Tempo Wealth LLC Buys New Stake in Blackstone Inc. $BX

Tempo Wealth LLC purchased a new stake in Blackstone Inc. (NYSE:BX) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 6,967 shares of the asset manager’s stock, valued at approximately $1,074,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new position in Blackstone during the 4th quarter worth approximately $1,275,747,000. Capital Research Global Investors boosted its holdings in shares of Blackstone by 99.2% in the fourth quarter. Capital Research Global Investors now owns 6,381,767 shares of the asset manager’s stock valued at $983,690,000 after acquiring an additional 3,178,133 shares during the period. Amundi grew its position in shares of Blackstone by 85.6% during the fourth quarter. Amundi now owns 2,709,345 shares of the asset manager’s stock worth $417,620,000 after acquiring an additional 1,249,269 shares during the last quarter. Close Asset Management Ltd raised its position in Blackstone by 16,035.1% in the 3rd quarter. Close Asset Management Ltd now owns 1,140,264 shares of the asset manager’s stock valued at $194,746,000 after purchasing an additional 1,133,197 shares during the last quarter. Finally, Focus Partners Wealth boosted its stake in Blackstone by 476.1% during the 4th quarter. Focus Partners Wealth now owns 1,324,168 shares of the asset manager’s stock worth $204,193,000 after purchasing an additional 1,094,307 shares during the period. Institutional investors and hedge funds own 70.00% of the company’s stock.

Insider Activity at Blackstone

In related news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $3.78, for a total value of $28,264,950.00. Following the sale, the insider owned 19,374 shares in the company, valued at $73,233.72. This represents a 99.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Ruth Porat acquired 355 shares of Blackstone stock in a transaction that occurred on Monday, May 11th. The shares were purchased at an average cost of $123.04 per share, with a total value of $43,679.20. Following the completion of the acquisition, the director owned 41,818 shares of the company’s stock, valued at $5,145,286.72. The trade was a 0.86% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have purchased 9,487,234 shares of company stock valued at $189,789,892. 1.00% of the stock is owned by corporate insiders.

Blackstone Stock Down 1.0%

Blackstone stock opened at $123.78 on Friday. The stock’s 50 day moving average price is $120.98 and its 200 day moving average price is $130.40. Blackstone Inc. has a 1-year low of $101.73 and a 1-year high of $190.09. The company has a market cap of $91.95 billion, a PE ratio of 31.66, a price-to-earnings-growth ratio of 1.36 and a beta of 1.59. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.76 and a quick ratio of 0.76.

Blackstone (NYSE:BX) last released its earnings results on Thursday, April 23rd. The asset manager reported $1.36 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.02. The company had revenue of $3.43 billion during the quarter, compared to the consensus estimate of $3.45 billion. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.Blackstone’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.11 earnings per share. On average, sell-side analysts predict that Blackstone Inc. will post 5.9 EPS for the current fiscal year.

Blackstone Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were issued a dividend of $1.16 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $4.64 dividend on an annualized basis and a yield of 3.7%. Blackstone’s payout ratio is currently 118.67%.

Wall Street Analysts Forecast Growth

BX has been the subject of a number of research reports. The Goldman Sachs Group reduced their target price on shares of Blackstone from $118.00 to $116.00 and set a “neutral” rating for the company in a report on Friday, April 24th. Royal Bank Of Canada started coverage on Blackstone in a research report on Monday, June 8th. They issued an “outperform” rating on the stock. UBS Group decreased their price objective on Blackstone from $171.00 to $137.00 and set a “neutral” rating for the company in a research report on Friday, February 20th. Barclays dropped their target price on Blackstone from $126.00 to $124.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 8th. Finally, Piper Sandler increased their price target on Blackstone from $122.00 to $130.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Thirteen investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $150.86.

About Blackstone

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.