Texas Capital Bank Wealth Management Services Inc Buys New Holdings in Blackstone Inc. $BX

Texas Capital Bank Wealth Management Services Inc purchased a new position in shares of Blackstone Inc. (NYSE:BX) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,639 shares of the asset manager’s stock, valued at approximately $546,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Banco BTG Pactual S.A. acquired a new position in shares of Blackstone during the 2nd quarter worth approximately $310,000. Buckland Partners Management Co LLC acquired a new position in shares of Blackstone in the second quarter valued at $1,177,000. UNIVEST FINANCIAL Corp bought a new position in shares of Blackstone in the second quarter valued at about $3,577,000. Conway Capital Management Inc. acquired a new stake in shares of Blackstone during the 2nd quarter worth about $2,786,000. Finally, Focused Alpha LLC acquired a new position in Blackstone in the 2nd quarter valued at about $1,101,000. 70.00% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BX. Deutsche Bank Aktiengesellschaft began coverage on shares of Blackstone in a research report on Monday, June 8th. They set a “buy” rating for the company. BNP Paribas Exane dropped their price target on Blackstone from $126.00 to $125.00 and set a “neutral” rating for the company in a report on Tuesday, June 30th. Jefferies Financial Group boosted 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. Citizens Jmp lowered their price objective on Blackstone from $190.00 to $165.00 and set a “market outperform” rating on the stock in a research report on Thursday, July 9th. Finally, Oppenheimer upped their price target on shares of Blackstone from $139.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Thirteen equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $147.95.

Blackstone Stock Down 2.1%

NYSE BX opened at $140.87 on Tuesday. The business has a fifty day moving average price of $127.05 and a two-hundred day moving average price of $122.45. The stock has a market capitalization of $105.74 billion, a PE ratio of 31.51, a PEG ratio of 1.60 and a beta of 1.56. Blackstone Inc. has a fifty-two week low of $101.73 and a fifty-two week high of $190.09. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.72 and a quick ratio of 0.72.

Blackstone (NYSE:BX) last announced its quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.18. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The company had revenue of $5.04 billion for the quarter, compared to analyst estimates of $3.42 billion. During the same period in the previous year, the firm posted $0.98 EPS. The firm’s revenue was up 35.9% on a year-over-year basis. Equities analysts expect that Blackstone Inc. will post 6 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Monday, August 3rd were issued a dividend of $1.29 per share. This is a positive change from Blackstone’s previous quarterly dividend of $1.16. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $5.16 annualized dividend and a dividend yield of 3.7%. Blackstone’s dividend payout ratio (DPR) is 115.44%.

Insider Activity at Blackstone

In related news, insider Vikrant Sawhney sold 30,000 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $135.55, for a total value of $4,066,500.00. Following the completion of the sale, the insider directly owned 869,669 shares in the company, valued at $117,883,632.95. This represents a 3.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Private Multi-Asset Blackstone acquired 573,614 shares of the stock in a transaction dated Thursday, July 23rd. The shares were bought at an average price of $26.15 per share, with a total value of $15,000,006.10. Following the completion of the transaction, the insider directly owned 8,455,758 shares of the company’s stock, valued at $221,118,071.70. The trade was a 7.28% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders purchased 1,339,180 shares of company stock valued at $35,062,433 and sold 7,562,000 shares valued at $40,331,085. 1.00% of the stock is currently owned by company insiders.

Blackstone Company 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.