Patten & Patten Inc. TN Buys 81 Shares of Blackstone Inc. (NYSE:BX)

Patten & Patten Inc. TN increased its position in shares of Blackstone Inc. (NYSE:BX) by 3.1% in the first quarter, HoldingsChannel reports. The firm owned 2,681 shares of the asset manager’s stock after purchasing an additional 81 shares during the period. Patten & Patten Inc. TN’s holdings in Blackstone were worth $375,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its holdings in shares of Blackstone by 34.6% in the 4th quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager’s stock worth $1,365,000 after acquiring an additional 2,035 shares in the last quarter. American Century Companies Inc. boosted its stake in Blackstone by 11.8% in the fourth quarter. American Century Companies Inc. now owns 65,513 shares of the asset manager’s stock worth $11,296,000 after purchasing an additional 6,938 shares in the last quarter. Loomis Sayles & Co. L P grew its holdings in shares of Blackstone by 8.3% during the fourth quarter. Loomis Sayles & Co. L P now owns 1,027 shares of the asset manager’s stock worth $177,000 after purchasing an additional 79 shares during the last quarter. Allianz SE bought a new position in shares of Blackstone in the fourth quarter valued at about $284,000. Finally, L & S Advisors Inc bought a new stake in Blackstone during the 4th quarter worth about $716,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Blackstone

In other news, insider John G. Finley sold 25,000 shares of the business’s stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $138.47, for a total value of $3,461,750.00. Following the sale, the insider owned 475,336 shares of the company’s stock, valued at $65,819,775.92. The trade was a 5.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Holdings I. L.P. Blackstone purchased 1,189,532 shares of the stock in a transaction on Friday, July 18th. The stock was acquired at an average price of $25.22 per share, for a total transaction of $29,999,997.04. Following the completion of the purchase, the insider directly owned 4,178,771 shares in the company, valued at approximately $105,388,604.62. The trade was a 39.79% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 2,849,769 shares of company stock valued at $54,932,307 over the last three months. 1.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company upped their target price on shares of Blackstone from $153.00 to $167.00 and gave the stock an “equal weight” rating in a research report on Friday, July 11th. Bank of America decreased their price objective on Blackstone from $219.00 to $207.00 and set a “buy” rating on the stock in a research report on Friday, April 4th. Piper Sandler boosted their target price on Blackstone from $157.00 to $181.00 and gave the stock a “neutral” rating in a research report on Monday. JMP Securities lifted their price objective on Blackstone from $180.00 to $195.00 and gave the stock a “market outperform” rating in a research report on Friday. Finally, Keefe, Bruyette & Woods upped their target price on shares of Blackstone from $168.00 to $180.00 and gave the company a “market perform” rating in a research report on Friday. Ten research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $170.12.

Blackstone Stock Performance

Shares of Blackstone stock opened at $176.82 on Tuesday. The company has a market capitalization of $129.02 billion, a PE ratio of 47.53, a PEG ratio of 1.55 and a beta of 1.65. The company has a current ratio of 0.74, a quick ratio of 0.75 and a debt-to-equity ratio of 0.61. The stock’s fifty day simple moving average is $149.73 and its 200 day simple moving average is $150.43. Blackstone Inc. has a 12 month low of $115.66 and a 12 month high of $200.96.

Blackstone (NYSE:BX) last announced its earnings results on Thursday, July 24th. The asset manager reported $1.21 EPS for the quarter, topping the consensus estimate of $1.10 by $0.11. The firm had revenue of $3.07 billion for the quarter, compared to the consensus estimate of $2.77 billion. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. The business’s quarterly revenue was up 32.7% on a year-over-year basis. During the same period last year, the company posted $0.98 EPS. On average, research analysts predict that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 11th. Shareholders of record on Monday, August 4th will be paid a $1.03 dividend. This is an increase from Blackstone’s previous quarterly dividend of $0.93. The ex-dividend date is Monday, August 4th. This represents a $4.12 annualized dividend and a dividend yield of 2.33%. Blackstone’s dividend payout ratio (DPR) is currently 100.00%.

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.