Cyndeo Wealth Partners LLC Acquires 2,874 Shares of Blackstone Inc. $BX

Key Points

• Cyndeo Wealth Partners LLC has increased its holdings in Blackstone Inc. by 10.2% during the second quarter, acquiring an additional 2,874 shares, bringing its total to 31,048 shares valued at approximately $4.6 million.
• Blackstone reported better-than-expected earnings, with $1.21 earnings per share for the quarter, surpassing analysts' estimates of $1.10, and a revenue of $3.07 billion, up 32.7% from the previous year.
• The company's quarterly dividend was increased from $0.93 to $1.03, representing an annualized payout of $4.12 and a yield of 2.6%.

Cyndeo Wealth Partners LLC grew its holdings in Blackstone Inc. (NYSE:BX - Free Report) by 10.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 31,048 shares of the asset manager's stock after acquiring an additional 2,874 shares during the quarter. Cyndeo Wealth Partners LLC's holdings in Blackstone were worth $4,644,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. 1248 Management LLC bought a new stake in shares of Blackstone in the first quarter valued at approximately $25,000. Family CFO Inc bought a new position in Blackstone in the second quarter worth $28,000. Wealth Preservation Advisors LLC bought a new position in Blackstone in the first quarter worth $28,000. Anderson Financial Strategies LLC bought a new position in Blackstone in the first quarter worth $28,000. Finally, Livelsberger Financial Advisory bought a new position in Blackstone in the second quarter worth $30,000. 70.00% of the stock is owned by institutional investors.

Blackstone Stock Performance

Shares of NYSE:BX opened at $160.52 on Friday. Blackstone Inc. has a twelve month low of $115.66 and a twelve month high of $200.96. The firm has a market cap of $118.32 billion, a PE ratio of 43.15, a price-to-earnings-growth ratio of 1.32 and a beta of 1.77. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.74 and a current ratio of 0.74. The business has a fifty day moving average of $172.86 and a 200-day moving average of $154.15.

Blackstone (NYSE:BX - Get Free Report) last announced its earnings results on Thursday, July 24th. The asset manager reported $1.21 earnings per share for the quarter, beating analysts' consensus estimates of $1.10 by $0.11. The company had revenue of $3.07 billion during the quarter, compared to analyst estimates of $2.77 billion. Blackstone had a return on equity of 20.47% and a net margin of 20.83%.The firm's quarterly revenue was up 32.7% compared to the same quarter last year. During the same period last year, the company posted $0.98 earnings per share. On average, equities research analysts predict that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, August 4th were given a $1.03 dividend. The ex-dividend date was Monday, August 4th. This is a positive change from Blackstone's previous quarterly dividend of $0.93. This represents a $4.12 dividend on an annualized basis and a yield of 2.6%. Blackstone's dividend payout ratio is 110.75%.

Insider Transactions at Blackstone

In related news, insider John G. Finley sold 21,500 shares of Blackstone stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $171.46, for a total value of $3,686,390.00. Following the completion of the sale, the insider directly owned 453,836 shares in the company, valued at $77,814,720.56. This trade represents a 4.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of the firm's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $6.26, for a total value of $104,478,673.84. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 3,727,877 shares of company stock valued at $95,046,625 and sold 16,984,634 shares valued at $155,181,346. Company insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BX. Keefe, Bruyette & Woods raised their target price on Blackstone from $168.00 to $180.00 and gave the stock a "market perform" rating in a research report on Friday, July 25th. Dbs Bank raised Blackstone to a "moderate buy" rating in a research report on Tuesday, August 12th. The Goldman Sachs Group increased their price objective on Blackstone from $172.00 to $173.00 and gave the stock a "neutral" rating in a research note on Friday, October 3rd. Wells Fargo & Company increased their price objective on Blackstone from $153.00 to $167.00 and gave the stock an "equal weight" rating in a research note on Friday, July 11th. Finally, Jefferies Financial Group dropped their price objective on Blackstone from $207.00 to $199.00 and set a "buy" rating for the company in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat, Blackstone presently has an average rating of "Moderate Buy" and an average price target of $179.00.

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.

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