Miracle Mile Advisors LLC Has $5.42 Million Stock Holdings in Blackstone Inc. (NYSE:BX)

Miracle Mile Advisors LLC raised its stake in Blackstone Inc. (NYSE:BX) by 9.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 31,414 shares of the asset manager’s stock after purchasing an additional 2,692 shares during the period. Miracle Mile Advisors LLC’s holdings in Blackstone were worth $5,416,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Glen Eagle Advisors LLC increased its position in Blackstone by 1.8% in the third quarter. Glen Eagle Advisors LLC now owns 3,251 shares of the asset manager’s stock worth $498,000 after buying an additional 59 shares during the last quarter. Investmark Advisory Group LLC raised its stake in Blackstone by 2.4% in the 3rd quarter. Investmark Advisory Group LLC now owns 2,608 shares of the asset manager’s stock valued at $399,000 after acquiring an additional 60 shares during the period. Raleigh Capital Management Inc. grew its position in shares of Blackstone by 32.1% in the third quarter. Raleigh Capital Management Inc. now owns 255 shares of the asset manager’s stock valued at $39,000 after purchasing an additional 62 shares in the last quarter. Capital Advisors Ltd. LLC increased its position in shares of Blackstone by 2.3% during the third quarter. Capital Advisors Ltd. LLC now owns 2,787 shares of the asset manager’s stock valued at $427,000 after buying an additional 62 shares during the period. Finally, Fidelis Capital Partners LLC increased its holdings in Blackstone by 2.7% during the 3rd quarter. Fidelis Capital Partners LLC now owns 2,374 shares of the asset manager’s stock worth $396,000 after acquiring an additional 62 shares during the period. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BX has been the subject of a number of research reports. Piper Sandler upped their price objective on shares of Blackstone from $168.00 to $179.00 and gave the company a “neutral” rating in a research note on Monday, December 23rd. StockNews.com upgraded shares of Blackstone from a “hold” rating to a “buy” rating in a research note on Thursday. Barclays lowered their target price on shares of Blackstone from $199.00 to $192.00 and set an “equal weight” rating on the stock in a research note on Monday. JPMorgan Chase & Co. raised their price target on Blackstone from $125.00 to $146.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Finally, Bank of America raised their target price on Blackstone from $171.00 to $192.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Twelve investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $170.50.

Blackstone Trading Up 0.5 %

Shares of BX stock traded up $0.85 on Monday, reaching $165.70. 3,273,722 shares of the stock were exchanged, compared to its average volume of 2,784,926. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.58. Blackstone Inc. has a 1-year low of $114.88 and a 1-year high of $200.96. The firm has a 50 day moving average of $180.73 and a two-hundred day moving average of $156.98. The stock has a market cap of $119.64 billion, a P/E ratio of 56.94, a price-to-earnings-growth ratio of 1.63 and a beta of 1.53.

Blackstone (NYSE:BX) last announced its quarterly earnings data on Thursday, October 17th. The asset manager reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.10. The company had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.37 billion. Blackstone had a return on equity of 17.53% and a net margin of 19.46%. On average, research analysts anticipate that Blackstone Inc. will post 4.43 EPS for the current year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Monday, October 28th were paid a $0.86 dividend. The ex-dividend date was Monday, October 28th. This is an increase from Blackstone’s previous quarterly dividend of $0.82. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.08%. Blackstone’s payout ratio is currently 118.21%.

Insider Buying and Selling

In related news, insider John G. Finley sold 42,249 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $175.94, for a total value of $7,433,289.06. Following the completion of the transaction, the insider now owns 387,137 shares of the company’s stock, valued at approximately $68,112,883.78. This trade represents a 9.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Blackstone Profile

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.