TCTC Holdings LLC Has $3.66 Million Stake in Blackstone Inc. $BX

TCTC Holdings LLC cut its position in Blackstone Inc. (NYSE:BX - Free Report) by 42.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,766 shares of the asset manager's stock after selling 17,631 shares during the quarter. TCTC Holdings LLC's holdings in Blackstone were worth $3,663,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Family CFO Inc bought a new stake in Blackstone during the fourth quarter worth $28,000. Ares Financial Consulting LLC acquired a new position in shares of Blackstone during the 4th quarter worth $28,000. Richardson Financial Services Inc. acquired a new stake in Blackstone in the fourth quarter valued at about $29,000. Redmont Wealth Advisors LLC acquired a new position in Blackstone during the third quarter worth about $30,000. Finally, Strive Asset Management LLC acquired a new stake in shares of Blackstone in the 3rd quarter valued at approximately $30,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Blackstone Stock Up 1.9%

Shares of BX opened at $120.67 on Friday. The stock's 50-day moving average price is $119.81 and its two-hundred day moving average price is $131.09. Blackstone Inc. has a 12 month low of $101.73 and a 12 month high of $190.09. The company has a market capitalization of $89.65 billion, a PE ratio of 30.86, a PEG ratio of 1.29 and a beta of 1.59. 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 - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The asset manager reported $1.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.34 by $0.02. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.The company had revenue of $3.43 billion during the quarter, compared to the consensus estimate of $3.45 billion. During the same period last year, the company earned $1.11 earnings per share. The firm's revenue was up 10.0% compared to the same quarter last year. On average, analysts anticipate that Blackstone Inc. will post 5.9 EPS for the current year.

Blackstone Cuts Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on BX shares. Weiss Ratings cut shares of Blackstone from a "hold (c)" rating to a "hold (c-)" rating in a research report on Monday, May 4th. Evercore reiterated an "outperform" rating and set a $150.00 price target on shares of Blackstone in a report on Tuesday, April 21st. Sanford C. Bernstein initiated coverage on Blackstone in a report on Monday. They set an "outperform" rating on the stock. BMO Capital Markets upped their target price on Blackstone from $126.00 to $132.00 and gave the stock an "outperform" rating in a report on Monday, April 13th. Finally, Jefferies Financial Group lifted their price target on Blackstone from $143.00 to $152.00 and gave the company a "buy" rating in a research note on Tuesday, May 12th. Thirteen investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $150.86.

Insider Buying and Selling at Blackstone

In other news, Director Ruth Porat bought 355 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was acquired at an average price of $123.04 per share, with a total value of $43,679.20. Following the completion of the purchase, the director directly owned 41,818 shares of the company's stock, valued at approximately $5,145,286.72. This represents a 0.86% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Treasury Holdings I. Blackstone purchased 9,486,795 shares of the business's stock in a transaction on Friday, May 15th. The shares were purchased at an average cost of $20.00 per share, for a total transaction of $189,735,900.00. Following the transaction, the insider directly owned 9,111,800 shares of the company's stock, valued at approximately $182,236,000. The trade was a -2,529.85% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 12,355,303 shares of company stock valued at $264,789,896 over the last three months. 1.00% of the stock is currently owned by corporate insiders.

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.

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