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

Turtle Creek Wealth Advisors LLC grew its position in Blackstone Inc. (NYSE:BX) by 68.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 43,108 shares of the asset manager’s stock after purchasing an additional 17,501 shares during the period. Turtle Creek Wealth Advisors LLC’s holdings in Blackstone were worth $7,365,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Traub Capital Management LLC purchased a new stake in shares of Blackstone in the 2nd quarter valued at $27,000. Family CFO Inc acquired a new position in Blackstone during the second quarter valued at $28,000. Parvin Asset Management LLC acquired a new stake in Blackstone during the 2nd quarter worth about $35,000. Rexford Capital Inc. purchased a new position in shares of Blackstone during the 2nd quarter valued at about $35,000. Finally, RMG Wealth Management LLC purchased a new stake in shares of Blackstone in the second quarter worth about $40,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. UBS Group decreased their price target on Blackstone from $175.00 to $172.00 and set a “neutral” rating for the company in a report on Tuesday, January 13th. Morgan Stanley lifted their price target on Blackstone from $200.00 to $215.00 and gave the company an “overweight” rating in a research note on Tuesday, October 21st. Piper Sandler dropped their price objective on Blackstone from $173.00 to $168.00 and set a “neutral” rating on the stock in a report on Friday, October 24th. The Goldman Sachs Group upped their target price on Blackstone from $173.00 to $174.00 and gave the stock a “neutral” rating in a research note on Friday, October 24th. Finally, TD Cowen cut their price target on shares of Blackstone from $205.00 to $183.00 and set a “buy” rating for the company in a report on Wednesday, January 14th. Ten investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $177.25.

Insider Activity at Blackstone

In related news, Director Ruth Porat acquired 324 shares of the firm’s stock in a transaction dated Monday, November 10th. The shares were purchased at an average cost of $146.92 per share, for a total transaction of $47,602.08. Following the acquisition, the director owned 39,077 shares in the company, valued at $5,741,192.84. The trade was a 0.84% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Holdings Iv Gp Mana Blackstone purchased 384,468 shares of the stock in a transaction dated Friday, December 19th. The shares were purchased at an average price of $26.01 per share, with a total value of $10,000,012.68. Following the completion of the transaction, the insider owned 16,525,117 shares of the company’s stock, valued at approximately $429,818,293.17. This trade represents a 2.38% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired a total of 797,148 shares of company stock valued at $24,050,153 over the last 90 days. Insiders own 1.00% of the company’s stock.

Blackstone Stock Performance

NYSE BX opened at $163.67 on Tuesday. Blackstone Inc. has a fifty-two week low of $115.66 and a fifty-two week high of $190.09. The firm has a market capitalization of $120.86 billion, a P/E ratio of 46.76, a price-to-earnings-growth ratio of 1.15 and a beta of 1.75. The stock’s fifty day moving average is $151.41 and its two-hundred day moving average is $161.43. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.75 and a current ratio of 0.75.

Blackstone (NYSE:BX) last posted its earnings results on Thursday, October 23rd. The asset manager reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.29. The company had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.14 billion. Blackstone had a net margin of 20.56% and a return on equity of 22.30%. Blackstone’s revenue was down 15.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.02 EPS. On average, research analysts anticipate that Blackstone Inc. will post 5.87 earnings per share for the current year.

Blackstone Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 10th. Shareholders of record on Monday, November 3rd were given a $1.29 dividend. The ex-dividend date of this dividend was Monday, November 3rd. This is an increase from Blackstone’s previous quarterly dividend of $1.03. This represents a $5.16 dividend on an annualized basis and a yield of 3.2%. Blackstone’s dividend payout ratio is currently 147.43%.

Blackstone 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.