Brown Financial Advisors Invests $720,000 in Blackstone Inc. (NYSE:BX)

Brown Financial Advisors acquired a new position in shares of Blackstone Inc. (NYSE:BX) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 5,814 shares of the asset manager’s stock, valued at approximately $720,000.

Several other institutional investors have also modified their holdings of BX. Aveo Capital Partners LLC purchased a new stake in Blackstone in the 4th quarter valued at $217,000. The Manufacturers Life Insurance Company raised its position in Blackstone by 1.0% in the 4th quarter. The Manufacturers Life Insurance Company now owns 509,510 shares of the asset manager’s stock valued at $66,705,000 after purchasing an additional 5,069 shares during the last quarter. NEOS Investment Management LLC purchased a new stake in Blackstone in the 4th quarter valued at $1,310,000. Capital International Ltd. CA raised its position in Blackstone by 5.5% in the 4th quarter. Capital International Ltd. CA now owns 102,413 shares of the asset manager’s stock valued at $13,408,000 after purchasing an additional 5,322 shares during the last quarter. Finally, Capital International Sarl raised its position in Blackstone by 18.6% in the 4th quarter. Capital International Sarl now owns 114,312 shares of the asset manager’s stock valued at $14,966,000 after purchasing an additional 17,935 shares during the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on BX shares. Piper Sandler boosted their price objective on shares of Blackstone from $134.00 to $149.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. Morgan Stanley boosted their price objective on shares of Blackstone from $144.00 to $164.00 and gave the company an “overweight” rating in a research note on Tuesday, July 23rd. Bank of America boosted their price objective on shares of Blackstone from $130.00 to $145.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Redburn Atlantic began coverage on shares of Blackstone in a research note on Tuesday, August 27th. They issued a “neutral” rating and a $134.00 price objective on the stock. Finally, TD Cowen upped their price target on shares of Blackstone from $114.00 to $120.00 and gave the stock a “hold” rating in a research note on Friday, July 19th. Fourteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $130.78.

Insider Buying and Selling at Blackstone

In other Blackstone news, insider John G. Finley sold 35,000 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total value of $4,610,900.00. Following the transaction, the insider now directly owns 429,386 shares in the company, valued at approximately $56,567,311.64. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.00% of the stock is owned by insiders.

Blackstone Price Performance

Shares of NYSE BX opened at $151.88 on Wednesday. The stock has a market cap of $108.54 billion, a price-to-earnings ratio of 53.67, a PEG ratio of 1.34 and a beta of 1.51. Blackstone Inc. has a 52 week low of $88.59 and a 52 week high of $161.25. The company’s 50-day moving average price is $141.92 and its 200 day moving average price is $130.86. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.60.

Blackstone (NYSE:BX) last issued its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.03). The business had revenue of $3.69 billion during the quarter, compared to analyst estimates of $2.58 billion. Blackstone had a net margin of 19.35% and a return on equity of 17.43%. Blackstone’s revenue was up 166.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.93 earnings per share. As a group, research analysts forecast that Blackstone Inc. will post 4.57 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 29th were issued a $0.82 dividend. The ex-dividend date was Monday, July 29th. This represents a $3.28 dividend on an annualized basis and a yield of 2.16%. Blackstone’s dividend payout ratio (DPR) is 115.90%.

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.