Blackstone Inc. $BX Shares Purchased by Turtle Creek Wealth Advisors LLC

Turtle Creek Wealth Advisors LLC raised its holdings in Blackstone Inc. (NYSE:BX) by 35.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 56,803 shares of the asset manager’s stock after acquiring an additional 14,981 shares during the quarter. Turtle Creek Wealth Advisors LLC’s holdings in Blackstone were worth $6,532,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in BX. Redwood Financial Network Corp lifted its stake in shares of Blackstone by 1.8% in the second quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager’s stock valued at $537,000 after purchasing an additional 65 shares during the period. Benchmark Financial Wealth Advisors LLC increased its holdings in Blackstone by 0.9% in the fourth quarter. Benchmark Financial Wealth Advisors LLC now owns 7,748 shares of the asset manager’s stock valued at $1,194,000 after buying an additional 69 shares in the last quarter. Parcion Private Wealth LLC lifted its position in shares of Blackstone by 0.6% during the 4th quarter. Parcion Private Wealth LLC now owns 10,935 shares of the asset manager’s stock valued at $1,686,000 after acquiring an additional 70 shares during the period. Trivium Point Advisory LLC boosted its stake in shares of Blackstone by 2.6% during the 4th quarter. Trivium Point Advisory LLC now owns 2,713 shares of the asset manager’s stock worth $418,000 after acquiring an additional 70 shares in the last quarter. Finally, Zacks Investment Management increased its stake in Blackstone by 2.1% in the 3rd quarter. Zacks Investment Management now owns 3,453 shares of the asset manager’s stock valued at $590,000 after purchasing an additional 71 shares in the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Blackstone Trading Up 2.7%

Blackstone stock opened at $122.73 on Friday. The stock has a 50-day moving average price of $119.82 and a 200 day moving average price of $128.06. Blackstone Inc. has a 52 week low of $101.73 and a 52 week high of $190.09. The stock has a market cap of $91.17 billion, a PE ratio of 31.39, a P/E/G ratio of 1.30 and a beta of 1.58. 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 (NYSE:BX) last released its 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. The company had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.45 billion. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The firm’s quarterly revenue was up 10.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.11 EPS. Equities research analysts predict that Blackstone Inc. will post 5.9 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, May 4th were paid a $1.16 dividend. This represents a $4.64 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Monday, May 4th. Blackstone’s payout ratio is presently 118.67%.

Insider Buying and Selling

In related news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the company’s stock in a transaction 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 completion of the transaction, the insider directly owned 19,374 shares in the company, valued at approximately $73,233.72. This represents a 99.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Private Multi-Asset Blackstone purchased 765,111 shares of the firm’s stock in a transaction on Tuesday, June 23rd. The stock was acquired at an average cost of $26.14 per share, for a total transaction of $20,000,001.54. Following the completion of the purchase, the insider owned 7,882,145 shares in the company, valued at $206,039,270.30. The trade was a 10.75% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired a total of 10,252,345 shares of company stock worth $209,789,893 in the last three months. 1.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

BX has been the topic of a number of research analyst reports. Barclays decreased their target price on Blackstone from $126.00 to $124.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 8th. The Goldman Sachs Group decreased their price objective on shares of Blackstone from $116.00 to $114.00 and set a “neutral” rating on the stock in a research report on Tuesday. Royal Bank Of Canada initiated coverage on shares of Blackstone in a report on Monday, June 8th. They set an “outperform” rating for the company. Evercore restated an “outperform” rating and set a $150.00 target price on shares of Blackstone in a research report on Tuesday, April 21st. Finally, Sanford C. Bernstein initiated coverage on shares of Blackstone in a research report on Monday, June 8th. They issued an “outperform” rating on the stock. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $149.36.

Blackstone Company Profile

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.