Brophy Wealth Management LLC Purchases New Position in Blackstone Inc. (NYSE:BX)

Brophy Wealth Management LLC acquired a new position in Blackstone Inc. (NYSE:BX - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 3,990 shares of the asset manager's stock, valued at approximately $611,000.

Other hedge funds have also recently made changes to their positions in the company. Lantz Financial LLC increased its position in shares of Blackstone by 11.7% during the 2nd quarter. Lantz Financial LLC now owns 2,762 shares of the asset manager's stock valued at $342,000 after purchasing an additional 290 shares during the last quarter. Maia Wealth LLC bought a new position in Blackstone during the 2nd quarter valued at about $228,000. Wealth Enhancement Advisory Services LLC lifted its stake in Blackstone by 1.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 431,784 shares of the asset manager's stock worth $53,455,000 after purchasing an additional 7,692 shares during the last quarter. ORG Partners LLC grew its stake in shares of Blackstone by 10,827.3% during the second quarter. ORG Partners LLC now owns 1,202 shares of the asset manager's stock valued at $147,000 after buying an additional 1,191 shares during the last quarter. Finally, Cornerstone Wealth Management LLC lifted its stake in shares of Blackstone by 3.0% during the 2nd quarter. Cornerstone Wealth Management LLC now owns 58,944 shares of the asset manager's stock worth $7,297,000 after acquiring an additional 1,740 shares during the last quarter. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider John G. Finley sold 42,249 shares of the firm's stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $175.94, for a total transaction of $7,433,289.06. Following the completion of the sale, the insider now directly owns 387,137 shares of the company's stock, valued at approximately $68,112,883.78. This trade represents a 9.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph Baratta sold 116,448 shares of the company's stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total transaction of $17,561,522.88. Following the completion of the transaction, the director now owns 799,749 shares in the company, valued at approximately $120,610,146.69. This represents a 12.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BX. Evercore ISI increased their target price on Blackstone from $148.00 to $155.00 and gave the stock an "outperform" rating in a research note on Monday, October 14th. UBS Group boosted their price objective on shares of Blackstone from $140.00 to $160.00 and gave the company a "neutral" rating in a research report on Wednesday, October 16th. TD Cowen raised shares of Blackstone from a "hold" rating to a "buy" rating and lifted their price target for the company from $149.00 to $230.00 in a research note on Monday. The Goldman Sachs Group upped their target price on Blackstone from $135.00 to $150.00 and gave the stock a "neutral" rating in a report on Friday, October 18th. Finally, Piper Sandler downgraded Blackstone from an "overweight" rating to a "neutral" rating and set a $149.00 price objective for the company. in a report on Wednesday, October 9th. Twelve analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $164.25.

Blackstone Price Performance

Shares of BX traded up $5.68 during trading hours on Tuesday, hitting $191.03. 1,631,023 shares of the stock were exchanged, compared to its average volume of 3,387,757. The stock's 50-day moving average price is $173.07 and its two-hundred day moving average price is $147.64. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.71 and a current ratio of 0.71. The company has a market cap of $137.92 billion, a price-to-earnings ratio of 65.77, a price-to-earnings-growth ratio of 1.59 and a beta of 1.51. Blackstone Inc. has a 12-month low of $112.09 and a 12-month high of $200.96.

Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share for the quarter, topping analysts' consensus estimates of $0.91 by $0.10. Blackstone had a net margin of 19.46% and a return on equity of 17.53%. The firm had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.37 billion. Research analysts expect that Blackstone Inc. will post 4.4 earnings per share for the current year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Monday, October 28th were paid a $0.86 dividend. The ex-dividend date was Monday, October 28th. This is an increase from Blackstone's previous quarterly dividend of $0.82. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.80%. Blackstone's dividend payout ratio (DPR) is 118.21%.

About Blackstone

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.