Tranquility Partners LLC Acquires 5,424 Shares of Blackstone Inc. $BX

Key Points

• Tranquility Partners LLC increased its holdings in Blackstone Inc. by 7.2%, acquiring an additional 5,424 shares, bringing its total ownership to 81,095 shares worth approximately $12.13 million.
• Blackstone reported earnings of $0.97 EPS for the recent quarter with a net margin of 20.83% and an annual dividend increase to $4.12, representing a 2.7% yield.
• Analyst ratings for Blackstone show a consensus of "Moderate Buy" with a price target average of $179.00 across various firms, highlighting an optimistic outlook despite some price revisions.

Tranquility Partners LLC increased its holdings in shares of Blackstone Inc. (NYSE:BX - Free Report) by 7.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 81,095 shares of the asset manager's stock after buying an additional 5,424 shares during the period. Blackstone comprises approximately 4.3% of Tranquility Partners LLC's portfolio, making the stock its 2nd largest position. Tranquility Partners LLC's holdings in Blackstone were worth $12,130,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. 1248 Management LLC acquired a new position in shares of Blackstone in the 1st quarter worth approximately $25,000. Family CFO Inc acquired a new position in shares of Blackstone in the 2nd quarter worth approximately $28,000. Wealth Preservation Advisors LLC acquired a new position in shares of Blackstone in the 1st quarter worth approximately $28,000. Anderson Financial Strategies LLC acquired a new position in shares of Blackstone in the 1st quarter worth approximately $28,000. Finally, Livelsberger Financial Advisory bought a new stake in shares of Blackstone in the 2nd quarter valued at $30,000. Institutional investors and hedge funds own 70.00% of the company's stock.

Blackstone Stock Performance

Shares of BX stock opened at $153.88 on Friday. Blackstone Inc. has a 12 month low of $115.66 and a 12 month high of $200.96. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $113.42 billion, a PE ratio of 41.37, a price-to-earnings-growth ratio of 1.25 and a beta of 1.77. The firm has a fifty day simple moving average of $172.53 and a two-hundred day simple moving average of $154.22.

Blackstone (NYSE:BX - Get Free Report) last posted its earnings results on Friday, November 22nd. The asset manager reported $0.97 earnings per share (EPS) for the quarter. Blackstone had a net margin of 20.83% and a return on equity of 20.47%. The firm had revenue of $2.49 billion during the quarter. Analysts forecast that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 11th. Stockholders of record on Monday, August 4th were paid a $1.03 dividend. This represents a $4.12 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Monday, August 4th. This is a positive change from Blackstone's previous quarterly dividend of $0.93. Blackstone's dividend payout ratio (DPR) is currently 110.75%.

Analyst Ratings Changes

Several research firms have recently weighed in on BX. BMO Capital Markets began coverage on shares of Blackstone in a research note on Friday, October 3rd. They issued an "outperform" rating and a $190.00 price objective for the company. Bank of America lowered their price objective on shares of Blackstone from $200.00 to $199.00 in a research note on Friday, October 3rd. Evercore ISI lifted their price objective on shares of Blackstone from $165.00 to $197.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Piper Sandler lowered their price objective on shares of Blackstone from $181.00 to $173.00 and set a "neutral" rating for the company in a research note on Thursday. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Blackstone in a research note on Wednesday. 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 stock. According to MarketBeat, Blackstone currently has a consensus rating of "Moderate Buy" and an average target price of $179.00.

Insider Transactions at Blackstone

In related news, Director Joseph Baratta sold 113,000 shares of the business's stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $175.69, for a total value of $19,852,970.00. Following the transaction, the director directly owned 695,757 shares of the company's stock, valued at approximately $122,237,547.33. The trade was a 13.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Vikrant Sawhney sold 50,850 shares of the business's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $173.64, for a total transaction of $8,829,594.00. Following the completion of the transaction, the insider directly owned 737,248 shares in the company, valued at $128,015,742.72. This trade represents a 6.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 3,727,877 shares of company stock worth $95,046,625 and have sold 16,984,634 shares worth $155,181,346. 1.00% of the stock is owned by insiders.

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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