Magnus Financial Group LLC Acquires 3,444 Shares of Blackstone Inc. (NYSE:BX)

Magnus Financial Group LLC boosted its holdings in Blackstone Inc. (NYSE:BX) by 25.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,854 shares of the asset manager’s stock after purchasing an additional 3,444 shares during the period. Magnus Financial Group LLC’s holdings in Blackstone were worth $2,207,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Blackstone by 30.2% during the third quarter. Vanguard Group Inc. now owns 62,091,903 shares of the asset manager’s stock worth $6,652,526,000 after buying an additional 14,396,655 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Blackstone by 13.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 14,825,769 shares of the asset manager’s stock valued at $1,588,433,000 after purchasing an additional 1,744,652 shares during the period. Northern Trust Corp grew its holdings in Blackstone by 43.9% during the third quarter. Northern Trust Corp now owns 6,877,288 shares of the asset manager’s stock worth $736,833,000 after purchasing an additional 2,098,150 shares during the period. Brown Advisory Inc. raised its stake in Blackstone by 1.5% in the third quarter. Brown Advisory Inc. now owns 6,106,889 shares of the asset manager’s stock valued at $654,292,000 after buying an additional 92,112 shares during the period. Finally, Legal & General Group Plc boosted its stake in shares of Blackstone by 2.1% during the 3rd quarter. Legal & General Group Plc now owns 5,246,005 shares of the asset manager’s stock worth $562,058,000 after acquiring an additional 106,251 shares during the period. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have commented on BX. Piper Sandler reduced their price objective on shares of Blackstone from $150.00 to $146.00 and set an “overweight” rating for the company in a research report on Wednesday, April 10th. TD Cowen cut their price objective on shares of Blackstone from $117.00 to $114.00 and set a “hold” rating for the company in a research report on Friday, April 19th. TheStreet downgraded Blackstone from a “b” rating to a “c+” rating in a research report on Thursday, January 25th. Morgan Stanley boosted their price target on Blackstone from $144.00 to $145.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Finally, Oppenheimer downgraded Blackstone from an “outperform” rating to a “market perform” rating in a report on Thursday, January 11th. Thirteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $123.65.

Insider Activity at Blackstone

In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of the stock in a transaction that occurred on Sunday, March 3rd. The shares were sold at an average price of $11.10, for a total transaction of $27,853,407.60. Following the completion of the sale, the insider now owns 12,802 shares of the company’s stock, valued at approximately $142,102.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of the company’s stock in a transaction on Sunday, March 3rd. The shares were sold at an average price of $11.10, for a total transaction of $27,853,407.60. Following the sale, the insider now owns 12,802 shares of the company’s stock, valued at $142,102.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John G. Finley sold 49,000 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $127.93, for a total value of $6,268,570.00. Following the completion of the transaction, the insider now directly owns 393,143 shares in the company, valued at $50,294,783.99. The disclosure for this sale can be found here. Insiders sold 2,587,168 shares of company stock worth $37,816,476 over the last three months. Company insiders own 1.00% of the company’s stock.

Blackstone Price Performance

Blackstone stock traded down $0.04 during mid-day trading on Friday, reaching $122.49. The company had a trading volume of 2,962,718 shares, compared to its average volume of 3,161,162. Blackstone Inc. has a fifty-two week low of $79.92 and a fifty-two week high of $133.56. The company has a market cap of $87.54 billion, a P/E ratio of 43.28, a P/E/G ratio of 1.02 and a beta of 1.51. The company has a current ratio of 0.79, a quick ratio of 0.80 and a debt-to-equity ratio of 0.61. The business has a fifty day simple moving average of $125.96 and a 200 day simple moving average of $118.49.

Blackstone (NYSE:BX) last posted its earnings results on Thursday, April 18th. The asset manager reported $0.98 EPS for the quarter, meeting the consensus estimate of $0.98. Blackstone had a return on equity of 17.33% and a net margin of 20.84%. The firm had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $2.56 billion. During the same period last year, the company earned $0.97 earnings per share. The business’s quarterly revenue was up 166.9% on a year-over-year basis. On average, equities research analysts predict that Blackstone Inc. will post 4.77 earnings per share for the current year.

Blackstone Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 6th. Stockholders of record on Monday, April 29th will be paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 2.71%. The ex-dividend date of this dividend is Friday, April 26th. Blackstone’s payout ratio is currently 132.86%.

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.