Fidelity National Financial Inc. Purchases New Holdings in Blackstone Inc. $BX

Fidelity National Financial Inc. acquired a new stake in Blackstone Inc. (NYSE:BX) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 105,000 shares of the asset manager’s stock, valued at approximately $16,185,000. Blackstone accounts for approximately 0.5% of Fidelity National Financial Inc.’s investment portfolio, making the stock its 11th biggest position.

A number of other institutional investors have also recently bought and sold shares of the business. Redwood Financial Network Corp grew its stake in Blackstone by 1.8% in the 2nd quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager’s stock valued at $537,000 after purchasing an additional 65 shares during the period. Benchmark Financial Wealth Advisors LLC grew its stake in Blackstone by 0.9% in the 4th quarter. Benchmark Financial Wealth Advisors LLC now owns 7,748 shares of the asset manager’s stock valued at $1,194,000 after purchasing an additional 69 shares during the period. MidWestOne Financial Group Inc. raised its holdings in shares of Blackstone by 0.8% in the 3rd quarter. MidWestOne Financial Group Inc. now owns 8,335 shares of the asset manager’s stock worth $1,424,000 after purchasing an additional 70 shares during the period. Parcion Private Wealth LLC raised its holdings in shares of Blackstone by 0.6% in the 4th quarter. Parcion Private Wealth LLC now owns 10,935 shares of the asset manager’s stock worth $1,686,000 after purchasing an additional 70 shares during the period. Finally, Trivium Point Advisory LLC grew its holdings in Blackstone by 2.6% during the fourth quarter. Trivium Point Advisory LLC now owns 2,713 shares of the asset manager’s stock valued at $418,000 after purchasing an additional 70 shares during the period. Institutional investors own 70.00% of the company’s stock.

Blackstone Stock Down 1.3%

Shares of NYSE:BX opened at $118.71 on Thursday. The company has a market cap of $88.19 billion, a price-to-earnings ratio of 30.36, a PEG ratio of 1.30 and a beta of 1.59. Blackstone Inc. has a one year low of $101.73 and a one year high of $190.09. The firm has a fifty day moving average price of $119.69 and a two-hundred day moving average price of $131.24. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.76 and a quick ratio of 0.76.

Blackstone (NYSE:BX) last released its quarterly earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.02. The firm had revenue of $3.43 billion for the quarter, compared to analysts’ expectations of $3.45 billion. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The business’s quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.11 earnings per share. Analysts anticipate that Blackstone Inc. will post 5.9 EPS for the current fiscal year.

Blackstone Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 11th. Stockholders of record on Monday, May 4th were given a dividend of $1.16 per share. The ex-dividend date was Monday, May 4th. This represents a $4.64 annualized dividend and a dividend yield of 3.9%. Blackstone’s dividend payout ratio is 118.67%.

Insider Activity

In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,504 shares of the stock in a transaction dated 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 approximately $90,670.32. This represents a 99.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ruth Porat purchased 355 shares of the stock in a transaction on Monday, May 11th. The stock was acquired at an average cost of $123.04 per share, with a total value of $43,679.20. Following the completion of the purchase, the director directly owned 41,818 shares of the company’s stock, valued at $5,145,286.72. The trade was a 0.86% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders purchased 12,355,303 shares of company stock worth $264,789,896. 1.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Dbs Bank raised Blackstone to a “moderate buy” rating in a report on Wednesday, May 27th. Evercore reissued an “outperform” rating and set a $150.00 price objective on shares of Blackstone in a report on Tuesday, April 21st. Royal Bank Of Canada started coverage on Blackstone in a report on Monday. They set an “outperform” rating for the company. Morgan Stanley lowered their price target on shares of Blackstone from $215.00 to $184.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 21st. Finally, Barclays lowered their price target on shares of Blackstone from $126.00 to $124.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 8th. Thirteen investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. According to MarketBeat.com, Blackstone currently has an average rating of “Moderate Buy” and a consensus price target of $150.86.

Key Blackstone News

Here are the key news stories impacting Blackstone this week:

• Positive Sentiment: Blackstone is co-partnering on a $35 billion AI infrastructure platform with Broadcom and Apollo, which could open a large new source of fee-related and credit-driven growth. Broadcom, Apollo, Blackstone Launch $35 Billion AI Infrastructure Platform
• Positive Sentiment: Reuters reported that Blackstone’s private wealth inflows improved in June, a favorable sign for fundraising and asset growth. Blackstone’s private wealth inflows improved in June, president says
• Positive Sentiment: One market commentary argued Blackstone is being sold off too aggressively and remains attractively valued, citing resilient underwriting, diversified earnings, and potential AI and perpetual-capital growth drivers. Blackstone: The Market Is Selling Over A Problem That Doesn’t Exist

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.