Angeles Wealth Management LLC Grows Position in Blackstone Inc. (NYSE:BX)

03 Nov 2024, 17:34 by Tristan Rich · The Markets Daily

Angeles Wealth Management LLC raised its holdings in shares of Blackstone Inc. (NYSE:BX – Free Report) by 1.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,600 shares of the asset manager’s stock after buying an additional 183 shares during the quarter. Angeles Wealth Management LLC’s holdings in Blackstone were worth $1,776,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. West Financial Advisors LLC purchased a new stake in shares of Blackstone during the third quarter worth $27,000. Chilton Capital Management LLC purchased a new stake in shares of Blackstone in the first quarter valued at about $26,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Blackstone in the second quarter valued at about $26,000. EdgeRock Capital LLC purchased a new stake in shares of Blackstone in the second quarter valued at about $27,000. Finally, Bank & Trust Co acquired a new position in Blackstone in the second quarter valued at about $29,000. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Evercore ISI upped their target price on shares of Blackstone from $148.00 to $155.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. TD Cowen upped their target price on shares of Blackstone from $133.00 to $149.00 and gave the company a “hold” rating in a research report on Friday, October 18th. Citigroup upped 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. BMO Capital Markets raised their price objective on shares of Blackstone from $112.00 to $134.00 and gave the company a “market perform” rating in a research note on Friday, October 18th. Finally, The Goldman Sachs Group raised their price objective on shares of Blackstone from $135.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Thirteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $155.38.

Read Our Latest Stock Report on BX

Blackstone Stock Up 0.2 %

Shares of NYSE:BX traded up $0.39 during trading on Friday, hitting $168.14. 3,453,223 shares of the company were exchanged, compared to its average volume of 3,430,058. The stock has a market capitalization of $121.07 billion, a P/E ratio of 57.78, a PEG ratio of 1.47 and a beta of 1.51. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.71 and a quick ratio of 0.77. Blackstone Inc. has a 12-month low of $96.15 and a 12-month high of $175.94. The firm’s 50 day moving average price is $153.90 and its 200-day moving average price is $136.27.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Monday, October 28th will be issued a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.05%. This is a boost from Blackstone’s previous quarterly dividend of $0.82. The ex-dividend date is Monday, October 28th. Blackstone’s payout ratio is presently 118.21%.

Insider Activity

In other news, insider John G. Finley sold 35,000 shares of Blackstone stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total value of $4,610,900.00. Following the transaction, the insider now directly owns 429,386 shares of the company’s stock, valued at $56,567,311.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $150.81, for a total value of $17,561,522.88. Following the sale, the director now directly owns 799,749 shares in the company, valued at $120,610,146.69. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the completion of the sale, the insider now owns 429,386 shares in the company, valued at $56,567,311.64. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

About Blackstone

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