Tranquility Partners LLC Has $11.49 Million Stock Position in Blackstone Inc. (NYSE:BX)

Tranquility Partners LLC decreased its stake in Blackstone Inc. (NYSE:BX) by 0.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 75,040 shares of the asset manager’s stock after selling 420 shares during the quarter. Blackstone makes up 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 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Vertex Planning Partners LLC purchased a new stake in Blackstone in the 3rd quarter worth $338,000. Whalen Wealth Management Inc. raised its stake in Blackstone by 57.8% during the 3rd quarter. Whalen Wealth Management Inc. now owns 6,013 shares of the asset manager’s stock valued at $921,000 after purchasing an additional 2,202 shares during the period. Caprock Group LLC boosted its stake in Blackstone by 58.1% in the 3rd quarter. Caprock Group LLC now owns 6,734 shares of the asset manager’s stock worth $1,031,000 after purchasing an additional 2,474 shares during the period. Meeder Advisory Services Inc. raised its position in shares of Blackstone by 6.8% during the third quarter. Meeder Advisory Services Inc. now owns 16,485 shares of the asset manager’s stock valued at $2,524,000 after buying an additional 1,054 shares during the last quarter. Finally, Drive Wealth Management LLC bought a new position in shares of Blackstone during the third quarter worth $214,000. 70.00% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Blackstone

In related news, insider John G. Finley sold 42,249 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $175.94, for a total value of $7,433,289.06. Following the completion of the sale, the insider now owns 387,137 shares of the company’s stock, valued at approximately $68,112,883.78. This represents a 9.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $150.81, for a total transaction of $17,561,522.88. Following the completion of the transaction, the director now owns 799,749 shares in the company, valued at $120,610,146.69. The trade was a 12.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

Blackstone Stock Up 0.9 %

BX opened at $183.05 on Tuesday. Blackstone Inc. has a fifty-two week low of $104.39 and a fifty-two week high of $184.34. 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 capitalization of $132.16 billion, a price-to-earnings ratio of 62.90, a PEG ratio of 1.54 and a beta of 1.49. The company has a fifty day moving average of $162.26 and a two-hundred day moving average of $140.80.

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

Blackstone Increases Dividend

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

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Barclays raised their price target on Blackstone from $155.00 to $174.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. Piper Sandler lowered Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 price target on the stock. in a report on Wednesday, October 9th. Wells Fargo & Company raised their price objective on Blackstone from $169.00 to $188.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. The Goldman Sachs Group increased their price target on Blackstone from $135.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Finally, Redburn Atlantic assumed coverage on shares of Blackstone in a research report on Tuesday, August 27th. They issued a “neutral” rating and a $134.00 price objective on the stock. Thirteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $157.63.

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.