Highland Capital Management LLC Has $3.80 Million Holdings in Blackstone Inc. $BX

Highland Capital Management LLC increased its position in shares of Blackstone Inc. (NYSE:BX) by 214.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,258 shares of the asset manager’s stock after buying an additional 15,173 shares during the period. Highland Capital Management LLC’s holdings in Blackstone were worth $3,803,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Richards Merrill & Peterson Inc. raised its holdings in shares of Blackstone by 7.3% in the 3rd quarter. Richards Merrill & Peterson Inc. now owns 6,620 shares of the asset manager’s stock valued at $1,131,000 after purchasing an additional 448 shares during the period. Regent Peak Wealth Advisors LLC bought a new stake in Blackstone in the third quarter valued at approximately $324,000. Trust Co. of Toledo NA OH boosted its stake in shares of Blackstone by 2.9% during the 3rd quarter. Trust Co. of Toledo NA OH now owns 24,990 shares of the asset manager’s stock worth $4,270,000 after acquiring an additional 711 shares during the period. Blue Trust Inc. raised its stake in Blackstone by 3.2% in the 3rd quarter. Blue Trust Inc. now owns 3,260 shares of the asset manager’s stock valued at $557,000 after acquiring an additional 100 shares during the period. Finally, Avanza Fonder AB lifted its holdings in Blackstone by 5.0% during the 3rd quarter. Avanza Fonder AB now owns 52,414 shares of the asset manager’s stock valued at $8,955,000 after purchasing an additional 2,488 shares during the last quarter. Institutional investors own 70.00% of the company’s stock.

Blackstone Stock Up 0.9%

Shares of NYSE BX opened at $156.53 on Friday. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $190.09. The stock’s fifty day moving average is $149.06 and its 200 day moving average is $159.48. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.75 and a current ratio of 0.75. The stock has a market capitalization of $115.59 billion, a P/E ratio of 44.72, a PEG ratio of 1.32 and a beta of 1.76.

Blackstone (NYSE:BX) last released its earnings results on Friday, November 22nd. The asset manager reported $0.97 EPS for the quarter. Blackstone had a net margin of 20.56% and a return on equity of 22.30%. The firm had revenue of $2.49 billion for the quarter. Sell-side analysts forecast that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 10th. Shareholders of record on Monday, November 3rd were paid a dividend of $1.29 per share. The ex-dividend date was Monday, November 3rd. This is a boost from Blackstone’s previous quarterly dividend of $1.03. This represents a $5.16 annualized dividend and a yield of 3.3%. Blackstone’s dividend payout ratio is currently 147.43%.

Analyst Ratings Changes

BX has been the subject of a number of research reports. BMO Capital Markets cut their target price on shares of Blackstone from $190.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, October 27th. The Goldman Sachs Group raised their price objective on shares of Blackstone from $173.00 to $174.00 and gave the stock a “neutral” rating in a research report on Friday, October 24th. TD Cowen lowered their target price on Blackstone from $208.00 to $205.00 and set a “buy” rating on the stock in a research note on Friday, October 24th. JPMorgan Chase & Co. decreased their price objective on Blackstone from $177.00 to $176.00 and set a “neutral” rating on the stock in a report on Friday, October 24th. Finally, JMP Securities reissued a “market outperform” rating and issued a $195.00 target price on shares of Blackstone in a research report on Friday, October 24th. Ten investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Blackstone presently has a consensus rating of “Moderate Buy” and a consensus target price of $179.95.

Insiders Place Their Bets

In other news, major shareholder Tactical Opportunit Blackstone sold 1,596,142 shares of the business’s stock in a transaction 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 completion of the transaction, the insider owned 2,161 shares of the company’s stock, valued at approximately $21,610. The trade was a 99.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ruth Porat bought 324 shares of the firm’s stock in a transaction on Monday, November 10th. The stock was acquired at an average price of $146.92 per share, for a total transaction of $47,602.08. Following the transaction, the director owned 39,077 shares of the company’s stock, valued at approximately $5,741,192.84. The trade was a 0.84% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have purchased 797,148 shares of company stock worth $24,050,153. 1.00% of the stock is currently owned by company insiders.

About Blackstone

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.