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

Cyndeo Wealth Partners LLC grew its stake in shares of Blackstone Inc. (NYSE:BX) by 10.2% during the second quarter, Holdings Channel.com reports. The institutional investor 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 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Kingstone Capital Partners Texas LLC lifted its holdings in shares of Blackstone by 519,669.1% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 70,132,441 shares of the asset manager’s stock valued at $10,490,411,000 after purchasing an additional 70,118,948 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Blackstone by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 67,997,581 shares of the asset manager’s stock valued at $9,504,702,000 after purchasing an additional 1,102,949 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Blackstone by 16.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,292,320 shares of the asset manager’s stock valued at $739,761,000 after purchasing an additional 742,829 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Blackstone by 4.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,291,546 shares of the asset manager’s stock valued at $599,872,000 after purchasing an additional 182,526 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Blackstone by 2.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,162,867 shares of the asset manager’s stock valued at $581,886,000 after purchasing an additional 117,724 shares in the last quarter. Institutional investors own 70.00% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Piper Sandler cut their price objective on Blackstone from $181.00 to $173.00 and set a “neutral” rating on the stock in a report on Thursday. Dbs Bank raised Blackstone to a “moderate buy” rating in a research report on Tuesday, August 12th. The Goldman Sachs Group lifted their target price on Blackstone from $172.00 to $173.00 and gave the company a “neutral” rating in a research report on Friday, October 3rd. TD Cowen dropped their target price on Blackstone from $215.00 to $208.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, BMO Capital Markets initiated coverage on Blackstone in a research report on Friday, October 3rd. They issued an “outperform” rating and a $190.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $179.00.

Insider Buying and Selling at Blackstone

In related news, Director Joseph Baratta sold 113,000 shares of the business’s stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $175.69, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Private Multi-Asset Blackstone bought 2,538,071 shares of the firm’s stock in a transaction that occurred on Monday, September 22nd. The shares were acquired at an average cost of $25.61 per share, for a total transaction of $64,999,998.31. Following the completion of the acquisition, the insider directly owned 7,506,209 shares in the company, valued at $192,234,012.49. The trade was a 51.09% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders acquired 3,727,877 shares of company stock worth $95,046,625 and sold 16,984,634 shares worth $155,181,346. 1.00% of the stock is owned by insiders.

Blackstone Stock Down 1.2%

NYSE:BX opened at $160.52 on Friday. The firm has a market capitalization of $118.32 billion, a price-to-earnings ratio of 43.15, a price-to-earnings-growth ratio of 1.32 and a beta of 1.77. Blackstone Inc. has a twelve month low of $115.66 and a twelve month high of $200.96. The stock’s 50 day moving average price is $172.86 and its two-hundred day moving average price is $154.15. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61.

Blackstone (NYSE:BX) last posted its quarterly earnings results on Thursday, July 24th. The asset manager reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.11. The firm had revenue of $3.07 billion for 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 business’s quarterly revenue was up 32.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.98 EPS. Equities research analysts expect that Blackstone Inc. will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, August 4th were issued a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Monday, August 4th. This is a boost from Blackstone’s previous quarterly dividend of $0.93. Blackstone’s payout ratio is presently 110.75%.

Blackstone Company 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.