Turtle Creek Wealth Advisors LLC Acquires Shares of 13,982 Blackstone Inc. (NYSE:BX)

Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Blackstone Inc. (NYSE:BX - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 13,982 shares of the asset manager's stock, valued at approximately $1,954,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Blackstone in the 4th quarter worth approximately $974,448,000. Capital Research Global Investors acquired a new stake in shares of Blackstone in the 4th quarter worth approximately $239,837,000. GAMMA Investing LLC lifted its stake in shares of Blackstone by 14,608.6% in the 1st quarter. GAMMA Investing LLC now owns 1,322,598 shares of the asset manager's stock worth $184,873,000 after acquiring an additional 1,313,606 shares during the period. Vanguard Group Inc. lifted its stake in Blackstone by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 66,894,632 shares of the asset manager's stock valued at $11,533,972,000 after purchasing an additional 889,286 shares during the last quarter. Finally, FMR LLC lifted its stake in Blackstone by 38.8% during the fourth quarter. FMR LLC now owns 2,990,238 shares of the asset manager's stock valued at $515,577,000 after purchasing an additional 835,170 shares during the last quarter. Institutional investors own 70.00% of the company's stock.

Wall Street Analyst Weigh In

BX has been the subject of several recent research reports. Wells Fargo & Company increased their target price on shares of Blackstone from $153.00 to $167.00 and gave the company an "equal weight" rating in a research note on Friday, July 11th. Keefe, Bruyette & Woods reduced their price target on shares of Blackstone from $141.00 to $139.00 and set a "market perform" rating for the company in a research report on Tuesday, April 22nd. UBS Group reduced their price target on shares of Blackstone from $180.00 to $175.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Bank of America reduced their price target 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, Citigroup upped their price target on shares of Blackstone from $137.00 to $160.00 and gave the company a "neutral" rating in a research report on Thursday, July 10th. Ten research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $162.18.

Blackstone Stock Up 3.9%

Shares of BX traded up $6.30 during mid-day trading on Wednesday, hitting $166.10. 5,636,985 shares of the company's stock were exchanged, compared to its average volume of 3,889,397. Blackstone Inc. has a twelve month low of $115.66 and a twelve month high of $200.96. The firm has a fifty day moving average of $144.75 and a two-hundred day moving average of $150.62. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.67. The stock has a market cap of $121.19 billion, a price-to-earnings ratio of 50.03, a P/E/G ratio of 1.47 and a beta of 1.65.

Blackstone (NYSE:BX - Get Free Report) last posted its 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 analyst estimates of $2.95 billion. During the same quarter in the previous year, the business posted $0.98 earnings per share. On average, sell-side analysts forecast that Blackstone Inc. will post 5.87 earnings per share for the current year.

Blackstone Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Monday, April 28th were issued a $0.93 dividend. This represents a $3.72 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend was Monday, April 28th. Blackstone's dividend payout ratio (DPR) is presently 112.05%.

Insider Buying and Selling at Blackstone

In other Blackstone news, Director Ruth Porat acquired 237 shares of Blackstone stock in a transaction dated Monday, May 5th. The stock was bought at an average cost of $136.33 per share, with a total value of $32,310.21. Following the acquisition, the director owned 37,067 shares of the company's stock, valued at approximately $5,053,344.11. The trade was a 0.64% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John G. Finley sold 25,000 shares of the firm's stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $138.47, for a total transaction of $3,461,750.00. Following the transaction, the insider directly owned 475,336 shares of the company's stock, valued at $65,819,775.92. The trade was a 5.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company's stock.

Blackstone Profile

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.