Modern Wealth Management LLC Has $2.16 Million Stock Holdings in Blackstone Inc. (NYSE:BX)

Modern Wealth Management LLC lifted its stake in Blackstone Inc. (NYSE:BX) by 2.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,800 shares of the asset manager’s stock after buying an additional 285 shares during the period. Modern Wealth Management LLC’s holdings in Blackstone were worth $2,158,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Bangor Savings Bank increased its holdings in shares of Blackstone by 187.5% during the fourth quarter. Bangor Savings Bank now owns 161 shares of the asset manager’s stock worth $28,000 after buying an additional 105 shares in the last quarter. Hager Investment Management Services LLC acquired a new stake in Blackstone during the 4th quarter valued at $28,000. Centricity Wealth Management LLC acquired a new position in Blackstone in the fourth quarter worth $30,000. Berbice Capital Management LLC acquired a new stake in shares of Blackstone in the fourth quarter valued at $34,000. Finally, Comprehensive Financial Planning Inc. PA acquired a new position in Blackstone during the 4th quarter worth about $34,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Blackstone Price Performance

Shares of BX stock opened at $151.29 on Wednesday. The firm has a market capitalization of $110.35 billion, a price-to-earnings ratio of 41.68, a price-to-earnings-growth ratio of 1.07 and a beta of 1.55. Blackstone Inc. has a 12-month low of $115.82 and a 12-month high of $200.96. The company has a quick ratio of 0.71, a current ratio of 0.67 and a debt-to-equity ratio of 0.61. The firm has a fifty day moving average of $162.90 and a 200-day moving average of $167.69.

Blackstone (NYSE:BX) last released its quarterly earnings results on Thursday, January 30th. The asset manager reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.19. Blackstone had a return on equity of 19.58% and a net margin of 20.99%. On average, equities research analysts forecast that Blackstone Inc. will post 5.87 earnings per share for the current year.

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 18th. Investors of record on Monday, February 10th were issued a dividend of $1.44 per share. This represents a $5.76 dividend on an annualized basis and a dividend yield of 3.81%. This is a positive change from Blackstone’s previous quarterly dividend of $0.86. The ex-dividend date was Monday, February 10th. Blackstone’s dividend payout ratio (DPR) is presently 158.68%.

Analyst Ratings Changes

A number of brokerages have weighed in on BX. BMO Capital Markets boosted their target price on shares of Blackstone from $134.00 to $157.00 and gave the stock a “market perform” rating in a research note on Thursday, December 19th. Piper Sandler increased their price objective on Blackstone from $168.00 to $179.00 and gave the company a “neutral” rating in a research report on Monday, December 23rd. Barclays restated an “equal weight” rating on shares of Blackstone in a research report on Friday, February 7th. TD Cowen upgraded Blackstone from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $149.00 to $230.00 in a research report on Monday, December 9th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Blackstone from $174.00 to $177.00 and gave the company a “market perform” rating in a research note on Friday, January 31st. Twelve analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Blackstone currently has a consensus rating of “Hold” and an average target price of $171.13.

Insider Activity at Blackstone

In other news, Director Ruth Porat bought 301 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were purchased at an average price of $164.85 per share, for a total transaction of $49,619.85. Following the purchase, the director now owns 36,829 shares of the company’s stock, valued at approximately $6,071,260.65. The trade was a 0.82 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.00% of the stock is currently owned by insiders.

Blackstone 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.