Brookstone Capital Management Boosts Holdings in Blackstone Inc. $BX

Brookstone Capital Management lifted its stake in Blackstone Inc. (NYSE:BX) by 19.7% in the 2nd quarter, Holdings Channel.com reports. The firm owned 23,984 shares of the asset manager’s stock after buying 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 SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Kingstone Capital Partners Texas LLC raised its position in Blackstone by 519,669.1% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 70,132,441 shares of the asset manager’s stock worth $10,490,411,000 after buying an additional 70,118,948 shares during the last quarter. Vanguard Group Inc. raised its position in Blackstone by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 67,997,581 shares of the asset manager’s stock worth $9,504,702,000 after buying an additional 1,102,949 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Blackstone by 16.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,292,320 shares of the asset manager’s stock worth $739,761,000 after buying an additional 742,829 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Blackstone by 4.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,291,546 shares of the asset manager’s stock worth $599,872,000 after buying an additional 182,526 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Blackstone by 2.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,162,867 shares of the asset manager’s stock worth $581,886,000 after buying an additional 117,724 shares during the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Insider Buying and Selling at Blackstone

In related news, major shareholder Private Multi-Asset Blackstone acquired 2,538,071 shares of the business’s stock in a transaction on Monday, September 22nd. The stock was acquired at an average cost of $25.61 per share, with a total value of $64,999,998.31. Following the acquisition, the insider directly owned 7,506,209 shares in the company, valued at $192,234,012.49. This represents a 51.09% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Joseph Baratta sold 113,000 shares of the stock in a transaction that occurred 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 directly owned 695,757 shares of the company’s stock, valued at approximately $122,237,547.33. This trade represents a 13.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 2,538,345 shares of company stock worth $65,046,628 and sold 16,984,634 shares worth $155,181,346. Corporate insiders own 1.00% of the company’s stock.

Blackstone Trading Down 4.0%

Shares of NYSE:BX opened at $155.26 on Friday. The stock has a 50 day moving average of $170.54 and a 200 day moving average of $155.53. The company has a market cap of $114.44 billion, a PE ratio of 41.74, a price-to-earnings-growth ratio of 1.32 and a beta of 1.77. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.61. Blackstone Inc. has a 12-month low of $115.66 and a 12-month high of $200.96.

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

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Monday, November 3rd will be issued a dividend of $1.29 per share. This is an increase from Blackstone’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Monday, November 3rd. This represents a $5.16 dividend on an annualized basis and a yield of 3.3%. Blackstone’s payout ratio is 110.75%.

Wall Street Analyst Weigh In

BX has been the subject of a number of recent analyst reports. TD Cowen decreased their target price on Blackstone from $215.00 to $208.00 and set a “buy” rating for the company in a research report on Wednesday, October 8th. Piper Sandler lowered their price objective 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. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Blackstone from $194.00 to $188.00 and set a “buy” rating on the stock in a research note on Thursday, October 9th. JMP Securities increased their price objective on shares of Blackstone from $180.00 to $195.00 and gave the stock a “market outperform” rating in a research note on Friday, July 25th. Finally, Barclays lowered their price objective 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. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, Blackstone has a consensus rating of “Moderate Buy” and an average target price of $182.79.

Blackstone Company 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.