Magnus Financial Group LLC Has $2.33 Million Stake in Blackstone Inc. (NYSE:BX)

Magnus Financial Group LLC raised its stake in Blackstone Inc. (NYSE:BX) by 5.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,776 shares of the asset manager’s stock after purchasing an additional 925 shares during the period. Magnus Financial Group LLC’s holdings in Blackstone were worth $2,325,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of BX. Moseley Investment Management Inc. grew its stake in shares of Blackstone by 0.7% in the second quarter. Moseley Investment Management Inc. now owns 11,239 shares of the asset manager’s stock valued at $1,391,000 after acquiring an additional 74 shares in the last quarter. Patrick M Sweeney & Associates Inc. grew its stake in shares of Blackstone by 0.6% in the second quarter. Patrick M Sweeney & Associates Inc. now owns 13,840 shares of the asset manager’s stock valued at $1,713,000 after acquiring an additional 80 shares in the last quarter. Signaturefd LLC lifted its position in Blackstone by 0.6% during the second quarter. Signaturefd LLC now owns 13,615 shares of the asset manager’s stock worth $1,686,000 after purchasing an additional 80 shares during the period. BSW Wealth Partners lifted its position in Blackstone by 1.9% during the first quarter. BSW Wealth Partners now owns 4,556 shares of the asset manager’s stock worth $599,000 after purchasing an additional 84 shares during the period. Finally, WR Wealth Planners LLC lifted its position in Blackstone by 23.7% during the second quarter. WR Wealth Planners LLC now owns 439 shares of the asset manager’s stock worth $54,000 after purchasing an additional 84 shares during the period. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider John G. Finley sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total value of $4,610,900.00. Following the completion of the sale, the insider now directly owns 429,386 shares of the company’s stock, valued at approximately $56,567,311.64. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Blackstone news, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $123.00, for a total value of $14,323,104.00. Following the completion of the transaction, the director now directly owns 921,184 shares of the company’s stock, valued at $113,305,632. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John G. Finley sold 35,000 shares of Blackstone stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the completion of the transaction, the insider now directly owns 429,386 shares of the company’s stock, valued at $56,567,311.64. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

BX has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Blackstone from $145.00 to $146.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Bank of America increased their target price on shares of Blackstone from $130.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Piper Sandler increased their target price on shares of Blackstone from $134.00 to $149.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. TD Cowen increased their target price on shares of Blackstone from $114.00 to $120.00 and gave the stock a “hold” rating in a report on Friday, July 19th. Finally, Barclays increased their target price on shares of Blackstone from $126.00 to $141.00 and gave the stock an “equal weight” rating in a report on Friday, July 19th. Fourteen 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, Blackstone presently has an average rating of “Hold” and an average price target of $128.94.

Blackstone Stock Down 2.3 %

NYSE:BX traded down $3.28 during trading hours on Tuesday, hitting $139.08. 372,274 shares of the company traded hands, compared to its average volume of 3,479,329. The company has a market cap of $100.15 billion, a PE ratio of 50.30, a PEG ratio of 1.22 and a beta of 1.50. Blackstone Inc. has a one year low of $88.59 and a one year high of $145.16. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.60. The firm’s 50-day simple moving average is $133.12 and its 200-day simple moving average is $127.38.

Blackstone (NYSE:BX) last posted its earnings results on Thursday, July 18th. The asset manager reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.03). The company had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $2.58 billion. Blackstone had a net margin of 19.35% and a return on equity of 17.43%. The firm’s quarterly revenue was up 166.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.93 EPS. Equities analysts predict that Blackstone Inc. will post 4.57 earnings per share for the current year.

Blackstone Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 29th were issued a $0.82 dividend. This represents a $3.28 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend was Monday, July 29th. Blackstone’s dividend payout ratio is 115.90%.

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.