Griffin Asset Management Inc. boosted its holdings in shares of Blackstone Inc. (NYSE:BX – Free Report) by 6.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,759 shares of the asset manager’s stock after buying an additional 5,068 shares during the period. Blackstone makes up 1.5% of Griffin Asset Management Inc.’s holdings, making the stock its 22nd largest position. Griffin Asset Management Inc.’s holdings in Blackstone were worth $13,527,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the business. Jain Global LLC purchased a new position in Blackstone in the 3rd quarter valued at about $9,116,000. Fayez Sarofim & Co increased its stake in Blackstone by 1.9% during the 3rd quarter. Fayez Sarofim & Co now owns 1,270,608 shares of the asset manager’s stock worth $217,083,000 after buying an additional 24,237 shares in the last quarter. Natixis Advisors LLC lifted its position in shares of Blackstone by 20.4% in the third quarter. Natixis Advisors LLC now owns 840,401 shares of the asset manager’s stock valued at $143,582,000 after acquiring an additional 142,479 shares in the last quarter. Close Asset Management Ltd boosted its stake in shares of Blackstone by 16,035.1% in the third quarter. Close Asset Management Ltd now owns 1,140,264 shares of the asset manager’s stock worth $194,746,000 after acquiring an additional 1,133,197 shares during the last quarter. Finally, Whittier Trust Co. increased its position in shares of Blackstone by 2.1% during the third quarter. Whittier Trust Co. now owns 346,318 shares of the asset manager’s stock worth $58,337,000 after purchasing an additional 7,053 shares in the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.
Blackstone News Roundup
Here are the key news stories impacting Blackstone this week:
- Positive Sentiment: Blackstone and Google launched a joint venture to create a new AI cloud company centered on Google’s Tensor Processing Units, expanding Blackstone’s exposure to AI infrastructure growth. Blackstone Announces Joint Venture with Google to Create New TPU Cloud
- Positive Sentiment: Reports say Blackstone is committing $5 billion of equity to the venture, signaling a major investment in AI compute capacity and a potential new earnings growth avenue. Blackstone and Google form AI infrastructure joint venture focused on TPU cloud expansion
- Positive Sentiment: Market commentary suggests the Google deal is strengthening Blackstone’s competitive position in AI infrastructure and helping fuel investor optimism around the stock. Google and Blackstone to Create New AI Cloud Company. The Stocks Are Rising.
- Positive Sentiment: A large shareholder disclosed a major stock purchase, which can reinforce confidence in Blackstone’s outlook even if it is not the main day-to-day catalyst. Insider Buying: Blackstone (NYSE:BX) Major Shareholder Purchases 9,486,795 Shares of Stock
- Neutral Sentiment: Blackstone’s digital infrastructure trust completed the underwriters’ option in full, bringing the IPO proceeds above $2.0 billion; this is supportive for the franchise but is a separate capital-markets event. Blackstone Digital Infrastructure Trust Announces Full Exercise and Closing of Underwriters Option to Purchase Additional Shares in Initial Public Offering
- Neutral Sentiment: TD Cowen trimmed its price target to $133 from $140 but kept a Buy rating, which still implies upside despite a more cautious valuation view. Blackstone (NYSE:BX) Price Target Lowered to $133.00 at TD Cowen
- Negative Sentiment: Blackstone also gave up its pursuit of the €2.5 billion Stroeer deal, a missed acquisition opportunity that may slightly weigh on M&A sentiment. Blackstone gives up pursuit of €2.5 billion Stroeer deal – Bloomberg
Wall Street Analyst Weigh In
Get Our Latest Research Report on Blackstone
Blackstone Trading Up 2.3%
NYSE:BX opened at $116.92 on Thursday. The stock has a fifty day moving average price of $117.34 and a 200 day moving average price of $133.92. 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 Inc. has a 12-month low of $101.73 and a 12-month high of $190.09. The firm has a market cap of $86.86 billion, a PE ratio of 29.90, a price-to-earnings-growth ratio of 1.25 and a beta of 1.63.
Blackstone (NYSE:BX – Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The asset manager reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.02. The business had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.45 billion. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The company’s revenue was up 10.0% on a year-over-year basis. During the same period last year, the business earned $1.11 EPS. Sell-side analysts anticipate that Blackstone Inc. will post 5.89 earnings per share for the current fiscal year.
Blackstone Cuts Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were paid a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date was Monday, May 4th. Blackstone’s dividend payout ratio (DPR) is currently 118.67%.
Insider Buying and Selling
In other Blackstone news, Director Ruth Porat bought 355 shares of the stock in a transaction dated Monday, May 11th. The shares were acquired at an average cost of $123.04 per share, for a total transaction of $43,679.20. Following the completion of the transaction, the director owned 41,818 shares in the company, valued at approximately $5,145,286.72. The trade was a 0.86% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,504 shares of the firm’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $3.51, for a total transaction of $26,246,039.04. Following the transaction, the insider directly owned 25,832 shares in the company, valued at $90,670.32. The trade was a 99.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have bought 13,502,092 shares of company stock valued at $294,789,896 and have sold 9,128,660 shares valued at $46,457,920. Corporate insiders own 1.00% of the company’s stock.
About Blackstone
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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