Cornerstone Advisory LLC Grows Stock Position in Blackstone Inc. (NYSE:BX)

Cornerstone Advisory LLC lifted its stake in Blackstone Inc. (NYSE:BX) by 12.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,230 shares of the asset manager’s stock after purchasing an additional 481 shares during the period. Cornerstone Advisory LLC’s holdings in Blackstone were worth $697,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Avidian Wealth Enterprises LLC boosted its holdings in Blackstone by 0.4% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 16,184 shares of the asset manager’s stock valued at $2,790,000 after purchasing an additional 59 shares during the period. Meiji Yasuda Asset Management Co Ltd. boosted its position in shares of Blackstone by 0.5% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,426 shares of the asset manager’s stock worth $1,970,000 after acquiring an additional 62 shares in the last quarter. McAdam LLC boosted its position in shares of Blackstone by 3.9% during the 4th quarter. McAdam LLC now owns 1,687 shares of the asset manager’s stock worth $291,000 after acquiring an additional 63 shares in the last quarter. CENTRAL TRUST Co boosted its position in shares of Blackstone by 0.6% during the 4th quarter. CENTRAL TRUST Co now owns 11,035 shares of the asset manager’s stock worth $1,903,000 after acquiring an additional 63 shares in the last quarter. Finally, Catalina Capital Group LLC boosted its position in shares of Blackstone by 3.2% during the 4th quarter. Catalina Capital Group LLC now owns 2,117 shares of the asset manager’s stock worth $365,000 after acquiring an additional 65 shares in the last quarter. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Ruth Porat purchased 237 shares of the business’s stock in a transaction dated Monday, May 5th. The stock was bought at an average cost of $136.33 per share, with a total value of $32,310.21. Following the completion of the acquisition, the director now directly owns 37,067 shares in the company, valued at $5,053,344.11. The trade was a 0.64% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Private Credit Stra Blackstone acquired 1,660,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 1st. The shares were bought at an average cost of $15.00 per share, for a total transaction of $24,900,000.00. Following the purchase, the insider now owns 1,666,667 shares of the company’s stock, valued at approximately $25,000,005. The trade was a 24,898.76% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. StockNews.com cut Blackstone from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Keefe, Bruyette & Woods reduced their target price on Blackstone from $141.00 to $139.00 and set a “market perform” rating for the company in a report on Tuesday, April 22nd. Cowen reissued a “buy” rating on shares of Blackstone in a report on Monday, April 21st. JPMorgan Chase & Co. boosted their target price on Blackstone from $149.00 to $154.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Finally, Morgan Stanley reduced their target price on Blackstone from $222.00 to $150.00 and set an “overweight” rating for the company in a report on Monday, April 14th. Ten analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $154.82.

Blackstone Stock Down 4.6%

BX stock opened at $137.53 on Thursday. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $200.96. The company has a current ratio of 0.67, a quick ratio of 0.71 and a debt-to-equity ratio of 0.61. The company has a market cap of $100.35 billion, a P/E ratio of 37.89, a P/E/G ratio of 1.07 and a beta of 1.67. The company’s 50-day moving average price is $137.43 and its 200 day moving average price is $160.99.

Blackstone (NYSE:BX) last released its quarterly earnings data on Thursday, April 17th. The asset manager reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.22 by ($0.13). The firm had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.95 billion. Blackstone had a net margin of 20.99% and a return on equity of 19.58%. During the same period in the previous year, the business earned $0.98 earnings per share. On average, research analysts expect that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Monday, April 28th were given a dividend of $0.93 per share. This represents a $3.72 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend was Monday, April 28th. Blackstone’s payout ratio is currently 112.05%.

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.