Altus Wealth Group LLC Acquires 4,576 Shares of Blackstone Inc. (NYSE:BX)

Altus Wealth Group LLC boosted its stake in shares of Blackstone Inc. (NYSE:BX - Free Report) by 39.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 16,057 shares of the asset manager's stock after purchasing an additional 4,576 shares during the period. Blackstone comprises about 1.1% of Altus Wealth Group LLC's investment portfolio, making the stock its 19th biggest position. Altus Wealth Group LLC's holdings in Blackstone were worth $2,244,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BX. Brighton Jones LLC grew its position in shares of Blackstone by 34.6% during the fourth quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager's stock worth $1,365,000 after purchasing an additional 2,035 shares in the last quarter. Flputnam Investment Management Co. raised its position in shares of Blackstone by 8.6% during the fourth quarter. Flputnam Investment Management Co. now owns 4,122 shares of the asset manager's stock valued at $711,000 after buying an additional 325 shares during the last quarter. Fisher Asset Management LLC boosted its position in shares of Blackstone by 2.3% during the fourth quarter. Fisher Asset Management LLC now owns 4,345 shares of the asset manager's stock worth $749,000 after acquiring an additional 98 shares during the last quarter. US Bancorp DE increased its holdings in Blackstone by 1.5% in the 4th quarter. US Bancorp DE now owns 154,429 shares of the asset manager's stock valued at $26,627,000 after acquiring an additional 2,215 shares during the last quarter. Finally, Purkiss Capital Advisors LLC purchased a new position in shares of Blackstone during the fourth quarter valued at about $467,000. 70.00% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Private Credit Stra Blackstone acquired 1,660,000 shares of the stock in a transaction dated Thursday, May 1st. The stock was acquired at an average cost of $15.00 per share, for a total transaction of $24,900,000.00. Following the completion of the purchase, the insider now owns 1,666,667 shares of the company's stock, valued at approximately $25,000,005. This represents a 24,898.76% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John G. Finley sold 25,000 shares of the firm's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $138.47, for a total value of $3,461,750.00. Following the completion of the transaction, the insider now owns 475,336 shares of the company's stock, valued at $65,819,775.92. This trade represents a 5.00% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company's stock.

Blackstone Trading Up 2.1%

NYSE:BX opened at $151.29 on Monday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.75 and a current ratio of 0.75. The firm has a 50-day simple moving average of $138.66 and a 200-day simple moving average of $152.10. Blackstone Inc. has a one year low of $115.66 and a one year high of $200.96. The firm has a market cap of $110.39 billion, a P/E ratio of 45.57, a P/E/G ratio of 1.39 and a beta of 1.65.

Blackstone (NYSE:BX - Get Free Report) last announced its earnings results on Thursday, April 17th. The asset manager reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.22 by ($0.13). The company had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.95 billion. Blackstone had a net margin of 19.83% and a return on equity of 19.84%. During the same period last year, the business posted $0.98 EPS. Equities analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Investors of record on Monday, April 28th were paid a dividend of $0.93 per share. The ex-dividend date of this dividend was Monday, April 28th. This represents a $3.72 annualized dividend and a dividend yield of 2.46%. Blackstone's dividend payout ratio (DPR) is presently 112.05%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BX. Keefe, Bruyette & Woods reduced their price objective on Blackstone from $141.00 to $139.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 22nd. Bank of America lowered their price objective on shares of Blackstone from $219.00 to $207.00 and set a "buy" rating for the company in a research report on Friday, April 4th. Citigroup decreased their target price on shares of Blackstone from $190.00 to $137.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Piper Sandler decreased their price objective on Blackstone from $182.00 to $140.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Finally, Citizens Jmp raised Blackstone from a "market perform" rating to an "outperform" rating and set a $165.00 target price on the stock in a research report on Tuesday, April 8th. Ten investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $155.65.

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.

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