Marion Wealth Management Raises Stake in Blackstone Inc. (NYSE:BX)

Marion Wealth Management lifted its holdings in shares of Blackstone Inc. (NYSE:BX) by 1.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,211 shares of the asset manager’s stock after purchasing an additional 189 shares during the quarter. Marion Wealth Management’s holdings in Blackstone were worth $2,789,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of BX. Envestnet Asset Management Inc. boosted its stake in Blackstone by 2.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 635,026 shares of the asset manager’s stock worth $83,138,000 after buying an additional 14,435 shares in the last quarter. Logan Capital Management Inc. boosted its stake in shares of Blackstone by 37.5% in the 4th quarter. Logan Capital Management Inc. now owns 4,125 shares of the asset manager’s stock valued at $540,000 after purchasing an additional 1,125 shares in the last quarter. Elo Mutual Pension Insurance Co raised its position in Blackstone by 4.9% in the 4th quarter. Elo Mutual Pension Insurance Co now owns 61,966 shares of the asset manager’s stock worth $8,113,000 after purchasing an additional 2,869 shares during the period. Regal Investment Advisors LLC boosted its position in Blackstone by 7.9% during the fourth quarter. Regal Investment Advisors LLC now owns 3,006 shares of the asset manager’s stock valued at $394,000 after buying an additional 221 shares during the period. Finally, Cullen Capital Management LLC increased its holdings in shares of Blackstone by 62.1% in the fourth quarter. Cullen Capital Management LLC now owns 5,571 shares of the asset manager’s stock worth $729,000 after buying an additional 2,135 shares during the period. 70.00% of the stock is currently owned by institutional investors.

Insider Activity at Blackstone

In related news, Director Joseph Baratta sold 116,448 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total value of $17,561,522.88. Following the transaction, the director now directly owns 799,749 shares of the company’s stock, valued at $120,610,146.69. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Blackstone news, insider John G. Finley sold 35,000 shares of the 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 sale, the insider now directly owns 429,386 shares of the company’s stock, valued at approximately $56,567,311.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $150.81, for a total value of $17,561,522.88. Following the completion of the transaction, the director now directly owns 799,749 shares of the company’s stock, valued at approximately $120,610,146.69. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

BX has been the subject of a number of analyst reports. The Goldman Sachs Group increased their price objective on Blackstone from $130.00 to $135.00 and gave the company a “neutral” rating in a research note on Thursday, October 3rd. Redburn Atlantic initiated coverage on shares of Blackstone in a report on Tuesday, August 27th. They issued a “neutral” rating and a $134.00 price objective on the stock. TD Cowen boosted their price target on Blackstone from $114.00 to $120.00 and gave the stock a “hold” rating in a research report on Friday, July 19th. Morgan Stanley raised their price target on Blackstone from $144.00 to $164.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd. Finally, Piper Sandler increased their price target on shares of Blackstone from $134.00 to $149.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Eleven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $133.06.

Blackstone Stock Performance

Blackstone stock opened at $149.49 on Tuesday. The company’s 50-day moving average price is $142.63 and its 200-day moving average price is $131.42. Blackstone Inc. has a twelve month low of $88.59 and a twelve month high of $161.25. The company has a market cap of $106.83 billion, a PE ratio of 52.67, a price-to-earnings-growth ratio of 1.34 and a beta of 1.51. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.60.

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

Blackstone Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 29th were paid a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend was Monday, July 29th. Blackstone’s dividend payout ratio (DPR) is presently 115.90%.

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.