Tempo Wealth LLC Buys Shares of 6,967 Blackstone Inc. $BX

Tempo Wealth LLC purchased a new position in shares of Blackstone Inc. (NYSE:BX) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 6,967 shares of the asset manager’s stock, valued at approximately $1,074,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Redmont Wealth Advisors LLC acquired a new position in shares of Blackstone in the 3rd quarter valued at $30,000. Strive Asset Management LLC purchased a new stake in Blackstone in the 3rd quarter valued at about $30,000. Family CFO Inc acquired a new position in Blackstone in the fourth quarter valued at about $28,000. Ares Financial Consulting LLC acquired a new stake in shares of Blackstone during the fourth quarter valued at about $28,000. Finally, Richardson Financial Services Inc. purchased a new stake in shares of Blackstone in the 4th quarter valued at approximately $29,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Morgan Stanley dropped their target price on shares of Blackstone from $215.00 to $184.00 and set an “overweight” rating for the company in a report on Tuesday, April 21st. JPMorgan Chase & Co. lowered their price target on Blackstone from $142.00 to $136.00 and set a “neutral” rating for the company in a research report on Friday, April 24th. Evercore reiterated an “outperform” rating and issued a $150.00 price objective on shares of Blackstone in a report on Tuesday, April 21st. Weiss Ratings cut Blackstone from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, May 4th. Finally, Royal Bank Of Canada started coverage on shares of Blackstone in a research note on Monday, June 8th. They set an “outperform” rating on the stock. Thirteen research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat.com, Blackstone has a consensus rating of “Moderate Buy” and an average target price of $150.86.

Insider Activity

In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $3.78, for a total value of $28,264,950.00. Following the sale, the insider directly owned 19,374 shares of the company’s stock, valued at approximately $73,233.72. This represents a 99.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Vikrant Sawhney sold 30,014 shares of Blackstone stock in a transaction on Friday, May 1st. The stock was sold at an average price of $125.79, for a total transaction of $3,775,461.06. Following the sale, the insider directly owned 899,669 shares of the company’s stock, valued at approximately $113,169,363.51. This trade represents a 3.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders purchased 9,487,234 shares of company stock valued at $189,789,892. 1.00% of the stock is currently owned by company insiders.

Blackstone Trading Down 1.0%

NYSE:BX opened at $123.78 on Friday. The stock has a fifty day moving average price of $120.98 and a 200 day moving average price of $130.40. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.66. Blackstone Inc. has a 12-month low of $101.73 and a 12-month high of $190.09. The firm 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.

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

Blackstone Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were paid a $1.16 dividend. The ex-dividend date 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%.

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.