Mission Wealth Management LP Purchases 2,730 Shares of Blackstone Inc. (NYSE:BX)

Mission Wealth Management LP raised its holdings in Blackstone Inc. (NYSE:BX) by 61.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,201 shares of the asset manager’s stock after buying an additional 2,730 shares during the quarter. Mission Wealth Management LP’s holdings in Blackstone were worth $943,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Marino Stram & Associates LLC lifted its holdings in shares of Blackstone by 3.8% during the fourth quarter. Marino Stram & Associates LLC now owns 2,592 shares of the asset manager’s stock valued at $339,000 after acquiring an additional 96 shares during the period. Mayfair Advisory Group LLC increased its holdings in shares of Blackstone by 2.7% during the fourth quarter. Mayfair Advisory Group LLC now owns 3,776 shares of the asset manager’s stock worth $484,000 after buying an additional 100 shares in the last quarter. Hartford Financial Management Inc. grew its holdings in shares of Blackstone by 23.0% during the fourth quarter. Hartford Financial Management Inc. now owns 534 shares of the asset manager’s stock worth $70,000 after purchasing an additional 100 shares during the last quarter. Bourgeon Capital Management LLC grew its stake in shares of Blackstone by 86.2% during the fourth quarter. Bourgeon Capital Management LLC now owns 216 shares of the asset manager’s stock valued at $28,000 after purchasing an additional 100 shares during the last quarter. Finally, Pinnacle Financial Partners Inc increased its stake in shares of Blackstone by 0.3% in the 4th quarter. Pinnacle Financial Partners Inc now owns 39,671 shares of the asset manager’s stock valued at $5,194,000 after buying an additional 102 shares during the period. Institutional investors own 70.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Wells Fargo & Company lifted their price target on shares of Blackstone from $127.00 to $130.00 and gave the stock an “overweight” rating in a research report on Monday, January 22nd. BMO Capital Markets raised their target price on Blackstone from $95.00 to $101.00 and gave the stock a “market perform” rating in a report on Friday, January 26th. TD Cowen decreased their price objective on Blackstone from $117.00 to $114.00 and set a “hold” rating for the company in a research report on Friday, April 19th. Barclays reiterated an “equal weight” rating and set a $125.00 target price (down previously from $129.00) on shares of Blackstone in a report on Friday, April 19th. Finally, JMP Securities restated a “market perform” rating on shares of Blackstone in a report on Tuesday, April 9th. Thirteen equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Blackstone has an average rating of “Hold” and an average target price of $123.65.

Blackstone Stock Performance

NYSE:BX opened at $117.47 on Thursday. The firm has a market capitalization of $83.95 billion, a PE ratio of 41.51, a price-to-earnings-growth ratio of 0.97 and a beta of 1.52. The company has a quick ratio of 0.80, a current ratio of 0.79 and a debt-to-equity ratio of 0.61. Blackstone Inc. has a twelve month low of $79.92 and a twelve month high of $133.56. The stock’s 50-day simple moving average is $125.45 and its 200 day simple moving average is $118.76.

Blackstone (NYSE:BX) last issued its quarterly earnings data on Thursday, April 18th. The asset manager reported $0.98 EPS for the quarter, meeting the consensus estimate of $0.98. Blackstone had a net margin of 20.84% and a return on equity of 17.33%. The business had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter in the prior year, the firm earned $0.97 EPS. The firm’s revenue was up 166.9% compared to the same quarter last year. On average, analysts anticipate that Blackstone Inc. will post 4.77 EPS for the current fiscal year.

Blackstone Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 6th. Investors of record on Monday, April 29th will be issued a $0.83 dividend. The ex-dividend date is Friday, April 26th. This represents a $3.32 dividend on an annualized basis and a yield of 2.83%. Blackstone’s dividend payout ratio (DPR) is presently 117.31%.

Insider Buying and Selling at Blackstone

In related news, Director Ruth Porat acquired 232 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was purchased at an average cost of $127.08 per share, with a total value of $29,482.56. Following the acquisition, the director now owns 34,225 shares of the company’s stock, valued at approximately $4,349,313. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Ruth Porat bought 232 shares of Blackstone stock in a transaction dated Monday, February 12th. The stock was purchased at an average cost of $127.08 per share, with a total value of $29,482.56. Following the transaction, the director now directly owns 34,225 shares of the company’s stock, valued at $4,349,313. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of the company’s stock in a transaction on Sunday, March 3rd. The shares were sold at an average price of $11.10, for a total value of $27,853,407.60. Following the transaction, the insider now directly owns 12,802 shares in the company, valued at approximately $142,102.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,587,168 shares of company stock worth $37,816,476. Insiders own 1.00% of the company’s stock.

About Blackstone

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.