Blackstone Inc. $BX Shares Acquired by Envestnet Portfolio Solutions Inc.

Key Points

• Envestnet Portfolio Solutions increased its Blackstone stake by 318.4% in the fourth quarter, ending with 47,699 shares valued at about $7.35 million.
• Several other institutional investors also adjusted their positions in Blackstone, and overall institutions own 70% of the company’s stock, showing continued heavy institutional interest.
• Blackstone is drawing attention for its AI infrastructure push, including a joint venture with Google to build a TPU-based cloud company and reports that it may commit $5 billion in equity to the project.

Envestnet Portfolio Solutions Inc. raised its holdings in shares of Blackstone Inc. (NYSE:BX - Free Report) by 318.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,699 shares of the asset manager's stock after acquiring an additional 36,300 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Blackstone were worth $7,347,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in BX. Brighton Jones LLC boosted its stake in Blackstone by 34.6% during the fourth quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager's stock valued at $1,365,000 after buying an additional 2,035 shares in the last quarter. Sivia Capital Partners LLC raised its position in Blackstone by 9.3% during the second quarter. Sivia Capital Partners LLC now owns 2,076 shares of the asset manager's stock valued at $310,000 after buying an additional 177 shares during the period. United Bank grew its position in Blackstone by 14.7% during the second quarter. United Bank now owns 13,528 shares of the asset manager's stock valued at $2,024,000 after purchasing an additional 1,729 shares in the last quarter. Nebula Research & Development LLC acquired a new position in Blackstone in the 2nd quarter worth about $1,124,000. Finally, Sei Investments Co. raised its holdings in shares of Blackstone by 1.9% during the 2nd quarter. Sei Investments Co. now owns 452,619 shares of the asset manager's stock valued at $67,703,000 after purchasing an additional 8,655 shares in the last quarter. Institutional investors own 70.00% of the company's stock.

Insider Transactions at Blackstone

In other Blackstone news, major shareholder Tactical Opportunit Blackstone sold 1,596,142 shares of the stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $10.00, for a total value of $15,961,420.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Vikrant Sawhney sold 30,014 shares of the stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $125.79, for a total transaction of $3,775,461.06. Following the completion of the transaction, the insider directly owned 899,669 shares in the company, valued at approximately $113,169,363.51. This represents a 3.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders purchased 13,502,092 shares of company stock worth $294,789,896 and sold 9,128,660 shares worth $46,457,920. Insiders own 1.00% of the company's stock.

Key Stories Impacting Blackstone

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

Blackstone Stock Performance

Shares of BX opened at $116.92 on Thursday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a market cap of $86.86 billion, a P/E ratio of 29.90, a PEG ratio of 1.25 and a beta of 1.63. The firm's 50 day moving average price is $117.34 and its two-hundred day moving average price is $133.92. Blackstone Inc. has a twelve month low of $101.73 and a twelve month high of $190.09.

Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $3.43 billion during the quarter, compared to analysts' expectations of $3.45 billion. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.Blackstone's revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.11 earnings per share. On average, analysts forecast that Blackstone Inc. will post 5.89 EPS for the current fiscal year.

Blackstone Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were issued a dividend of $1.16 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 4.0%. Blackstone's payout ratio is presently 118.67%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Evercore restated an "outperform" rating and set a $150.00 price target on shares of Blackstone in a research note on Tuesday, April 21st. Weiss Ratings cut shares of Blackstone from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday, May 4th. Morgan Stanley decreased their price target on Blackstone from $215.00 to $184.00 and set an "overweight" rating on the stock in a report on Tuesday, April 21st. Rothschild & Co Redburn lowered their price target on Blackstone from $138.00 to $134.00 and set a "neutral" rating for the company in a research note on Friday, April 24th. Finally, Royal Bank Of Canada set a $173.00 price objective on Blackstone in a research note on Friday, April 24th. Eleven analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Blackstone currently has a consensus rating of "Hold" and a consensus price target of $151.05.

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.

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