SouthState Corp Has $7.13 Million Position in Blackstone Inc. (NYSE:BX)

SouthState Corp increased its position in Blackstone Inc. (NYSE:BX) by 1,290.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 41,376 shares of the asset manager’s stock after buying an additional 38,400 shares during the quarter. SouthState Corp’s holdings in Blackstone were worth $7,134,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Bangor Savings Bank boosted its holdings in Blackstone by 187.5% in the fourth quarter. Bangor Savings Bank now owns 161 shares of the asset manager’s stock valued at $28,000 after acquiring an additional 105 shares during the last quarter. Hager Investment Management Services LLC bought a new stake in Blackstone in the fourth quarter valued at approximately $28,000. Centricity Wealth Management LLC bought a new stake in Blackstone in the fourth quarter valued at approximately $30,000. Berbice Capital Management LLC bought a new position in shares of Blackstone during the 4th quarter worth approximately $34,000. Finally, Comprehensive Financial Planning Inc. PA bought a new position in shares of Blackstone during the 4th quarter worth approximately $34,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Insider Buying and Selling

In related news, Director Ruth Porat bought 301 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was acquired at an average price of $164.85 per share, for a total transaction of $49,619.85. Following the purchase, the director now directly owns 36,829 shares in the company, valued at $6,071,260.65. This trade represents a 0.82 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is currently owned by insiders.

Blackstone Trading Up 3.3 %

Shares of Blackstone stock opened at $141.01 on Monday. Blackstone Inc. has a 1 year low of $115.82 and a 1 year high of $200.96. The firm has a market cap of $102.86 billion, a PE ratio of 38.85, a P/E/G ratio of 1.07 and a beta of 1.55. The stock has a fifty day moving average price of $165.90 and a 200-day moving average price of $167.21. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.67 and a quick ratio of 0.71.

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

Blackstone Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 18th. Investors of record on Monday, February 10th were issued a $1.44 dividend. The ex-dividend date of this dividend was Monday, February 10th. This represents a $5.76 annualized dividend and a yield of 4.08%. This is a positive change from Blackstone’s previous quarterly dividend of $0.86. Blackstone’s dividend payout ratio (DPR) is 158.68%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on BX shares. JPMorgan Chase & Co. increased their price target on Blackstone from $149.00 to $154.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Piper Sandler increased their price target on Blackstone from $168.00 to $179.00 and gave the stock a “neutral” rating in a report on Monday, December 23rd. Barclays restated an “equal weight” rating on shares of Blackstone in a report on Friday, February 7th. TD Cowen upgraded Blackstone from a “hold” rating to a “buy” rating and increased their target price for the stock from $149.00 to $230.00 in a report on Monday, December 9th. Finally, Keefe, Bruyette & Woods increased their target price on Blackstone from $174.00 to $177.00 and gave the stock a “market perform” rating in a report on Friday, January 31st. Thirteen equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Blackstone currently has a consensus rating of “Hold” and a consensus 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.