Morse Asset Management Inc Buys 2,305 Shares of Blackstone Inc. (NYSE:BX)

Morse Asset Management Inc boosted its position in shares of Blackstone Inc. (NYSE:BX) by 26.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 11,142 shares of the asset manager’s stock after purchasing an additional 2,305 shares during the quarter. Morse Asset Management Inc’s holdings in Blackstone were worth $1,464,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Congress Wealth Management LLC DE lifted its stake in Blackstone by 36.6% during the 4th quarter. Congress Wealth Management LLC DE now owns 36,215 shares of the asset manager’s stock valued at $4,741,000 after acquiring an additional 9,699 shares during the period. Nomura Asset Management Co. Ltd. grew its position in Blackstone by 8.5% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 367,841 shares of the asset manager’s stock worth $48,158,000 after purchasing an additional 28,856 shares during the period. Stonegate Investment Group LLC raised its stake in Blackstone by 0.8% during the 1st quarter. Stonegate Investment Group LLC now owns 20,165 shares of the asset manager’s stock valued at $2,649,000 after buying an additional 169 shares during the last quarter. TD Asset Management Inc boosted its stake in shares of Blackstone by 8.9% in the 4th quarter. TD Asset Management Inc now owns 254,099 shares of the asset manager’s stock worth $33,267,000 after buying an additional 20,830 shares during the last quarter. Finally, Norden Group LLC increased its position in Blackstone by 2,072.0% during the first quarter. Norden Group LLC now owns 36,555 shares of the asset manager’s stock valued at $4,802,000 after acquiring an additional 34,872 shares during the last quarter. 70.00% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Blackstone

In related news, Director Ruth Porat purchased 219 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were bought at an average price of $119.48 per share, for a total transaction of $26,166.12. Following the acquisition, the director now owns 34,445 shares of the company’s stock, valued at approximately $4,115,488.60. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Joseph Baratta sold 116,448 shares of the firm’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $123.00, for a total transaction of $14,323,104.00. Following the completion of the sale, the director now directly owns 921,184 shares of the company’s stock, valued at approximately $113,305,632. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ruth Porat bought 219 shares of Blackstone stock in a transaction on Monday, May 6th. The stock was acquired at an average price of $119.48 per share, for a total transaction of $26,166.12. Following the purchase, the director now owns 34,445 shares of the company’s stock, valued at $4,115,488.60. The disclosure for this purchase can be found here. Company insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Piper Sandler boosted their price target on Blackstone from $134.00 to $149.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. TD Cowen lifted 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. Argus upped their price objective on Blackstone from $133.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. JMP Securities reissued a “market perform” rating on shares of Blackstone in a report on Tuesday, April 9th. Finally, Morgan Stanley lifted their price objective on Blackstone from $144.00 to $164.00 and gave the company an “overweight” rating in a research report on Tuesday, July 23rd. Thirteen analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Blackstone currently has a consensus rating of “Hold” and a consensus target price of $127.56.

Blackstone Price Performance

Shares of NYSE:BX traded up $1.98 during mid-day trading on Friday, reaching $142.00. The stock had a trading volume of 3,262,890 shares, compared to its average volume of 3,826,148. The company has a market cap of $101.48 billion, a P/E ratio of 50.18, a price-to-earnings-growth ratio of 1.21 and a beta of 1.50. The business’s 50 day moving average price is $125.80 and its 200 day moving average price is $125.05. The company has a current ratio of 0.77, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. Blackstone Inc. has a 1 year low of $88.59 and a 1 year high of $145.16.

Blackstone (NYSE:BX) last posted its earnings results on Thursday, July 18th. The asset manager reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.03). Blackstone had a net margin of 19.35% and a return on equity of 17.43%. The business had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $2.58 billion. During the same period last year, the business posted $0.93 earnings per share. The company’s revenue for the quarter was up 166.9% compared to the same quarter last year. Research analysts expect that Blackstone Inc. will post 4.58 EPS for the current fiscal year.

Blackstone Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 5th. Investors of record on Monday, July 29th will be given a $0.82 dividend. The ex-dividend date of this dividend is Monday, July 29th. This represents a $3.28 annualized dividend and a yield of 2.31%. Blackstone’s dividend payout ratio is currently 117.31%.

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.