Turtle Creek Wealth Advisors LLC Boosts Stock Holdings in Blackstone Inc. $BX

Turtle Creek Wealth Advisors LLC increased its stake in shares of Blackstone Inc. (NYSE:BX) by 68.3% in the 3rd quarter, HoldingsChannel reports. 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 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Perigon Wealth Management LLC lifted its stake in Blackstone by 3.2% during the second quarter. Perigon Wealth Management LLC now owns 62,484 shares of the asset manager’s stock worth $9,346,000 after purchasing an additional 1,949 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Blackstone by 2.2% during the 2nd quarter. Vanguard Group Inc. now owns 69,492,377 shares of the asset manager’s stock worth $10,394,670,000 after buying an additional 1,494,796 shares during the last quarter. Redmond Asset Management LLC grew its position in shares of Blackstone by 21.2% in the 2nd quarter. Redmond Asset Management LLC now owns 18,785 shares of the asset manager’s stock valued at $2,810,000 after buying an additional 3,281 shares during the last quarter. Bourgeon Capital Management LLC acquired a new position in Blackstone in the second quarter valued at $423,000. Finally, Longfellow Investment Management Co. LLC increased its position in shares of Blackstone by 259.8% during the second quarter. Longfellow Investment Management Co. LLC now owns 22,160 shares of the asset manager’s stock worth $3,315,000 after purchasing an additional 16,001 shares in the last quarter. 70.00% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BX has been the topic of a number of research reports. Piper Sandler dropped their price target on Blackstone from $173.00 to $168.00 and set a “neutral” rating on the stock in a research note on Friday, October 24th. TD Cowen decreased their price target on shares of Blackstone from $205.00 to $183.00 and set a “buy” rating for the company in a research note on Wednesday, January 14th. JPMorgan Chase & Co. reduced their target price on shares of Blackstone from $177.00 to $176.00 and set a “neutral” rating for the company in a report on Friday, October 24th. Jefferies Financial Group dropped their price target on Blackstone from $187.00 to $185.00 and set a “buy” rating on the stock in a research report on Thursday, January 8th. Finally, HSBC decreased their price objective on Blackstone from $179.00 to $178.00 in a research report on Monday, October 27th. Ten analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $177.25.

Insider Activity at Blackstone

In other news, Director Ruth Porat bought 324 shares of the firm’s stock in a transaction on Monday, November 10th. The shares were bought at an average cost of $146.92 per share, for a total transaction of $47,602.08. Following the completion of the transaction, the director owned 39,077 shares in the company, valued at $5,741,192.84. This trade represents a 0.84% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James Breyer purchased 13,900 shares of the company’s stock in a transaction dated Tuesday, November 4th. The stock was purchased at an average price of $143.86 per share, with a total value of $1,999,654.00. Following the transaction, the director owned 68,906 shares of the company’s stock, valued at approximately $9,912,817.16. This represents a 25.27% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 797,148 shares of company stock valued at $24,050,153 in the last 90 days. Insiders own 1.00% of the company’s stock.

Blackstone Stock Up 1.8%

BX opened at $163.67 on Tuesday. The business has a 50 day simple moving average of $151.41 and a 200-day simple moving average of $161.43. Blackstone Inc. has a 12 month low of $115.66 and a 12 month high of $190.09. The stock has a market capitalization of $120.86 billion, a P/E ratio of 46.76, a P/E/G ratio of 1.15 and a beta of 1.75. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.75 and a quick ratio of 0.75.

Blackstone (NYSE:BX) last released its quarterly earnings data on Thursday, October 23rd. The asset manager reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.29. Blackstone had a return on equity of 22.30% and a net margin of 20.56%.The firm had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.14 billion. During the same quarter in the prior year, the business posted $1.02 earnings per share. Blackstone’s revenue was down 15.7% compared to the same quarter last year. On average, equities analysts anticipate that Blackstone Inc. will post 5.87 earnings per share for the current fiscal 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 dividend of $1.29 per share. The ex-dividend date was Monday, November 3rd. This is an increase from Blackstone’s previous quarterly dividend of $1.03. This represents a $5.16 annualized dividend and a yield of 3.2%. Blackstone’s dividend payout ratio (DPR) 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.