Cornerstone Wealth Management LLC Has $7.52 Million Stock Position in Blackstone Inc. (NYSE:BX)

Cornerstone Wealth Management LLC lowered its stake in Blackstone Inc. (NYSE:BX) by 4.2% during the first quarter, Holdings Channel reports. The institutional investor owned 57,204 shares of the asset manager’s stock after selling 2,480 shares during the period. Cornerstone Wealth Management LLC’s holdings in Blackstone were worth $7,515,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of BX. Mather Group LLC. grew its position in shares of Blackstone by 1.2% during the 1st quarter. Mather Group LLC. now owns 7,113 shares of the asset manager’s stock worth $931,000 after purchasing an additional 87 shares in the last quarter. Fragasso Group Inc. grew its position in shares of Blackstone by 2.9% during the 1st quarter. Fragasso Group Inc. now owns 3,255 shares of the asset manager’s stock worth $428,000 after purchasing an additional 91 shares in the last quarter. UNIVEST FINANCIAL Corp grew its position in shares of Blackstone by 2.9% during the 4th quarter. UNIVEST FINANCIAL Corp now owns 3,320 shares of the asset manager’s stock worth $435,000 after purchasing an additional 95 shares in the last quarter. Marino Stram & Associates LLC grew its position in shares of Blackstone by 3.8% during the 4th quarter. Marino Stram & Associates LLC now owns 2,592 shares of the asset manager’s stock worth $339,000 after purchasing an additional 96 shares in the last quarter. Finally, FFT Wealth Management LLC grew its position in shares of Blackstone by 2.0% during the 4th quarter. FFT Wealth Management LLC now owns 5,094 shares of the asset manager’s stock worth $667,000 after purchasing an additional 99 shares in the last quarter. Institutional investors and hedge funds own 70.00% of the company’s stock.

Analysts Set New Price Targets

BX has been the topic of a number of analyst reports. JPMorgan Chase & Co. decreased their target price on shares of Blackstone from $105.00 to $100.00 and set a “neutral” rating on the stock in a research report on Friday, April 19th. Argus upped their price target on shares of Blackstone from $133.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Barclays reaffirmed an “equal weight” rating and set a $125.00 price target (down previously from $129.00) on shares of Blackstone in a report on Friday, April 19th. TD Cowen cut their price target on shares of Blackstone from $117.00 to $114.00 and set a “hold” rating for the company in a report on Friday, April 19th. Finally, Bank of America cut their price target on shares of Blackstone from $141.00 to $132.00 and set a “buy” rating for the company in a report on Friday, April 19th. Thirteen research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $123.65.

Insider Buying and Selling at Blackstone

In other news, Director Ruth Porat purchased 219 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were bought at an average cost of $119.48 per share, with a total value of $26,166.12. Following the completion of the transaction, the director now directly owns 34,445 shares of the company’s stock, valued at $4,115,488.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.00% of the company’s stock.

Blackstone Trading Up 0.2 %

Shares of BX traded up $0.19 during trading hours on Thursday, hitting $123.40. 2,102,519 shares of the stock were exchanged, compared to its average volume of 2,597,676. 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 fifty-two week low of $88.59 and a fifty-two week high of $133.56. The business has a 50-day moving average of $122.35 and a 200-day moving average of $124.45. The firm has a market capitalization of $88.19 billion, a P/E ratio of 43.60, a price-to-earnings-growth ratio of 1.03 and a beta of 1.50.

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

Blackstone Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 6th. Investors of record on Monday, April 29th were issued a dividend of $0.83 per share. The ex-dividend date of this dividend was Friday, April 26th. This represents a $3.32 annualized dividend and a yield of 2.69%. Blackstone’s dividend payout ratio (DPR) is currently 117.31%.

Blackstone 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.