Cornerstone Wealth Group LLC Has $8.34 Million Stock Position in Blackstone Inc. $BX

Cornerstone Wealth Group LLC raised its position in Blackstone Inc. (NYSE:BX) by 92.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 55,748 shares of the asset manager’s stock after acquiring an additional 26,833 shares during the period. Cornerstone Wealth Group LLC’s holdings in Blackstone were worth $8,339,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Mattern Wealth Management LLC grew its stake in shares of Blackstone by 2.8% in the 2nd quarter. Mattern Wealth Management LLC now owns 2,213 shares of the asset manager’s stock valued at $331,000 after purchasing an additional 60 shares during the period. Sage Rhino Capital LLC grew its stake in shares of Blackstone by 0.8% in the 2nd quarter. Sage Rhino Capital LLC now owns 8,036 shares of the asset manager’s stock valued at $1,202,000 after purchasing an additional 63 shares during the period. Jeppson Wealth Management LLC grew its stake in shares of Blackstone by 1.0% in the 2nd quarter. Jeppson Wealth Management LLC now owns 6,549 shares of the asset manager’s stock valued at $980,000 after purchasing an additional 66 shares during the period. McAdam LLC grew its stake in shares of Blackstone by 4.4% in the 1st quarter. McAdam LLC now owns 1,762 shares of the asset manager’s stock valued at $246,000 after purchasing an additional 75 shares during the period. Finally, Angeles Wealth Management LLC grew its stake in shares of Blackstone by 0.6% in the 1st quarter. Angeles Wealth Management LLC now owns 11,819 shares of the asset manager’s stock valued at $1,652,000 after purchasing an additional 76 shares during the period. Institutional investors and hedge funds own 70.00% of the company’s stock.

Wall Street Analysts Forecast Growth

BX has been the topic of several analyst reports. BMO Capital Markets initiated coverage on Blackstone in a research note on Friday, October 3rd. They issued an “outperform” rating and a $190.00 price objective on the stock. Wells Fargo & Company increased their price target on Blackstone from $153.00 to $167.00 and gave the stock an “equal weight” rating in a research report on Friday, July 11th. Keefe, Bruyette & Woods decreased their price target on Blackstone from $180.00 to $171.00 and set a “market perform” rating on the stock in a research report on Monday. Weiss Ratings restated a “hold (c)” rating on shares of Blackstone in a research report on Wednesday, October 8th. Finally, TD Cowen decreased their price target on Blackstone from $215.00 to $208.00 and set a “buy” rating on the stock in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $179.06.

Insider Buying and Selling

In related news, major shareholder Holdings I. L.P. Blackstone purchased 1,189,532 shares of the business’s stock in a transaction dated Friday, July 18th. The shares were bought at an average price of $25.22 per share, with a total value of $29,999,997.04. Following the purchase, the insider directly owned 4,178,771 shares in the company, valued at $105,388,604.62. This trade represents a 39.79% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Joseph Baratta sold 113,000 shares of the stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $175.69, for a total value of $19,852,970.00. Following the completion of the transaction, the director directly 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. Over the last 90 days, insiders have acquired 3,727,877 shares of company stock worth $95,046,625 and have sold 16,984,634 shares worth $155,181,346. Company insiders own 1.00% of the company’s stock.

Blackstone Stock Up 2.8%

Shares of BX opened at $158.13 on Tuesday. The firm has a market capitalization of $116.56 billion, a price-to-earnings ratio of 42.51, a PEG ratio of 1.25 and a beta of 1.77. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.74 and a current ratio of 0.74. The business’s fifty day moving average price is $172.29 and its two-hundred day moving average price is $154.42. Blackstone Inc. has a 52 week low of $115.66 and a 52 week high of $200.96.

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

Blackstone Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 11th. Stockholders of record on Monday, August 4th were paid a $1.03 dividend. This is an increase from Blackstone’s previous quarterly dividend of $0.93. The ex-dividend date of this dividend was Monday, August 4th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.6%. Blackstone’s dividend payout ratio (DPR) is currently 110.75%.

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.