shares of Blackstone Inc. (NYSE:BX – Free Report) by 0.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,247 shares of the asset manager’s stock after purchasing an additional 288 shares during the quarter. SteelPeak Wealth LLC’s holdings in Blackstone were worth $5,244,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Chilton Capital Management LLC acquired a new position in Blackstone in the first quarter valued at about $26,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Blackstone during the second quarter worth about $26,000. EdgeRock Capital LLC acquired a new position in shares of Blackstone in the second quarter valued at approximately $27,000. West Financial Advisors LLC acquired a new stake in shares of Blackstone during the third quarter worth $27,000. Finally, Bank & Trust Co acquired a new stake in shares of Blackstone in the 2nd quarter valued at about $29,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. UBS Group increased their target price on shares of Blackstone from $140.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upped their price objective on Blackstone from $145.00 to $146.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Redburn Atlantic started coverage on Blackstone in a report on Tuesday, August 27th. They set a “neutral” rating and a $134.00 target price on the stock. JPMorgan Chase & Co. increased their price objective on shares of Blackstone from $125.00 to $146.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, Bank of America lifted their price target on shares of Blackstone from $171.00 to $192.00 and gave the company a “buy” rating in a report on Friday, October 18th. Thirteen research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $155.38.

Get Our Latest Research Report on BX

Insider Buying and Selling at Blackstone

In other Blackstone news, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction that occurred 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 sale, the director now directly owns 799,749 shares of the company’s stock, valued at approximately $120,610,146.69. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Blackstone news, Director Joseph Baratta sold 116,448 shares of the 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 sale, the director now directly owns 799,749 shares in the company, valued at approximately $120,610,146.69. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John G. Finley sold 35,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the sale, the insider now directly owns 429,386 shares of the company’s stock, valued at approximately $56,567,311.64. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Blackstone Price Performance

Shares of NYSE BX traded up $2.81 during midday trading on Wednesday, hitting $172.62. 658,328 shares of the company’s stock were exchanged, compared to its average volume of 3,420,974. Blackstone Inc. has a 12-month low of $91.14 and a 12-month high of $175.94. The business’s fifty day moving average price is $151.93 and its two-hundred day moving average price is $135.37. The company has a market cap of $123.36 billion, a price-to-earnings ratio of 60.00, a PEG ratio of 1.24 and a beta of 1.51. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.60.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Monday, October 28th will be issued a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date is Monday, October 28th. This is an increase from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s dividend payout ratio is currently 121.55%.

Blackstone Company Profile

(Free Report)

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.