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

Key Points

• Turtle Creek Wealth Advisors increased its Blackstone stake by 35.8% in the first quarter, buying 14,981 additional shares and bringing its total holdings to 56,803 shares worth about $6.53 million.
• Blackstone reported better-than-expected quarterly earnings of $1.36 per share, while revenue rose 10% year over year to $3.43 billion, though revenue slightly missed analyst estimates.
• The company also drew attention for its dividend and ownership trends: it paid a $1.16 quarterly dividend, carries a 3.8% yield, and saw strong insider and institutional buying, with hedge funds and other institutions owning about 70% of the stock.

Turtle Creek Wealth Advisors LLC raised its position in Blackstone Inc. (NYSE:BX - Free Report) by 35.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 56,803 shares of the asset manager's stock after purchasing 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 SEC filing.

Several other institutional investors have also recently made changes to their positions in BX. Jain Global LLC acquired a new position in Blackstone during the third quarter worth $9,116,000. Fayez Sarofim & Co lifted its stake in Blackstone by 1.9% during the 3rd quarter. Fayez Sarofim & Co now owns 1,270,608 shares of the asset manager's stock worth $217,083,000 after acquiring an additional 24,237 shares in the last quarter. Natixis Advisors LLC grew its position in Blackstone by 20.4% in the 3rd quarter. Natixis Advisors LLC now owns 840,401 shares of the asset manager's stock valued at $143,582,000 after acquiring an additional 142,479 shares in the last quarter. Mackenzie Financial Corp increased its stake in Blackstone by 2.1% during the third quarter. Mackenzie Financial Corp now owns 904,237 shares of the asset manager's stock worth $154,489,000 after purchasing an additional 18,339 shares during the period. Finally, B. Metzler seel. Sohn & Co. AG boosted its stake in shares of Blackstone by 275.2% in the third quarter. B. Metzler seel. Sohn & Co. AG now owns 108,374 shares of the asset manager's stock valued at $18,516,000 after purchasing an additional 79,491 shares during the period. Hedge funds and other institutional investors own 70.00% of the company's stock.

Blackstone Stock Up 2.7%

BX stock opened at $122.73 on Friday. The company has a market cap of $91.17 billion, a price-to-earnings ratio of 31.39, a price-to-earnings-growth ratio of 1.30 and a beta of 1.58. The company has a fifty day moving average price of $119.82 and a 200 day moving average price of $128.06. 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 Inc. has a 12 month low of $101.73 and a 12 month high of $190.09.

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

Blackstone Cuts Dividend

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

Analysts Set New Price Targets

Several brokerages recently weighed in on BX. Royal Bank Of Canada began coverage on shares of Blackstone in a research note on Monday, June 8th. They set an "outperform" rating on the stock. Piper Sandler upped their price objective on Blackstone from $122.00 to $130.00 and gave the stock a "neutral" rating in a research report on Monday, April 27th. Rothschild & Co Redburn decreased their target price on Blackstone from $134.00 to $130.00 and set a "neutral" rating for the company in a report on Tuesday, June 9th. Citizens Jmp cut their target price on shares of Blackstone from $195.00 to $190.00 and set a "market outperform" rating on the stock in a research note on Wednesday, April 22nd. Finally, TD Cowen decreased their price target on Blackstone from $140.00 to $133.00 and set a "buy" rating for the company in a report on Monday, May 18th. Thirteen research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $149.36.

Insider Buying and Selling

In other news, major shareholder Private Multi-Asset Blackstone acquired 765,111 shares of the company's stock in a transaction on Tuesday, June 23rd. The shares were bought at an average cost of $26.14 per share, with a total value of $20,000,001.54. Following the purchase, the insider owned 7,882,145 shares of the company's stock, valued at $206,039,270.30. This represents a 10.75% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ruth Porat bought 355 shares of Blackstone stock in a transaction dated Monday, May 11th. The stock was purchased at an average price of $123.04 per share, with a total value of $43,679.20. Following the purchase, the director directly owned 41,818 shares in the company, valued at approximately $5,145,286.72. This trade represents a 0.86% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders bought 10,252,345 shares of company stock worth $209,789,893. 1.00% of the stock is currently owned by insiders.

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.

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