Cornerstone Wealth Group LLC Makes New Investment in Blackstone Inc. (NYSE:BX)

Cornerstone Wealth Group LLC bought a new stake in Blackstone Inc. (NYSE:BX) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 28,593 shares of the asset manager’s stock, valued at approximately $3,756,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in BX. Northwest Financial Advisors bought a new stake in shares of Blackstone during the 4th quarter valued at approximately $25,000. Bourgeon Capital Management LLC grew its holdings in shares of Blackstone by 86.2% during the 4th quarter. Bourgeon Capital Management LLC now owns 216 shares of the asset manager’s stock valued at $28,000 after purchasing an additional 100 shares during the last quarter. Roble Belko & Company Inc bought a new stake in Blackstone during the 4th quarter worth approximately $30,000. Advantage Trust Co bought a new stake in Blackstone during the 4th quarter worth approximately $30,000. Finally, Exchange Traded Concepts LLC grew its holdings in Blackstone by 763.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 233 shares of the asset manager’s stock worth $31,000 after acquiring an additional 206 shares during the last quarter. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently commented on BX shares. TD Cowen reduced their price objective on shares of Blackstone from $117.00 to $114.00 and set a “hold” rating on the stock in a research note on Friday, April 19th. JPMorgan Chase & Co. reduced their price objective on shares of Blackstone from $105.00 to $100.00 and set a “neutral” rating on the stock in a research note on Friday, April 19th. Piper Sandler reduced their price objective on shares of Blackstone from $150.00 to $146.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 10th. Morgan Stanley upped their price objective on shares of Blackstone from $144.00 to $145.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Finally, Bank of America reduced their price objective on shares of Blackstone from $141.00 to $132.00 and set a “buy” rating on the stock in a research note on Friday, April 19th. Thirteen equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $123.65.

Insiders Place Their Bets

In other Blackstone news, Director Ruth Porat purchased 219 shares of the company’s stock in a transaction on Monday, May 6th. The stock was acquired at an average cost of $119.48 per share, for a total transaction of $26,166.12. Following the purchase, the director now directly owns 34,445 shares of the company’s stock, valued at approximately $4,115,488.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.00% of the stock is currently owned by corporate insiders.

Blackstone Stock Performance

Shares of NYSE:BX traded down $0.32 during mid-day trading on Friday, reaching $123.80. 4,058,890 shares of the company traded hands, compared to its average volume of 2,587,450. The company’s 50 day moving average price is $122.37 and its 200-day moving average price is $124.50. The firm has a market cap of $88.47 billion, a PE ratio of 43.75, a PEG ratio of 1.04 and a beta of 1.53. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.79 and a quick ratio of 0.79. Blackstone Inc. has a 52 week low of $88.59 and a 52 week high of $133.56.

Blackstone (NYSE:BX) last announced its quarterly earnings data on Thursday, April 18th. The asset manager reported $0.98 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.98. Blackstone had a return on equity of 17.33% and a net margin of 20.84%. The company had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $2.56 billion. During the same period in the previous year, the company posted $0.97 EPS. The firm’s revenue was up 166.9% on a year-over-year basis. On average, equities analysts expect that Blackstone Inc. will post 4.77 EPS for the current fiscal year.

Blackstone Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, May 6th. Shareholders of record on Monday, April 29th were paid a $0.83 dividend. The ex-dividend date of this dividend was Friday, April 26th. This represents a $3.32 annualized dividend and a yield of 2.68%. Blackstone’s payout ratio is 117.31%.

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.