Sierra Summit Advisors LLC Buys 5,794 Shares of Blackstone Inc. (NYSE:BX)

Sierra Summit Advisors LLC grew its stake in Blackstone Inc. (NYSE:BX) by 8.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 78,412 shares of the asset manager’s stock after purchasing an additional 5,794 shares during the quarter. Blackstone makes up approximately 2.7% of Sierra Summit Advisors LLC’s holdings, making the stock its 8th biggest holding. Sierra Summit Advisors LLC’s holdings in Blackstone were worth $13,520,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Glen Eagle Advisors LLC grew its position in shares of Blackstone by 1.8% in the 3rd quarter. Glen Eagle Advisors LLC now owns 3,251 shares of the asset manager’s stock worth $498,000 after acquiring an additional 59 shares in the last quarter. Avidian Wealth Enterprises LLC boosted its holdings in Blackstone by 0.4% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 16,184 shares of the asset manager’s stock worth $2,790,000 after purchasing an additional 59 shares during the period. McIlrath & Eck LLC raised its holdings in shares of Blackstone by 6.5% during the third quarter. McIlrath & Eck LLC now owns 1,019 shares of the asset manager’s stock worth $156,000 after purchasing an additional 62 shares during the period. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in shares of Blackstone by 0.5% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,426 shares of the asset manager’s stock valued at $1,970,000 after buying an additional 62 shares during the period. Finally, McAdam LLC raised its stake in Blackstone by 3.9% during the fourth quarter. McAdam LLC now owns 1,687 shares of the asset manager’s stock worth $291,000 after acquiring an additional 63 shares during the period. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Blackstone

In other Blackstone news, Director Ruth Porat bought 301 shares of the stock in a transaction on Tuesday, February 18th. The shares were purchased at an average cost of $164.85 per share, with a total value of $49,619.85. Following the completion of the transaction, the director now directly owns 36,829 shares of the company’s stock, valued at $6,071,260.65. This represents a 0.82 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Blackstone Stock Performance

Shares of Blackstone stock opened at $124.68 on Monday. The business has a fifty day simple moving average of $156.29 and a 200-day simple moving average of $167.20. The stock has a market cap of $90.94 billion, a PE ratio of 34.35, a price-to-earnings-growth ratio of 1.07 and a beta of 1.61. The company has a quick ratio of 0.71, a current ratio of 0.67 and a debt-to-equity ratio of 0.61. Blackstone Inc. has a 12 month low of $115.24 and a 12 month high of $200.96.

Blackstone (NYSE:BX) last posted its quarterly earnings results on Thursday, January 30th. The asset manager reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.19. Blackstone had a net margin of 20.99% and a return on equity of 19.58%. On average, sell-side analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current fiscal 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 dividend of $1.44 per share. This represents a $5.76 annualized dividend and a dividend yield of 4.62%. This is a positive change from Blackstone’s previous quarterly dividend of $0.86. The ex-dividend date was Monday, February 10th. Blackstone’s dividend payout ratio (DPR) is currently 158.68%.

Wall Street Analysts Forecast Growth

BX has been the subject of several recent research reports. Wells Fargo & Company lowered their target price on Blackstone from $180.00 to $160.00 and set an “equal weight” rating for the company in a report on Thursday, March 20th. Bank of America cut their target price on Blackstone from $219.00 to $207.00 and set a “buy” rating on the stock in a research note on Friday. JPMorgan Chase & Co. increased their price objective on shares of Blackstone from $149.00 to $154.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Keefe, Bruyette & Woods raised their price target on Blackstone from $174.00 to $177.00 and gave the company a “market perform” rating in a report on Friday, January 31st. Finally, StockNews.com lowered shares of Blackstone from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Twelve research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Blackstone presently has a consensus rating of “Hold” and an average price target of $172.06.

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.