Cornerstone Wealth Group LLC Sells 62 Shares of Blackstone Inc. (NYSE:BX)

Cornerstone Wealth Group LLC lessened its stake in Blackstone Inc. (NYSE:BX) by 0.2% in the third quarter, HoldingsChannel reports. The fund owned 28,715 shares of the asset manager’s stock after selling 62 shares during the period. Cornerstone Wealth Group LLC’s holdings in Blackstone were worth $4,397,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. SteelPeak Wealth LLC raised its holdings in Blackstone by 0.8% during the 3rd quarter. SteelPeak Wealth LLC now owns 34,247 shares of the asset manager’s stock valued at $5,244,000 after buying an additional 288 shares during the last quarter. Diversify Wealth Management LLC raised its stake in shares of Blackstone by 11.6% during the third quarter. Diversify Wealth Management LLC now owns 13,150 shares of the asset manager’s stock valued at $2,195,000 after acquiring an additional 1,366 shares during the last quarter. Pinnacle Associates Ltd. grew its stake in shares of Blackstone by 1.3% in the third quarter. Pinnacle Associates Ltd. now owns 192,054 shares of the asset manager’s stock worth $29,409,000 after purchasing an additional 2,552 shares during the last quarter. First Trust Direct Indexing L.P. lifted its holdings in Blackstone by 27.1% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 17,563 shares of the asset manager’s stock worth $2,689,000 after buying an additional 3,745 shares during the period. Finally, WASHINGTON TRUST Co raised its holdings in shares of Blackstone by 0.6% during the third quarter. WASHINGTON TRUST Co now owns 127,126 shares of the asset manager’s stock valued at $19,467,000 after acquiring an additional 758 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors.

Blackstone Stock Performance

Shares of NYSE BX opened at $171.55 on Thursday. The company has a market cap of $122.60 billion, a PE ratio of 60.62, a PEG ratio of 1.24 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 Inc. has a 52-week low of $91.14 and a 52-week high of $175.94. The firm’s 50-day moving average price is $152.67 and its 200-day moving average price is $135.62.

Blackstone Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Monday, October 28th will be issued a $0.86 dividend. This is an increase from Blackstone’s previous quarterly dividend of $0.82. The ex-dividend date of this dividend is Monday, October 28th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.01%. Blackstone’s dividend payout ratio (DPR) is presently 121.55%.

Insider Buying and Selling at Blackstone

In other news, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the completion of the sale, the insider now owns 429,386 shares of the company’s stock, valued at $56,567,311.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 transaction of $4,610,900.00. Following the completion of the transaction, the insider now directly owns 429,386 shares in the company, valued at approximately $56,567,311.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Joseph Baratta sold 116,448 shares of the firm’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 sale, the director now owns 799,749 shares in the company, valued at approximately $120,610,146.69. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BX. TD Cowen boosted their price objective on shares of Blackstone from $133.00 to $149.00 and gave the company a “hold” rating in a research report on Friday, October 18th. Morgan Stanley raised their price objective on shares of Blackstone from $164.00 to $177.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft increased their target price on Blackstone from $145.00 to $146.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. JPMorgan Chase & Co. upped their price target on Blackstone from $125.00 to $146.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Finally, Barclays raised their price objective on Blackstone from $155.00 to $174.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Thirteen equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Blackstone has a consensus rating of “Hold” and an average price target of $155.38.

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.