Red Door Wealth Management LLC Increases Holdings in Blackstone Inc. $BX

Red Door Wealth Management LLC lifted its holdings in shares of Blackstone Inc. (NYSE:BX) by 167.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 87,453 shares of the asset manager’s stock after acquiring an additional 54,771 shares during the period. Blackstone accounts for approximately 1.6% of Red Door Wealth Management LLC’s investment portfolio, making the stock its 15th biggest holding. Red Door Wealth Management LLC’s holdings in Blackstone were worth $14,941,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in BX. Traub Capital Management LLC acquired a new position in shares of Blackstone in the 2nd quarter valued at $27,000. 1248 Management LLC purchased a new stake in Blackstone in the first quarter valued at $25,000. Family CFO Inc purchased a new position in shares of Blackstone during the second quarter worth about $28,000. Wealth Preservation Advisors LLC acquired a new stake in shares of Blackstone during the first quarter worth about $28,000. Finally, Anderson Financial Strategies LLC acquired a new stake in shares of Blackstone in the 1st quarter valued at about $28,000. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Blackstone Stock Down 1.4%

Shares of NYSE:BX opened at $151.61 on Friday. The company has a market cap of $111.95 billion, a price-to-earnings ratio of 43.32, a PEG ratio of 1.21 and a beta of 1.76. Blackstone Inc. has a fifty-two week low of $115.66 and a fifty-two week high of $190.09. The firm’s 50-day simple moving average is $149.46 and its 200-day simple moving average is $159.15. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.60.

Blackstone (NYSE:BX) last announced its quarterly earnings data on Friday, November 22nd. The asset manager reported $0.97 EPS for the quarter. The firm had revenue of $2.49 billion during the quarter. Blackstone had a net margin of 20.56% and a return on equity of 22.30%. As a group, equities research analysts predict that Blackstone Inc. will post 5.87 earnings per share for the current year.

Blackstone Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 10th. Shareholders of record on Monday, November 3rd were given a $1.29 dividend. The ex-dividend date was Monday, November 3rd. This is a positive change from Blackstone’s previous quarterly dividend of $1.03. This represents a $5.16 annualized dividend and a yield of 3.4%. Blackstone’s dividend payout ratio (DPR) is currently 147.43%.

Analysts Set New Price Targets

Several research firms have commented on BX. Bank of America cut their price target on Blackstone from $199.00 to $189.00 in a research report on Wednesday, December 10th. JMP Securities reiterated a “market outperform” rating and issued a $195.00 price target on shares of Blackstone in a research report on Friday, October 24th. The Goldman Sachs Group raised their price objective on shares of Blackstone from $173.00 to $174.00 and gave the stock a “neutral” rating in a research report on Friday, October 24th. Evercore ISI reduced their target price on shares of Blackstone from $197.00 to $180.00 and set an “outperform” rating for the company in a report on Wednesday, October 22nd. Finally, Piper Sandler dropped their price target on Blackstone from $173.00 to $168.00 and set a “neutral” rating on the stock in a research report on Friday, October 24th. Ten research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $179.95.

Insider Activity at Blackstone

In related news, Director Ruth Porat bought 324 shares of the stock in a transaction on Monday, November 10th. The shares were bought at an average cost of $146.92 per share, for a total transaction of $47,602.08. Following the completion of the transaction, the director owned 39,077 shares of the company’s stock, valued at $5,741,192.84. This represents a 0.84% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Tactical Opportunit Blackstone sold 1,596,142 shares of the business’s stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $10.00, for a total value of $15,961,420.00. Following the sale, the insider directly owned 2,161 shares in the company, valued at $21,610. This trade represents a 99.86% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders bought 2,950,751 shares of company stock worth $79,050,138. 1.00% of the stock is currently owned by 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.