Fortem Financial Group LLC Grows Stock Holdings in Blackstone Inc. (NYSE:BX)

Fortem Financial Group LLC grew its position in shares of Blackstone Inc. (NYSE:BX) by 4.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,504 shares of the asset manager’s stock after purchasing an additional 402 shares during the quarter. Fortem Financial Group LLC’s holdings in Blackstone were worth $1,300,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of BX. Norges Bank purchased a new stake in Blackstone during the fourth quarter valued at about $708,859,000. Capital World Investors increased its stake in Blackstone by 7.5% in the 1st quarter. Capital World Investors now owns 36,285,872 shares of the asset manager’s stock worth $4,766,875,000 after purchasing an additional 2,546,886 shares during the period. Lone Pine Capital LLC purchased a new stake in shares of Blackstone during the fourth quarter valued at approximately $290,514,000. Lazard Asset Management LLC increased its stake in shares of Blackstone by 19,048.1% in the first quarter. Lazard Asset Management LLC now owns 1,883,409 shares of the asset manager’s stock worth $247,423,000 after buying an additional 1,873,573 shares during the period. Finally, Vanguard Group Inc. boosted its position in Blackstone by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 64,262,972 shares of the asset manager’s stock valued at $8,442,227,000 after buying an additional 1,290,324 shares during the period. Institutional investors own 70.00% of the company’s stock.

Wall Street Analyst Weigh In

BX has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Blackstone from $145.00 to $146.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Morgan Stanley raised their price objective on shares of Blackstone from $144.00 to $164.00 and gave the stock an “overweight” rating in a report on Tuesday, July 23rd. Barclays upped their target price on shares of Blackstone from $126.00 to $141.00 and gave the company an “equal weight” rating in a research note on Friday, July 19th. Piper Sandler boosted their target price on shares of Blackstone from $134.00 to $149.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. Finally, TD Cowen upped their price objective on Blackstone from $114.00 to $120.00 and gave the company a “hold” rating in a research report on Friday, July 19th. Fourteen research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $128.94.

Blackstone Trading Down 2.9 %

Shares of Blackstone stock opened at $138.20 on Wednesday. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.60. The firm has a market cap of $98.76 billion, a price-to-earnings ratio of 48.83, a PEG ratio of 1.22 and a beta of 1.50. Blackstone Inc. has a twelve month low of $88.59 and a twelve month high of $145.16. The business has a 50-day moving average price of $133.40 and a 200-day moving average price of $127.46.

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

Blackstone Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 29th were paid a $0.82 dividend. This represents a $3.28 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend was Monday, July 29th. Blackstone’s payout ratio is 115.90%.

Insider Activity

In other news, insider John G. Finley sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total value of $4,610,900.00. Following the completion of the sale, the insider now owns 429,386 shares in the company, valued at approximately $56,567,311.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total value of $4,610,900.00. Following the completion of the sale, the insider now owns 429,386 shares in the company, valued at $56,567,311.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $123.00, for a total value of $14,323,104.00. Following the completion of the sale, the director now owns 921,184 shares of the company’s stock, valued at $113,305,632. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

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.