Brookstone Capital Management Increases Stock Position in Blackstone Inc. $BX

Brookstone Capital Management boosted its stake in Blackstone Inc. (NYSE:BX) by 19.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,984 shares of the asset manager’s stock after purchasing an additional 3,941 shares during the quarter. Brookstone Capital Management’s holdings in Blackstone were worth $3,588,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of BX. Brighton Jones LLC raised its stake in shares of Blackstone by 34.6% during the fourth quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager’s stock worth $1,365,000 after acquiring an additional 2,035 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Blackstone by 5.2% during the first quarter. GAMMA Investing LLC now owns 9,462 shares of the asset manager’s stock worth $1,323,000 after acquiring an additional 470 shares in the last quarter. Lecap Asset Management Ltd. raised its stake in shares of Blackstone by 254.6% during the first quarter. Lecap Asset Management Ltd. now owns 4,783 shares of the asset manager’s stock worth $669,000 after acquiring an additional 3,434 shares in the last quarter. Spire Wealth Management raised its stake in shares of Blackstone by 3.9% during the first quarter. Spire Wealth Management now owns 32,134 shares of the asset manager’s stock worth $4,492,000 after acquiring an additional 1,220 shares in the last quarter. Finally, HBK Sorce Advisory LLC raised its stake in shares of Blackstone by 3.0% during the first quarter. HBK Sorce Advisory LLC now owns 9,334 shares of the asset manager’s stock worth $1,305,000 after acquiring an additional 271 shares in the last quarter. 70.00% of the stock is owned by hedge funds and other institutional investors.

Blackstone Stock Performance

NYSE:BX opened at $155.26 on Friday. The stock has a market cap of $114.44 billion, a P/E ratio of 41.74, a price-to-earnings-growth ratio of 1.32 and a beta of 1.77. The firm’s fifty day simple moving average is $170.54 and its 200 day simple moving average is $155.53. Blackstone Inc. has a twelve month low of $115.66 and a twelve month high of $200.96. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61.

Blackstone (NYSE:BX) last released its quarterly earnings results on Friday, November 22nd. The asset manager reported $0.97 earnings per share for the quarter. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. The business had revenue of $2.49 billion for the quarter. As a group, research analysts predict that Blackstone Inc. will post 5.87 EPS for the current year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Monday, November 3rd will be issued a dividend of $1.29 per share. This is a boost from Blackstone’s previous quarterly dividend of $1.03. The ex-dividend date is Monday, November 3rd. This represents a $5.16 dividend on an annualized basis and a dividend yield of 3.3%. Blackstone’s dividend payout ratio (DPR) is presently 110.75%.

Wall Street Analysts Forecast Growth

BX has been the topic of several research reports. Jefferies Financial Group decreased their price target on shares of Blackstone from $207.00 to $199.00 and set a “buy” rating on the stock in a research note on Tuesday, October 7th. BMO Capital Markets began coverage on shares of Blackstone in a research note on Friday, October 3rd. They issued an “outperform” rating and a $190.00 target price on the stock. Piper Sandler decreased their target price on shares of Blackstone from $181.00 to $173.00 and set a “neutral” rating on the stock in a research note on Thursday, October 9th. Barclays decreased their target price on shares of Blackstone from $181.00 to $171.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. Finally, Citigroup decreased their target price on shares of Blackstone from $185.00 to $170.00 and set a “neutral” rating on the stock in a research note on Monday, October 13th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $182.79.

Insider Activity

In other news, insider Vikrant Sawhney sold 50,850 shares of the business’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $173.64, for a total transaction of $8,829,594.00. Following the sale, the insider owned 737,248 shares in the company, valued at approximately $128,015,742.72. The trade was a 6.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Joseph Baratta sold 113,000 shares of the business’s stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $175.69, for a total transaction of $19,852,970.00. Following the sale, the director owned 695,757 shares in the company, valued at approximately $122,237,547.33. This trade represents a 13.97% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 2,538,345 shares of company stock worth $65,046,628 and have sold 16,984,634 shares worth $155,181,346. Corporate insiders own 1.00% of the company’s stock.

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.