Turtle Creek Wealth Advisors LLC Has $3.83 Million Holdings in Blackstone Inc. $BX

Key Points

• Turtle Creek Wealth Advisors LLC increased its stake in Blackstone Inc. by 83.1% in the second quarter, owning 25,607 shares valued at approximately $3.83 million.
• Blackstone recently reported an earnings per share (EPS) of $0.97 for the quarter and announced a dividend increase to $1.03 per share, marking a yield of 2.5%.
• Research analysts have given Blackstone a consensus rating of "Moderate Buy" with an average price target of $180.33, amidst varying price target adjustments from several firms.

Turtle Creek Wealth Advisors LLC boosted its holdings in shares of Blackstone Inc. (NYSE:BX - Free Report) by 83.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 25,607 shares of the asset manager's stock after acquiring an additional 11,625 shares during the quarter. Turtle Creek Wealth Advisors LLC's holdings in Blackstone were worth $3,830,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. 1248 Management LLC purchased a new stake in shares of Blackstone during the 1st quarter worth about $25,000. von Borstel & Associates Inc. purchased a new stake in shares of Blackstone during the 1st quarter worth about $28,000. Wealth Preservation Advisors LLC purchased a new stake in shares of Blackstone during the 1st quarter worth about $28,000. Anderson Financial Strategies LLC purchased a new stake in shares of Blackstone during the 1st quarter worth about $28,000. Finally, Family CFO Inc purchased a new stake in shares of Blackstone during the 2nd quarter worth about $28,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Blackstone Stock Performance

BX opened at $163.92 on Thursday. The firm has a market capitalization of $120.83 billion, a P/E ratio of 44.07, a price-to-earnings-growth ratio of 1.34 and a beta of 1.77. The stock's 50 day moving average price is $172.11 and its two-hundred day moving average price is $154.56. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61. Blackstone Inc. has a 12-month low of $115.66 and a 12-month high of $200.96.

Blackstone (NYSE:BX - Get Free Report) last released its earnings results on Friday, November 22nd. The asset manager reported $0.97 earnings per share (EPS) for the quarter. The firm had revenue of $2.49 billion for the quarter. Blackstone had a return on equity of 20.47% and a net margin of 20.83%. On average, equities analysts forecast that Blackstone Inc. will post 5.87 earnings per share for the current year.

Blackstone Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 11th. Stockholders of record on Monday, August 4th were issued a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Monday, August 4th. This is a boost from Blackstone's previous quarterly dividend of $0.93. Blackstone's payout ratio is 110.75%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on BX shares. BNP Paribas Exane raised their price target on Blackstone from $166.00 to $178.00 and gave the stock a "neutral" rating in a research note on Monday, September 29th. Keefe, Bruyette & Woods cut their price objective on Blackstone from $180.00 to $171.00 and set a "market perform" rating on the stock in a research note on Monday. Deutsche Bank Aktiengesellschaft cut their price objective on Blackstone from $194.00 to $188.00 and set a "buy" rating on the stock in a research note on Thursday, October 9th. Piper Sandler cut their price objective on Blackstone from $181.00 to $173.00 and set a "neutral" rating on the stock in a research note on Thursday, October 9th. Finally, The Goldman Sachs Group raised their price objective on Blackstone from $172.00 to $173.00 and gave the company a "neutral" rating in a research note on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat, Blackstone presently has a consensus rating of "Moderate Buy" and an average price target of $180.33.

Insider Activity at Blackstone

In other news, insider Vikrant Sawhney sold 50,850 shares of Blackstone stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $173.64, for a total transaction of $8,829,594.00. Following the sale, the insider owned 737,248 shares of the company's stock, valued at approximately $128,015,742.72. This trade represents a 6.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph Baratta sold 113,000 shares of Blackstone stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $175.69, for a total value of $19,852,970.00. Following the sale, the director directly owned 695,757 shares in the company, valued at $122,237,547.33. The trade was a 13.97% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have acquired 3,727,877 shares of company stock worth $95,046,625 and have sold 16,984,634 shares worth $155,181,346. 1.00% of the stock is owned by company insiders.

Blackstone Company 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.

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