Portside Wealth Group LLC's Acquisition of Blackstone Inc. Holdings

Portside Wealth Group LLC has made a significant move by acquiring a new stake in Blackstone Inc. (NYSE:BX) during the third quarter of the year. This was detailed in the firm's latest Form 13F filing with the Securities and Exchange Commission. They purchased a total of 1,315 shares of the asset manager's stock, which is valued at approximately $201,000.

In addition to Portside's investment, several other large investors have also adjusted their stakes in Blackstone. Notably, Wealth Enhancement Advisory Services LLC increased its position by 1.8% in the second quarter, which now amounts to 431,784 shares worth around $53,455,000 after acquiring an additional 7,692 shares in the last quarter. Blue Trust Inc. made a remarkable increase in its holdings, growing its position by an impressive 936.2% during the same period, acquiring a total of 5,958 shares valued at $783,000 after purchasing an additional 5,383 shares. Asahi Life Asset Management CO. LTD. and Scientech Research LLC also entered new positions in Blackstone during the third and second quarters, valued at approximately $557,000 and $1,364,000 respectively. Furthermore, EverSource Wealth Advisors LLC augmented its stake by 11.3%, now owning 54,159 shares worth $6,705,000.

Insider Transactions

In related developments, insider John G. Finley sold 42,249 shares of Blackstone on November 7, at an average price of $175.94, totaling approximately $7.43 million. After the transaction, Finley retains ownership of 387,137 shares valued at around $68 million. This sale showed no change in his ownership percentage. Another insider, Director Joseph Baratta, sold 116,448 shares on October 1, at an average price of $150.81, resulting in a transaction valued around $17.56 million. Following this sale, Baratta owns 799,749 shares worth about $120.61 million, which also reflects no change in ownership percentage. Insiders currently hold about 1.00% of the company's stock.

Market Performance

On the market front, shares of Blackstone opened at $177.46 on Friday. The company has experienced a 12-month range, with a low of $96.15 and a high of $178.63. Blackstone boasts a market capitalization of $128.13 billion, with a price-to-earnings (P/E) ratio of 60.98 and a beta value of 1.49. Their financial ratios include a quick ratio of 0.77, a current ratio of 0.71, and a debt-to-equity ratio of 0.58, as well as a 50-day moving average price of $157.11 and a 200-day moving average of $137.98.

Recently, Blackstone Inc. reported its quarterly earnings on October 17, with earnings per share (EPS) of $1.01, exceeding the consensus estimate of $0.91 by $0.10. The firm generated revenues of $2.43 billion, also above the expected $2.37 billion. Blackstone achieved a return on equity of 17.53% and maintained a net margin of 19.46%. Analysts predict that the company will report an EPS of 4.39 for the current fiscal year.

Dividend Information

Blackstone has announced an increase in its quarterly dividend, which was paid on November 4. Investors on record as of October 28 received a dividend of $0.86, up from the previous $0.82 per share. This annualizes to $3.44, resulting in a yield of 1.94% and a dividend payout ratio of 118.21%.

Analyst Ratings

Numerous research analysts have released their ratings on Blackstone shares. Morgan Stanley raised its price target from $164.00 to $177.00, giving an "overweight" rating as reported on October 10. Barclays followed suit, raising its target from $155.00 to $174.00 with an "equal weight" rating on October 18. Additionally, UBS Group raised its target from $140.00 to $160.00, rating the stock as "neutral". Evercore ISI increased its price objective from $148.00 to $155.00, recommending an "outperform" rating on October 14, while TD Cowen adjusted its target from $133.00 to $149.00, advising a "hold" rating. Currently, the stock holds a consensus rating of "Hold" with an average target price of $155.38, according to MarketBeat data.

Company Overview

Blackstone Inc. operates as an alternative asset management firm specializing in various strategies, including real estate, private equity, hedge fund solutions, credit management, public debt and equity, as well as multi-asset class strategies.

Investment, Shares, Acquisition