AMF Tjanstepension AB Buys 23,489 Shares of Blackstone Inc. $BX

Key Points

• AMF Tjanstepension AB initiated a Blackstone position, purchasing 23,489 shares worth approximately $2.63 million in the third quarter. Institutional investors collectively own about 70% of Blackstone’s stock.
• Blackstone’s quarterly distributable earnings of $1.32 per share exceeded estimates, while assets under management reached roughly $1.37 trillion and net inflows surpassed $63 billion. However, revenue of $3.06 billion fell short of expectations, and weaker asset-sale proceeds continue to pressure profitability.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $143.40, despite mixed target revisions. Insider activity was also mixed, with substantial share sales outweighing purchases during the quarter.

AMF Tjanstepension AB bought a new position in shares of Blackstone Inc. (NYSE:BX - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 23,489 shares of the asset manager's stock, valued at approximately $2,633,000.

A number of other large investors also recently modified their holdings of the business. E. Ohman J or Asset Management AB boosted its stake in Blackstone by 16.3% in the third quarter. E. Ohman J or Asset Management AB now owns 20,213 shares of the asset manager's stock valued at $2,266,000 after acquiring an additional 2,840 shares during the period. Marion Wealth Management raised its position in shares of Blackstone by 2.7% during the 3rd quarter. Marion Wealth Management now owns 22,423 shares of the asset manager's stock worth $2,513,000 after purchasing an additional 581 shares during the period. Cardinal Point Capital Management ULC raised its position in shares of Blackstone by 12.4% during the 3rd quarter. Cardinal Point Capital Management ULC now owns 2,507 shares of the asset manager's stock worth $281,000 after purchasing an additional 276 shares during the period. Magnus Financial Group LLC lifted its holdings in shares of Blackstone by 2.7% in the 3rd quarter. Magnus Financial Group LLC now owns 23,045 shares of the asset manager's stock worth $2,583,000 after purchasing an additional 602 shares during the last quarter. Finally, Eagle Rock Investment Company LLC lifted its holdings in shares of Blackstone by 4.1% in the 3rd quarter. Eagle Rock Investment Company LLC now owns 34,870 shares of the asset manager's stock worth $3,909,000 after purchasing an additional 1,361 shares during the last quarter. 70.00% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Blackstone

In related news, major shareholder Bx Buzz Ml-1 Gp Llc sold 3,767,776 shares of Blackstone stock in a transaction dated Monday, September 28th. The shares were sold at an average price of $2.94, for a total transaction of $11,077,261.44. Following the sale, the insider directly owned 16,120 shares in the company, valued at $47,392.80. The trade was a 99.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Holdings Iv L.P. Blackstone acquired 191,695 shares of Blackstone stock in a transaction that occurred on Wednesday, September 23rd. The stock was bought at an average cost of $26.17 per share, with a total value of $5,016,658.15. Following the acquisition, the insider directly owned 8,895,478 shares of the company's stock, valued at approximately $232,794,659.26. This trade represents a 2.20% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders purchased 464,792 shares of company stock valued at $12,205,945 and sold 4,077,276 shares valued at $37,573,644. Company insiders own 1.00% of the company's stock.

Blackstone Stock Up 8.0%

BX opened at $118.39 on Friday. The stock's 50 day moving average price is $125.43 and its 200 day moving average price is $124.15. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.72 and a quick ratio of 0.72. The stock has a market cap of $88.86 billion, a P/E ratio of 26.48, a P/E/G ratio of 1.35 and a beta of 1.59. Blackstone Inc. has a 12 month low of $101.73 and a 12 month high of $165.14.

Blackstone (NYSE:BX - Get Free Report) last announced its quarterly earnings results on Thursday, October 22nd. The asset manager reported $1.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.26 by $0.06. Blackstone had a return on equity of 23.77% and a net margin of 21.84%. The company had revenue of $3.06 billion during the quarter, compared to analyst estimates of $3.27 billion. During the same quarter in the previous year, the firm posted $0.80 EPS. The firm's quarterly revenue was down .8% on a year-over-year basis. As a group, research analysts predict that Blackstone Inc. will post 5.85 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently commented on BX shares. Oppenheimer upped their price objective on Blackstone from $140.00 to $171.00 and gave the stock an "outperform" rating in a research note on Thursday, August 27th. UBS Group cut their target price on Blackstone from $122.00 to $116.00 and set a "neutral" rating on the stock in a research note on Tuesday, October 13th. The Goldman Sachs Group reissued a "neutral" rating and set a $128.00 price target on shares of Blackstone in a report on Thursday. Argus upped their price target on shares of Blackstone from $146.00 to $150.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Finally, Keefe, Bruyette & Woods raised shares of Blackstone to a "hold" rating in a report on Monday, July 20th. Thirteen investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat, Blackstone currently has a consensus rating of "Moderate Buy" and a consensus price target of $143.40.

Key Blackstone News

Here are the key news stories impacting Blackstone this week:

• Positive Sentiment: Blackstone reported third-quarter distributable earnings of $1.32 per share, ahead of the $1.26 consensus estimate. Assets under management reached a record approximately $1.37 trillion, while net inflows exceeded $63 billion. Fee-related earnings increased 6%, supporting confidence in the company’s recurring revenue base. Blackstone Inc. Q3 earnings report
• Positive Sentiment: The board declared a $1.12-per-share quarterly dividend, payable November 9. The payout, strong fundraising and continued growth in alternative assets helped offset concerns about near-term earnings volatility. Blackstone Q3 readout
• Positive Sentiment: Investors also continue to see potential from Blackstone’s growth initiatives, including an $8.7 billion energy-transition fund close, expansion of its wealth-management channel and potential investments in artificial intelligence infrastructure. Blackstone energy fund close
• Neutral Sentiment: The earnings reaction reflects a distinction between distributable earnings and GAAP results. Blackstone’s reported GAAP EPS was $0.83, while revenue was $3.06 billion, below the $3.27 billion estimate. Blackstone misses Q3 revenue estimates
• Negative Sentiment: Profitability was pressured by difficult markets and higher interest rates. Private-equity asset-sale proceeds fell 49%, weakening realization-related income, and adjusted earnings declined from the prior year. These factors could continue to make results volatile if exits remain limited. Blackstone core businesses hit by rising rates

Blackstone Company Profile

Blackstone Inc NYSE: BX is a global alternative asset management firm that provides investment and advisory services to institutional investors, companies, and qualified individual investors. The company manages capital across private equity, real estate, credit and insurance, infrastructure, hedge fund solutions, secondaries, and growth-oriented investments.

Blackstone invests in and manages portfolios of businesses, properties, infrastructure assets, and credit instruments across a range of industries.

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