Portside Wealth Group LLC's Recent Investment in Blackstone Inc.

Portside Wealth Group LLC has made a significant move by acquiring a new stake in Blackstone Inc. (NYSE:BX) during the third quarter. This information comes from the firm’s latest Form 13F filing submitted to the Securities and Exchange Commission. The investment includes the purchase of 1,315 shares valued at approximately $201,000, marking Portside’s entry into the growing asset management sector.

Alongside Portside Wealth Group, other prominent investors have also adjusted their stakes in Blackstone. Wealth Enhancement Advisory Services LLC increased its position by 1.8% in the second quarter, now holding 431,784 shares worth about $53.45 million after acquiring an additional 7,692 shares last quarter. Blue Trust Inc. made a remarkable leap, lifting its stake in Blackstone by an astonishing 936.2% during the same period and now owns 5,958 shares valued at approximately $783,000 after purchasing an additional 5,383 shares.

Asahi Life Asset Management CO. LTD. has also entered the fray, buying a new stake in Blackstone valued at approximately $557,000 in the third quarter. Additional new investments include Scientech Research LLC and EverSource Wealth Advisors LLC, the latter growing its stake by 11.3%, now owning 54,159 shares worth roughly $6.71 million after acquiring an extra 5,479 shares. The collective activities of institutional investors show that approximately 70% of Blackstone's stock is owned by these entities.

Insider Trading Activity

In related news, there have been notable sales of Blackstone shares by insiders. On November 7th, insider John G. Finley sold 42,249 shares at an average price of $175.94, leading to a total transaction amount of $7,433,289.06. Following this sale, Finley retains ownership of 387,137 shares, which are currently valued at around $68.11 million. This transaction represents no significant change in his ownership percentage. Separately, Director Joseph Baratta sold 116,448 shares on October 1st, at an average price of $150.81, accruing a total of approximately $17.56 million. Baratta now owns 799,749 shares valued at about $120.61 million, marking another situation where ownership percentages remained stable after the sale. Company insiders collectively own about 1% of the company's stock.

Stock Performance of Blackstone

On Friday, shares of Blackstone (NYSE:BX) opened at $177.46. The company has experienced a 12-month range, with a low of $96.15 and a high of $178.63, reflecting the market's confidence in its strong performance and future growth potential. Blackstone has a market capitalization of $128.13 billion, with a price-to-earnings ratio of 60.98 and a price-to-earnings-to-growth ratio of 1.51, alongside a beta of 1.49, indicating its volatility compared to the broader market. The firm also reports a quick ratio of 0.77, a current ratio of 0.71, and a debt-to-equity ratio of 0.58. Recent moving averages stand at $157.11 for the 50-day and $137.98 for the 200-day.

In its latest earnings announcement on October 17th, Blackstone reported earnings per share (EPS) of $1.01, exceeding the expected $0.91 by $0.10. The revenue for the quarter was $2.43 billion, surpassing the consensus estimate of $2.37 billion. Blackstone also showcased a return on equity of 17.53% and a net margin of 19.46%. Analysts predict that the company will report an EPS of 4.39 for the current fiscal year.

Dividend Growth

Blackstone has recently increased its quarterly dividend, which was paid out on November 4th. Investors who held shares at the close of business on October 28th received a dividend of $0.86, reflecting growth from the previous dividend of $0.82 per share. This means an annualized dividend of $3.44, providing a yield of 1.94%. The ex-dividend date for this payment was October 28th, and currently, Blackstone’s dividend payout ratio sits at 118.21%, showing a commitment to returning capital to investors.

Research and Analyst Ratings

Blackstone has been featured in various analyst reports, resulting in multiple adjustments to price targets. For example, Morgan Stanley raised its target from $164 to $177, assigning an “overweight” rating on October 10th. Barclays also revised its target from $155 to $174, while UBS Group changed theirs from $140 to $160, labeling it as “neutral.” Evercore ISI increased its price objective from $148 to $155, suggesting an “outperform” status. Overall, among analysts, thirteen have rated the stock as a hold, while six have given it a buy rating, leading to a consensus rating of “Hold” and an average price target of $155.38, according to MarketBeat data.

Company Overview

Blackstone Inc. is a leading alternative asset management firm specializing in a range of areas including real estate, private equity, hedge fund solutions, and various credit strategies. The firm typically focuses on early-stage companies and provides capital markets services to meet diverse investment needs.

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