Brophy Wealth Management LLC Acquires New Stake in Blackstone Inc.

Brophy Wealth Management LLC has recently established a new investment in Blackstone Inc. (NYSE:BX - Free Report) during the third quarter of the year. Their latest Form 13F filing with the Securities and Exchange Commission (SEC) reveals that the fund has acquired 3,990 shares of Blackstone's stock, amounting to a value of approximately $611,000.

Changes in Hedge Fund Positions

Several other hedge funds have also adjusted their positions in Blackstone Inc. State Street Corp increased its holdings by 1.2% during the third quarter, now owning 30,020,426 shares valued at roughly $4.6 billion after acquiring an additional 348,751 shares. Wulff Hansen & CO. made significant moves, increasing its position by 12,192.7% in the previous quarter, resulting in ownership of 7,340,845 shares worth approximately $908.8 million, after purchasing an additional 7,281,128 shares. Legal & General Group Plc boosted its stake by 2.3%, now holding 6,266,207 shares valued at about $775.8 million after buying 141,616 more shares. International Assets Investment Management LLC saw a remarkable increase in its holdings of 15,357.3% in the third quarter, now owning 4,201,150 shares valued at $6.43 billion after purchasing 4,173,971 additional shares. Lastly, Charles Schwab Investment Management Inc. increased its position by 1.6%, owning 3,931,411 shares valued at $602 million after an additional acquisition of 61,739 shares. Together, hedge funds and institutional investors now control 70.00% of Blackstone's stock.

Recent Insider Transactions

In other news regarding insider activities, Director Joseph Baratta sold 116,448 shares of Blackstone on October 1st at an average price of $150.81, generating a total sale value of approximately $17.6 million. Post-transaction, his ownership decreased by 12.71%, leaving him with 799,749 shares valued at roughly $120.6 million. Another insider, John G. Finley, sold 42,249 shares on November 7th at an average price of $175.94, totaling about $7.4 million. Following this trade, Finley has 387,137 shares remaining, with a value approximating $68.1 million. Notably, company insiders control around 1.00% of Blackstone's shares.

Blackstone Stock Performance

On Tuesday, Blackstone's stock opened at $185.39, with a market capitalization of $133.85 billion. The firm's price-to-earnings (P/E) ratio is reported at 63.71, with a P/E/G ratio of 1.59. Additionally, the stock features a beta of 1.51. The company has demonstrated a 50-day moving average price of $173.07 and a 200-day moving average price of $147.64. Blackstone's twelve-month low and high are notably $112.09 and $200.96, respectively. The asset manager's latest earnings results were announced on October 17th, revealing earnings of $1.01 per share (EPS), exceeding analysts’ expectations of $0.91 by $0.10, with quarterly revenue amounting to $2.43 billion, surpassing predictions of $2.37 billion. The firm's return on equity stood at 17.53%, with a net margin of 19.46%. Analysts anticipate that Blackstone will achieve EPS of 4.4 for the current fiscal year.

Dividend Increase

Blackstone has also recently declared a quarterly dividend, which was paid to shareholders on November 4th. For those recorded as shareholders by October 28th, a dividend of $0.86 per share was issued, representing an increase from the previous dividend of $0.82. This results in an annualized dividend of $3.44 and a yield of 1.86%, with the ex-dividend date being the same as the payment date of October 28th. Blackstone's payout ratio currently stands at 118.21%.

Analyst Ratings and Price Targets

Numerous equity research analysts have reviewed Blackstone's stock recently. TD Cowen upgraded its rating from "hold" to "buy" while raising the price target from $149.00 to $230.00. Meanwhile, Redburn Atlantic initiated coverage, issuing a "neutral" rating with a target price of $134.00. Citigroup raised its target from $157.00 to $170.00, maintaining a "neutral" stance. UBS Group revised its price objective upward from $140.00 to $160.00, also providing a "neutral" rating. Evercore ISI increased its target from $148.00 to $155.00 with an "outperform" rating. Currently, twelve analysts have assigned a hold rating while seven have given a buy rating, leading to an average rating of "hold" with a consensus target of $164.25.

About Blackstone Inc.

Blackstone Inc. is a leading alternative asset management company focusing on various sectors including real estate, private equity, hedge fund solutions, credit, and more. The firm invests primarily in early-stage companies and offers capital market services that cater to diverse investment needs.

investment, stocks, dividend