Cornerstone Wealth Group LLC Takes Position in Blackstone Inc. (NYSE:BX)

Cornerstone Wealth Group LLC acquired a new stake in Blackstone Inc. (NYSE:BX - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 28,593 shares of the asset manager's stock, valued at approximately $3,756,000.

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

Blackstone Trading Down 0.3 %

Shares of BX stock traded down $0.32 during trading hours on Friday, reaching $123.80. The company's stock had a trading volume of 4,058,890 shares, compared to its average volume of 2,587,450. The stock has a market capitalization of $88.47 billion, a P/E ratio of 43.75, a P/E/G ratio of 1.04 and a beta of 1.53. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.61. The firm's fifty day simple moving average is $122.37 and its 200 day simple moving average is $124.53. Blackstone Inc. has a one year low of $88.59 and a one year high of $133.56.

Blackstone (NYSE:BX - Get Free Report) last released its earnings results on Thursday, April 18th. The asset manager reported $0.98 EPS for the quarter, meeting analysts' consensus estimates of $0.98. The company had revenue of $3.69 billion during the quarter, compared to analysts' expectations of $2.56 billion. Blackstone had a return on equity of 17.33% and a net margin of 20.84%. The firm's revenue for the quarter was up 166.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.97 EPS. Equities research analysts expect that Blackstone Inc. will post 4.77 EPS for the current year.

Blackstone Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 6th. Shareholders of record on Monday, April 29th were paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date of this dividend was Friday, April 26th. Blackstone's payout ratio is 117.31%.

Insider Buying and Selling at Blackstone

In other Blackstone news, Director Ruth Porat bought 219 shares of Blackstone stock in a transaction on Monday, May 6th. The stock was acquired at an average price of $119.48 per share, with a total value of $26,166.12. Following the acquisition, the director now owns 34,445 shares in the company, valued at $4,115,488.60. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on BX shares. TD Cowen reduced their price objective on Blackstone from $117.00 to $114.00 and set a "hold" rating on the stock in a research report on Friday, April 19th. JPMorgan Chase & Co. reduced their price objective on Blackstone from $105.00 to $100.00 and set a "neutral" rating on the stock in a research report on Friday, April 19th. JMP Securities reiterated a "market perform" rating on shares of Blackstone in a research report on Tuesday, April 9th. UBS Group raised their price target on Blackstone from $135.00 to $138.00 and gave the stock a "neutral" rating in a research report on Friday, April 12th. Finally, Argus raised their price target on Blackstone from $133.00 to $135.00 and gave the stock a "buy" rating in a research report on Wednesday, April 24th. Thirteen investment 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 company presently has an average rating of "Hold" and an average price target of $123.65.

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.