Cornerstone Planning LLC Purchases New Position in Blackstone Inc. $BX

Cornerstone Planning LLC acquired a new stake in Blackstone Inc. (NYSE:BX) in the fourth quarter, according to its most recent filing with the SEC. The fund acquired 16,196 shares of the asset manager’s stock, valued at approximately $2,508,000.

A number of other large investors have also recently made changes to their positions in the stock. Family CFO Inc bought a new position in Blackstone in the 4th quarter worth about $28,000. Ares Financial Consulting LLC purchased a new stake in shares of Blackstone in the fourth quarter worth about $28,000. Richardson Financial Services Inc. purchased a new position in Blackstone during the fourth quarter valued at approximately $29,000. Strive Asset Management LLC bought a new stake in Blackstone during the 3rd quarter worth approximately $30,000. Finally, Palladiem LLC purchased a new position in shares of Blackstone during the 4th quarter valued at $31,000. 70.00% of the stock is owned by institutional investors.

Insider Activity

In other Blackstone news, major shareholder Treasury Holdings I. Blackstone bought 9,486,795 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The shares were bought at an average cost of $20.00 per share, with a total value of $189,735,900.00. Following the completion of the purchase, the insider directly owned 9,111,800 shares of the company’s stock, valued at $182,236,000. This trade represents a -2,529.85% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Vikrant Sawhney sold 30,014 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $125.79, for a total value of $3,775,461.06. Following the transaction, the insider owned 899,669 shares in the company, valued at approximately $113,169,363.51. This represents a 3.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders acquired 9,487,234 shares of company stock worth $189,789,892. 1.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on BX shares. Deutsche Bank Aktiengesellschaft began coverage on Blackstone in a research report on Monday, June 8th. They issued a “buy” rating on the stock. HSBC lowered their price target on Blackstone from $164.00 to $131.00 and set a “hold” rating on the stock in a report on Friday, April 10th. Argus decreased their price objective on shares of Blackstone from $163.00 to $146.00 and set a “buy” rating on the stock in a research report on Tuesday, April 28th. BMO Capital Markets lifted their target price on shares of Blackstone from $126.00 to $132.00 and gave the company an “outperform” rating in a research report on Monday, April 13th. Finally, Evercore reissued an “outperform” rating and issued a $150.00 price target on shares of Blackstone in a report on Tuesday, April 21st. Thirteen investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Blackstone currently has a consensus rating of “Moderate Buy” and a consensus target price of $150.86.

Blackstone Stock Down 0.0%

Shares of NYSE:BX opened at $123.78 on Friday. Blackstone Inc. has a 12-month low of $101.73 and a 12-month high of $190.09. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.66. The stock’s 50-day moving average price is $121.11 and its 200-day moving average price is $130.35. The stock has a market capitalization of $91.95 billion, a P/E ratio of 31.66, a price-to-earnings-growth ratio of 1.34 and a beta of 1.59.

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

Blackstone Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were issued a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Monday, May 4th. Blackstone’s dividend payout ratio is currently 118.67%.

Blackstone Company Profile

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.