RMR Wealth Builders Increases Holdings in Blackstone Inc. (NYSE:BX)

RMR Wealth Builders raised its holdings in shares of Blackstone Inc. (NYSE:BX) by 84.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,271 shares of the asset manager’s stock after acquiring an additional 8,371 shares during the quarter. RMR Wealth Builders’ holdings in Blackstone were worth $3,150,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently bought and sold shares of BX. Sather Financial Group Inc increased its position in Blackstone by 202.5% during the 3rd quarter. Sather Financial Group Inc now owns 6,050 shares of the asset manager’s stock valued at $926,000 after buying an additional 4,050 shares in the last quarter. Portside Wealth Group LLC bought a new position in Blackstone in the 3rd quarter valued at approximately $201,000. Aljian Capital Management LLC bought a new position in shares of Blackstone during the third quarter valued at $1,951,000. Icon Wealth Advisors LLC raised its position in Blackstone by 2,185.4% in the 3rd quarter. Icon Wealth Advisors LLC now owns 18,946 shares of the asset manager’s stock worth $2,901,000 after buying an additional 18,117 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in Blackstone by 3.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,169,526 shares of the asset manager’s stock valued at $179,089,000 after buying an additional 36,343 shares during the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Blackstone Price Performance

Shares of NYSE:BX traded down $8.97 on Friday, hitting $165.00. The company had a trading volume of 5,077,164 shares, compared to its average volume of 2,703,596. The company has a market cap of $119.13 billion, a PE ratio of 56.70, a PEG ratio of 1.63 and a beta of 1.53. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.58. The business has a 50 day moving average of $180.80 and a 200 day moving average of $156.25. Blackstone Inc. has a 52-week low of $114.88 and a 52-week high of $200.96.

Blackstone (NYSE:BX) last issued its earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.10. Blackstone had a return on equity of 17.53% and a net margin of 19.46%. The firm had revenue of $2.43 billion for the quarter, compared to analysts’ expectations of $2.37 billion. As a group, equities analysts anticipate that Blackstone Inc. will post 4.43 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Monday, October 28th were issued a dividend of $0.86 per share. This is an increase from Blackstone’s previous quarterly dividend of $0.82. This represents a $3.44 annualized dividend and a dividend yield of 2.08%. The ex-dividend date was Monday, October 28th. Blackstone’s dividend payout ratio (DPR) is presently 118.21%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Keefe, Bruyette & Woods lifted their price objective on Blackstone from $169.00 to $175.00 and gave the company a “market perform” rating in a research report on Friday, December 20th. Piper Sandler boosted their price target on shares of Blackstone from $168.00 to $179.00 and gave the stock a “neutral” rating in a research note on Monday, December 23rd. StockNews.com raised shares of Blackstone from a “hold” rating to a “buy” rating in a report on Thursday. Cowen restated a “hold” rating on shares of Blackstone in a report on Friday, October 18th. Finally, TD Cowen raised shares of Blackstone from a “hold” rating to a “buy” rating and raised their price objective for the stock from $149.00 to $230.00 in a research note on Monday, December 9th. Thirteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $171.00.

Insider Buying and Selling

In related news, insider John G. Finley sold 42,249 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $175.94, for a total value of $7,433,289.06. Following the completion of the sale, the insider now directly owns 387,137 shares of the company’s stock, valued at $68,112,883.78. The trade was a 9.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.00% of the stock is currently owned by corporate insiders.

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.