Corient Private Wealth LLC Purchases 44,647 Shares of Blackstone Inc. (NYSE:BX)

Corient Private Wealth LLC lifted its stake in Blackstone Inc. (NYSE:BX) by 13.6% during the fourth quarter, HoldingsChannel reports. The firm owned 373,876 shares of the asset manager’s stock after purchasing an additional 44,647 shares during the period. Corient Private Wealth LLC’s holdings in Blackstone were worth $48,948,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in BX. Vanguard Group Inc. lifted its stake in Blackstone by 30.2% in the third quarter. Vanguard Group Inc. now owns 62,091,903 shares of the asset manager’s stock worth $6,652,526,000 after acquiring an additional 14,396,655 shares during the period. Norges Bank purchased a new stake in Blackstone in the fourth quarter worth about $708,859,000. International Assets Investment Management LLC lifted its stake in Blackstone by 13,816.5% in the fourth quarter. International Assets Investment Management LLC now owns 3,623,868 shares of the asset manager’s stock worth $4,744,370,000 after acquiring an additional 3,597,828 shares during the period. Northern Trust Corp lifted its stake in Blackstone by 43.9% in the third quarter. Northern Trust Corp now owns 6,877,288 shares of the asset manager’s stock worth $736,833,000 after acquiring an additional 2,098,150 shares during the period. Finally, Invesco Ltd. lifted its stake in Blackstone by 255.2% in the third quarter. Invesco Ltd. now owns 2,698,085 shares of the asset manager’s stock worth $289,073,000 after acquiring an additional 1,938,593 shares during the period. 70.00% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BX has been the subject of several analyst reports. TheStreet lowered shares of Blackstone from a “b” rating to a “c+” rating in a research report on Thursday, January 25th. UBS Group increased their price target on shares of Blackstone from $135.00 to $138.00 and gave the company a “neutral” rating in a research report on Friday, April 12th. Barclays reissued an “equal weight” rating and set a $125.00 price target (down from $129.00) on shares of Blackstone in a research report on Friday, April 19th. JMP Securities reaffirmed a “market perform” rating on shares of Blackstone in a research report on Tuesday, April 9th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Blackstone from $105.00 to $100.00 and set a “neutral” rating for the company in a research report on Friday, April 19th. Thirteen research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Blackstone has a consensus rating of “Hold” and an average price target of $123.65.

Blackstone Trading Up 0.1 %

Shares of NYSE:BX traded up $0.08 during midday trading on Wednesday, reaching $127.79. 245,271 shares of the company’s stock were exchanged, compared to its average volume of 3,625,029. The firm’s 50 day simple moving average is $124.90 and its two-hundred day simple moving average is $121.65. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market cap of $91.33 billion, a price-to-earnings ratio of 45.13, a P/E/G ratio of 1.05 and a beta of 1.52. Blackstone Inc. has a fifty-two week low of $81.06 and a fifty-two week high of $133.56.

Blackstone (NYSE:BX) last released its earnings results on Thursday, April 18th. The asset manager reported $0.98 earnings per share for the quarter, meeting the consensus estimate of $0.98. The company had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $2.56 billion. Blackstone had a return on equity of 17.33% and a net margin of 20.84%. Blackstone’s revenue was up 166.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.97 EPS. As a group, sell-side analysts forecast that Blackstone Inc. will post 4.77 EPS for the current fiscal year.

Blackstone Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, May 6th. Investors of record on Monday, April 29th were paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 2.60%. The ex-dividend date of this dividend was Friday, April 26th. Blackstone’s payout ratio is 117.31%.

Insider Buying and Selling

In other Blackstone news, Director Ruth Porat bought 219 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was purchased at an average price of $119.48 per share, for a total transaction of $26,166.12. Following the completion of the purchase, the director now directly owns 34,445 shares in the company, valued at $4,115,488.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of the business’s stock in a transaction that occurred on Sunday, March 3rd. The stock was sold at an average price of $11.10, for a total value of $27,853,407.60. Following the completion of the sale, the insider now owns 12,802 shares in the company, valued at $142,102.20. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Ruth Porat acquired 219 shares of Blackstone stock in a transaction on Monday, May 6th. The stock was purchased at an average price of $119.48 per share, with a total value of $26,166.12. Following the purchase, the director now owns 34,445 shares of the company’s stock, valued at approximately $4,115,488.60. The disclosure for this purchase can be found here. 1.00% of the stock is owned by company insiders.

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.