Red Door Wealth Management LLC Grows Stock Holdings in Blackstone Inc. (NYSE:BX)

Red Door Wealth Management LLC grew its stake in shares of Blackstone Inc. (NYSE:BX - Free Report) by 25.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,401 shares of the asset manager's stock after purchasing an additional 4,883 shares during the period. Red Door Wealth Management LLC's holdings in Blackstone were worth $3,411,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Meiji Yasuda Asset Management Co Ltd. grew its stake in Blackstone by 0.5% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,426 shares of the asset manager's stock worth $1,970,000 after purchasing an additional 62 shares during the period. Sound View Wealth Advisors Group LLC grew its holdings in Blackstone by 0.9% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 8,110 shares of the asset manager's stock worth $1,398,000 after purchasing an additional 74 shares during the period. Ascent Group LLC lifted its holdings in shares of Blackstone by 0.9% during the fourth quarter. Ascent Group LLC now owns 8,522 shares of the asset manager's stock valued at $1,469,000 after purchasing an additional 74 shares during the last quarter. Global Assets Advisory LLC grew its stake in shares of Blackstone by 1.9% in the 4th quarter. Global Assets Advisory LLC now owns 4,013 shares of the asset manager's stock worth $697,000 after buying an additional 75 shares during the last quarter. Finally, Aptus Capital Advisors LLC increased its holdings in shares of Blackstone by 0.9% during the fourth quarter. Aptus Capital Advisors LLC now owns 8,466 shares of the asset manager's stock valued at $1,460,000 after acquiring an additional 78 shares in the last quarter. 70.00% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Blackstone news, Director Ruth Porat purchased 237 shares of Blackstone stock in a transaction dated Monday, May 5th. The shares were acquired at an average cost of $136.33 per share, with a total value of $32,310.21. Following the completion of the transaction, the director owned 37,067 shares in the company, valued at approximately $5,053,344.11. This trade represents a 0.64% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Private Credit Stra Blackstone bought 1,660,000 shares of the company's stock in a transaction that occurred on Thursday, May 1st. The shares were acquired at an average price of $15.00 per share, for a total transaction of $24,900,000.00. Following the completion of the purchase, the insider owned 1,666,667 shares in the company, valued at $25,000,005. The trade was a 24,898.76% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.00% of the stock is owned by company insiders.

Blackstone Trading Down 0.1%

Shares of NYSE:BX traded down $0.22 on Wednesday, hitting $152.55. 1,732,532 shares of the company's stock were exchanged, compared to its average volume of 3,839,073. The stock has a market capitalization of $111.31 billion, a price-to-earnings ratio of 45.94, a price-to-earnings-growth ratio of 1.37 and a beta of 1.65. Blackstone Inc. has a 12 month low of $115.66 and a 12 month high of $200.96. The business's 50 day simple moving average is $139.81 and its two-hundred day simple moving average is $151.83. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.75 and a quick ratio of 0.75.

Blackstone (NYSE:BX - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The asset manager reported $1.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.22 by ($0.13). Blackstone had a net margin of 19.83% and a return on equity of 19.84%. The firm had revenue of $2.76 billion during the quarter, compared to analysts' expectations of $2.95 billion. During the same quarter in the previous year, the firm posted $0.98 EPS. Analysts anticipate that Blackstone Inc. will post 5.87 EPS for the current fiscal year.

Blackstone Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Monday, April 28th were given a $0.93 dividend. The ex-dividend date was Monday, April 28th. This represents a $3.72 annualized dividend and a dividend yield of 2.44%. Blackstone's payout ratio is presently 112.05%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BX. Barclays raised their price objective on shares of Blackstone from $129.00 to $136.00 and gave the company an "equal weight" rating in a research note on Monday, April 21st. Piper Sandler lifted their price objective on Blackstone from $140.00 to $157.00 and gave the stock a "neutral" rating in a report on Wednesday. TD Cowen reduced their price target on shares of Blackstone from $233.00 to $147.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Bank of America cut their target price on shares of Blackstone from $219.00 to $207.00 and set a "buy" rating for the company in a research report on Friday, April 4th. Finally, Citizens Jmp upgraded Blackstone from a "market perform" rating to an "outperform" rating and set a $165.00 price target on the stock in a research note on Tuesday, April 8th. Ten investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Blackstone has a consensus rating of "Hold" and a consensus target price of $156.65.

About Blackstone

Blackstone Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.