Sandy Cove Advisors LLC Boosts Stake in Blackstone Inc. (NYSE:BX)

Sandy Cove Advisors LLC raised its stake in Blackstone Inc. (NYSE:BX) by 0.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,866 shares of the asset manager’s stock after buying an additional 77 shares during the quarter. Blackstone comprises about 0.7% of Sandy Cove Advisors LLC’s portfolio, making the stock its 25th biggest holding. Sandy Cove Advisors LLC’s holdings in Blackstone were worth $1,701,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the stock. West Financial Advisors LLC purchased a new stake in Blackstone during the third quarter worth about $27,000. Bangor Savings Bank increased its stake in Blackstone by 187.5% during the 4th quarter. Bangor Savings Bank now owns 161 shares of the asset manager’s stock worth $28,000 after buying an additional 105 shares during the period. Strategic Investment Solutions Inc. IL purchased a new position in Blackstone in the 2nd quarter valued at approximately $39,000. Raleigh Capital Management Inc. increased its position in shares of Blackstone by 32.1% during the third quarter. Raleigh Capital Management Inc. now owns 255 shares of the asset manager’s stock worth $39,000 after acquiring an additional 62 shares during the period. Finally, Kieckhefer Group LLC purchased a new position in Blackstone in the fourth quarter valued at $39,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Blackstone Trading Up 1.9 %

Shares of BX stock opened at $180.00 on Friday. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.58. Blackstone Inc. has a fifty-two week low of $115.63 and a fifty-two week high of $200.96. The business has a fifty day simple moving average of $180.73 and a 200-day simple moving average of $158.24. The stock has a market cap of $129.96 billion, a P/E ratio of 61.86, a P/E/G ratio of 1.02 and a beta of 1.53.

Blackstone (NYSE:BX) last released its quarterly earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.10. The company had revenue of $2.43 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Blackstone had a net margin of 19.46% and a return on equity of 17.53%. On average, analysts forecast that Blackstone Inc. will post 4.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related 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 value of $7,433,289.06. Following the transaction, the insider now directly owns 387,137 shares of the company’s stock, valued at approximately $68,112,883.78. This trade represents a 9.84 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Keefe, Bruyette & Woods reduced their price target on Blackstone from $175.00 to $174.00 and set a “market perform” rating on the stock in a research report on Monday, January 13th. Bank of America lifted their price objective on shares of Blackstone from $171.00 to $192.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. UBS Group raised their price target on Blackstone from $140.00 to $160.00 and gave the company a “neutral” rating in a research note on Wednesday, October 16th. Piper Sandler increased their price objective on Blackstone from $168.00 to $179.00 and gave the company a “neutral” rating in a report on Monday, December 23rd. Finally, Citigroup upped their price target on Blackstone from $157.00 to $170.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Twelve analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $169.56.

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.