Blackstone Inc. (NYSE:BX) Stake Trimmed by Tranquility Partners LLC

Tranquility Partners LLC decreased its position in Blackstone Inc. (NYSE:BX) by 0.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 75,040 shares of the asset manager’s stock after selling 420 shares during the period. Blackstone comprises approximately 4.2% of Tranquility Partners LLC’s portfolio, making the stock its 2nd biggest holding. Tranquility Partners LLC’s holdings in Blackstone were worth $11,491,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the company. Sather Financial Group Inc grew its position in shares of Blackstone by 202.5% in the third quarter. Sather Financial Group Inc now owns 6,050 shares of the asset manager’s stock valued at $926,000 after purchasing an additional 4,050 shares in the last quarter. Portside Wealth Group LLC bought a new stake in shares of Blackstone during the third quarter valued at about $201,000. Wealth Enhancement Advisory Services LLC boosted its position in shares of Blackstone by 1.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 431,784 shares of the asset manager’s stock valued at $53,455,000 after acquiring an additional 7,692 shares during the period. Aljian Capital Management LLC bought a new stake in Blackstone during the 3rd quarter worth approximately $1,951,000. Finally, Blue Trust Inc. boosted its holdings in Blackstone by 936.2% in the 2nd quarter. Blue Trust Inc. now owns 5,958 shares of the asset manager’s stock valued at $783,000 after purchasing an additional 5,383 shares during the period. 70.00% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BX. UBS Group lifted their price objective on Blackstone from $140.00 to $160.00 and gave the company a “neutral” rating in a research note on Wednesday, October 16th. Evercore ISI lifted their target price on shares of Blackstone from $148.00 to $155.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Morgan Stanley raised their price objective on shares of Blackstone from $164.00 to $177.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Piper Sandler cut Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 target price on the stock. in a research note on Wednesday, October 9th. Finally, JPMorgan Chase & Co. increased their price objective on Blackstone from $125.00 to $146.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Thirteen research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $157.63.

Insider Activity

In other Blackstone news, insider John G. Finley sold 42,249 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $175.94, for a total transaction of $7,433,289.06. Following the completion of the sale, the insider now directly owns 387,137 shares in the company, valued at approximately $68,112,883.78. The trade was a 9.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph Baratta sold 116,448 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total value of $17,561,522.88. Following the completion of the transaction, the director now owns 799,749 shares in the company, valued at approximately $120,610,146.69. This trade represents a 12.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

Blackstone Trading Up 0.9 %

NYSE BX opened at $183.05 on Tuesday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.71 and a current ratio of 0.71. The stock has a market cap of $132.16 billion, a P/E ratio of 62.90, a price-to-earnings-growth ratio of 1.54 and a beta of 1.49. The stock has a 50 day simple moving average of $162.26 and a two-hundred day simple moving average of $140.80. Blackstone Inc. has a fifty-two week low of $104.39 and a fifty-two week high of $184.34.

Blackstone (NYSE:BX) last announced its quarterly earnings data on Thursday, October 17th. The asset manager reported $1.01 EPS for the quarter, beating the consensus estimate of $0.91 by $0.10. Blackstone had a return on equity of 17.53% and a net margin of 19.46%. The business had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.37 billion. On average, analysts forecast that Blackstone Inc. will post 4.39 earnings per share for the current year.

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Monday, October 28th were paid a dividend of $0.86 per share. This is a boost from Blackstone’s previous quarterly dividend of $0.82. The ex-dividend date was Monday, October 28th. This represents a $3.44 dividend on an annualized basis and a yield of 1.88%. Blackstone’s payout ratio is presently 118.21%.

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.