Cornerstone Advisory LLC grew its stake in Blackstone Inc. (NYSE:BX – Free Report) by 651.9% during the first quarter, HoldingsChannel reports. The firm owned 31,243 shares of the asset manager’s stock after purchasing an additional 27,088 shares during the quarter. Cornerstone Advisory LLC’s holdings in Blackstone were worth $3,593,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of BX. Redwood Financial Network Corp increased its stake in Blackstone by 1.8% in the 2nd quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager’s stock valued at $537,000 after buying an additional 65 shares during the period. Benchmark Financial Wealth Advisors LLC increased its stake in shares of Blackstone by 0.9% during the fourth quarter. Benchmark Financial Wealth Advisors LLC now owns 7,748 shares of the asset manager’s stock worth $1,194,000 after acquiring an additional 69 shares during the period. Parcion Private Wealth LLC lifted its position in Blackstone by 0.6% in the fourth quarter. Parcion Private Wealth LLC now owns 10,935 shares of the asset manager’s stock valued at $1,686,000 after purchasing an additional 70 shares during the period. Trivium Point Advisory LLC boosted its holdings in Blackstone by 2.6% in the 4th quarter. Trivium Point Advisory LLC now owns 2,713 shares of the asset manager’s stock valued at $418,000 after purchasing an additional 70 shares in the last quarter. Finally, Zacks Investment Management increased its position in Blackstone by 2.1% during the 3rd quarter. Zacks Investment Management now owns 3,453 shares of the asset manager’s stock worth $590,000 after purchasing an additional 71 shares during the period. 70.00% of the stock is currently owned by hedge funds and other institutional investors.
Blackstone Trading Up 2.0%
Shares of BX stock opened at $124.46 on Wednesday. The stock has a market cap of $92.46 billion, a P/E ratio of 31.83, a P/E/G ratio of 1.33 and a beta of 1.58. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.66. Blackstone Inc. has a fifty-two week low of $101.73 and a fifty-two week high of $190.09. The business has a fifty day simple moving average of $119.68 and a 200-day simple moving average of $126.29.
Blackstone Cuts Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were given a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Monday, May 4th. Blackstone’s payout ratio is currently 118.67%.
Analyst Ratings Changes
A number of analysts recently weighed in on BX shares. Barclays decreased their price target on Blackstone from $124.00 to $119.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 9th. Zacks Research raised Blackstone from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Oppenheimer upped their price target on shares of Blackstone from $154.00 to $156.00 and gave the stock an “outperform” rating in a research note on Friday, April 24th. HSBC reduced their price objective on shares of Blackstone from $164.00 to $131.00 and set a “hold” rating for the company in a research note on Friday, April 10th. Finally, Piper Sandler upped their target price on shares of Blackstone from $122.00 to $130.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. Thirteen analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $146.52.
Get Our Latest Stock Analysis on BX
Insider Activity
In related news, major shareholder Treasury Holdings I. Blackstone purchased 9,486,795 shares of the company’s stock in a transaction on Friday, May 15th. The stock was bought at an average price of $20.00 per share, with a total value of $189,735,900.00. Following the completion of the transaction, the insider owned 9,111,800 shares of the company’s stock, valued at approximately $182,236,000. This represents a -2,529.85% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ruth Porat purchased 355 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was bought at an average cost of $123.04 per share, with a total value of $43,679.20. Following the completion of the acquisition, the director owned 41,818 shares of the company’s stock, valued at approximately $5,145,286.72. The trade was a 0.86% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 10,252,345 shares of company stock worth $209,789,893 in the last quarter. 1.00% of the stock is currently owned by corporate insiders.
Blackstone Profile
Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.
Blackstone’s business is organized around several principal investment platforms.
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Want to see what other hedge funds are holding BX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blackstone Inc. (NYSE:BX – Free Report).
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