Meadowbrook Wealth Management LLC Takes $1.10 Million Position in Blackstone Inc. $BX

Meadowbrook Wealth Management LLC purchased a new position in Blackstone Inc. (NYSE:BX) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 6,435 shares of the asset manager’s stock, valued at approximately $1,099,000. Blackstone comprises about 1.1% of Meadowbrook Wealth Management LLC’s holdings, making the stock its 23rd biggest position.

Several other hedge funds have also added to or reduced their stakes in the stock. Kingstone Capital Partners Texas LLC grew its position in shares of Blackstone by 519,669.1% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 70,132,441 shares of the asset manager’s stock valued at $10,490,411,000 after acquiring an additional 70,118,948 shares during the period. Norges Bank purchased a new position in Blackstone in the second quarter valued at approximately $1,071,348,000. Vanguard Group Inc. increased its position in Blackstone by 2.2% in the second quarter. Vanguard Group Inc. now owns 69,492,377 shares of the asset manager’s stock worth $10,394,670,000 after buying an additional 1,494,796 shares during the last quarter. Amundi grew its stake in shares of Blackstone by 69.3% during the 1st quarter. Amundi now owns 2,421,502 shares of the asset manager’s stock worth $323,000,000 after acquiring an additional 990,947 shares during the period. Finally, Lazard Asset Management LLC boosted its position in Blackstone by 31.9% during the second quarter. Lazard Asset Management LLC now owns 3,803,344 shares of the asset manager’s stock worth $568,902,000 after purchasing an additional 919,773 shares during the period. Institutional investors own 70.00% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on BX shares. The Goldman Sachs Group raised their price objective on shares of Blackstone from $173.00 to $174.00 and gave the stock a “neutral” rating in a report on Friday, October 24th. Bank of America cut their price target on Blackstone from $199.00 to $189.00 in a report on Wednesday, December 10th. Keefe, Bruyette & Woods dropped their price objective on Blackstone from $180.00 to $171.00 and set a “market perform” rating on the stock in a report on Monday, October 13th. Piper Sandler reduced their target price on Blackstone from $173.00 to $168.00 and set a “neutral” rating for the company in a report on Friday, October 24th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Blackstone in a research report on Wednesday, October 8th. Ten investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $179.95.

Blackstone Stock Down 1.4%

BX stock opened at $151.61 on Friday. Blackstone Inc. has a 1-year low of $115.66 and a 1-year high of $190.09. The stock has a market cap of $111.95 billion, a price-to-earnings ratio of 43.32, a price-to-earnings-growth ratio of 1.22 and a beta of 1.76. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.60. The company’s 50 day moving average is $149.46 and its 200 day moving average is $159.01.

Blackstone (NYSE:BX) last released its quarterly earnings results on Friday, November 22nd. The asset manager reported $0.97 EPS for the quarter. The business had revenue of $2.49 billion during the quarter. Blackstone had a net margin of 20.56% and a return on equity of 22.30%. Sell-side analysts predict that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 10th. Stockholders of record on Monday, November 3rd were paid a $1.29 dividend. This is a positive change from Blackstone’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend was Monday, November 3rd. This represents a $5.16 dividend on an annualized basis and a dividend yield of 3.4%. Blackstone’s dividend payout ratio is currently 147.43%.

Insiders Place Their Bets

In other Blackstone news, Director Joseph Baratta sold 113,000 shares of the business’s stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $175.69, for a total value of $19,852,970.00. Following the completion of the sale, the director owned 695,757 shares in the company, valued at approximately $122,237,547.33. The trade was a 13.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James Breyer purchased 13,900 shares of the company’s stock in a transaction on Tuesday, November 4th. The shares were purchased at an average cost of $143.86 per share, with a total value of $1,999,654.00. Following the transaction, the director directly owned 68,906 shares in the company, valued at $9,912,817.16. This trade represents a 25.27% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 2,950,751 shares of company stock valued at $79,050,138 over the last three months. 1.00% of the stock is currently owned by company insiders.

About Blackstone

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.