Brookstone Capital Management Decreases Stake in Blackstone Inc. $BX

Brookstone Capital Management lessened its position in shares of Blackstone Inc. (NYSE:BX) by 81.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,960 shares of the asset manager’s stock after selling 30,878 shares during the quarter. Brookstone Capital Management’s holdings in Blackstone were worth $800,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Family CFO Inc bought a new position in Blackstone during the fourth quarter valued at $28,000. Ares Financial Consulting LLC bought a new stake in shares of Blackstone in the 4th quarter worth about $28,000. Richardson Financial Services Inc. bought a new position in shares of Blackstone in the 4th quarter valued at about $29,000. Strive Asset Management LLC purchased a new stake in Blackstone during the third quarter valued at approximately $30,000. Finally, Palladiem LLC bought a new position in shares of Blackstone during the 4th quarter valued at approximately $31,000. 70.00% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on BX shares. BMO Capital Markets raised their target price on shares of Blackstone from $126.00 to $132.00 and gave the stock an “outperform” rating in a report on Monday, April 13th. Citizens Jmp dropped their target price on Blackstone from $195.00 to $190.00 and set a “market outperform” rating for the company in a research report on Wednesday, April 22nd. Deutsche Bank Aktiengesellschaft started coverage on Blackstone in a report on Monday, June 8th. They set a “buy” rating for the company. Piper Sandler boosted their target price on shares of Blackstone from $122.00 to $130.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Finally, Morgan Stanley lowered their price objective on shares of Blackstone from $215.00 to $184.00 and set an “overweight” rating for the company in a research report on Tuesday, April 21st. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $150.86.

Insider Activity at Blackstone

In other Blackstone news, major shareholder Treasury Holdings I. Blackstone acquired 9,486,795 shares of the firm’s stock in a transaction on Friday, May 15th. The stock was acquired at an average cost of $20.00 per share, for a total transaction of $189,735,900.00. Following the purchase, the insider owned 9,111,800 shares in the company, valued at approximately $182,236,000. The trade was a -2,529.85% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $3.78, for a total transaction of $28,264,950.00. Following the completion of the sale, the insider owned 19,374 shares in the company, valued at $73,233.72. The trade was a 99.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders bought a total of 10,252,345 shares of company stock worth $209,789,893 in the last ninety days. 1.00% of the stock is owned by company insiders.

Blackstone Stock Up 1.3%

BX stock opened at $115.66 on Friday. The stock has a market capitalization of $85.92 billion, a PE ratio of 29.58, a price-to-earnings-growth ratio of 1.24 and a beta of 1.59. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.66. Blackstone Inc. has a 52 week low of $101.73 and a 52 week high of $190.09. The firm has a 50 day moving average of $120.62 and a 200 day moving average of $129.22.

Blackstone (NYSE:BX) last issued its earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.02. The company had revenue of $3.43 billion during the quarter, compared to analyst estimates of $3.45 billion. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.The firm’s quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter last year, the business posted $1.11 EPS. Sell-side analysts forecast that Blackstone Inc. will post 5.9 earnings per share for the current year.

Blackstone Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were given a $1.16 dividend. The ex-dividend date was Monday, May 4th. This represents a $4.64 dividend on an annualized basis and a yield of 4.0%. Blackstone’s dividend payout ratio is currently 118.67%.

About Blackstone

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.