Second Line Capital LLC Invests $364,000 in Blackstone Inc. (NYSE:BX)

Second Line Capital LLC bought a new stake in Blackstone Inc. (NYSE:BX) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,379 shares of the asset manager’s stock, valued at approximately $364,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Soltis Investment Advisors LLC boosted its stake in shares of Blackstone by 3.8% during the third quarter. Soltis Investment Advisors LLC now owns 4,397 shares of the asset manager’s stock valued at $673,000 after purchasing an additional 163 shares in the last quarter. Rehmann Capital Advisory Group grew its holdings in Blackstone by 1.4% during the 3rd quarter. Rehmann Capital Advisory Group now owns 21,567 shares of the asset manager’s stock worth $3,303,000 after acquiring an additional 293 shares during the last quarter. Fortem Financial Group LLC raised its stake in shares of Blackstone by 2.7% during the third quarter. Fortem Financial Group LLC now owns 10,785 shares of the asset manager’s stock valued at $1,652,000 after acquiring an additional 281 shares during the last quarter. Sunbelt Securities Inc. grew its stake in shares of Blackstone by 3.6% in the third quarter. Sunbelt Securities Inc. now owns 6,910 shares of the asset manager’s stock worth $1,058,000 after purchasing an additional 237 shares during the last quarter. Finally, Coldstream Capital Management Inc. raised its position in Blackstone by 76.2% during the 3rd quarter. Coldstream Capital Management Inc. now owns 11,127 shares of the asset manager’s stock worth $1,816,000 after purchasing an additional 4,811 shares during the last quarter. Institutional investors own 70.00% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Citigroup raised their price objective on Blackstone from $157.00 to $170.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. BMO Capital Markets upped 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. Morgan Stanley upped their price target on shares of Blackstone from $164.00 to $177.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Evercore ISI boosted their price objective on Blackstone from $148.00 to $155.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Finally, TD Cowen raised Blackstone from a “hold” rating to a “buy” rating and boosted their price target for the company from $149.00 to $230.00 in a research note on Monday. Twelve equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $164.25.

Insider Transactions at Blackstone

In other Blackstone news, insider John G. Finley sold 42,249 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $175.94, for a total transaction of $7,433,289.06. Following the sale, the insider now owns 387,137 shares in the company, valued at $68,112,883.78. This represents a 9.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Joseph Baratta sold 116,448 shares of the stock in a transaction dated Tuesday, October 1st. The stock was 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. This trade represents a 12.71 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

Blackstone Trading Up 2.3 %

NYSE:BX opened at $189.56 on Wednesday. The firm has a market cap of $136.86 billion, a price-to-earnings ratio of 65.14, a price-to-earnings-growth ratio of 1.59 and a beta of 1.51. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.71 and a current ratio of 0.71. The firm has a 50-day moving average price of $173.07 and a two-hundred day moving average price of $147.64. Blackstone Inc. has a 52 week low of $112.09 and a 52 week high of $200.96.

Blackstone (NYSE:BX) last announced its earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.10. Blackstone had a return on equity of 17.53% and a net margin of 19.46%. The firm had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.37 billion. On average, equities analysts expect that Blackstone Inc. will post 4.4 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The company 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 of this dividend was Monday, October 28th. This is a positive change from Blackstone’s previous quarterly dividend of $0.82. This represents a $3.44 annualized dividend and a dividend yield of 1.81%. Blackstone’s payout ratio is presently 118.21%.

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.