Fidelity National Financial Inc. Takes $16.19 Million Position in Blackstone Inc. $BX

Key Points

• Fidelity National Financial opened a new position in Blackstone, buying 105,000 shares worth about $16.19 million. The stake makes BX its 11th-largest holding and about 0.5% of its portfolio.
• Blackstone reported Q1 earnings of $1.36 per share, edging past analyst estimates, while revenue rose 10% year over year to $3.43 billion. Analysts expect the company to earn about 5.9 EPS for the full fiscal year.
• The firm recently paid a $1.16 quarterly dividend, equal to an annualized yield of about 3.9%, though the payout ratio is elevated at 118.67%. Analysts currently view the stock as a Moderate Buy with an average price target of $150.86.

Fidelity National Financial Inc. purchased a new stake in Blackstone Inc. (NYSE:BX - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 105,000 shares of the asset manager's stock, valued at approximately $16,185,000. Blackstone comprises approximately 0.5% of Fidelity National Financial Inc.'s investment portfolio, making the stock its 11th largest holding.

Several other hedge funds and other institutional investors also recently modified their holdings of BX. Jain Global LLC bought a new position in Blackstone in the third quarter valued at about $9,116,000. Fayez Sarofim & Co raised its position in Blackstone by 1.9% in the third quarter. Fayez Sarofim & Co now owns 1,270,608 shares of the asset manager's stock valued at $217,083,000 after purchasing an additional 24,237 shares during the last quarter. Natixis Advisors LLC grew its stake 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 worth $143,582,000 after purchasing an additional 142,479 shares during the last quarter. Close Asset Management Ltd grew 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 purchasing an additional 1,133,197 shares during the last quarter. Finally, Mackenzie Financial Corp grew its stake in shares of Blackstone by 2.1% in the third quarter. Mackenzie Financial Corp now owns 904,237 shares of the asset manager's stock worth $154,489,000 after purchasing an additional 18,339 shares during the last quarter. Institutional investors own 70.00% of the company's stock.

Blackstone Price Performance

Shares of BX opened at $118.71 on Thursday. Blackstone Inc. has a 12-month low of $101.73 and a 12-month high of $190.09. The business's fifty day moving average is $119.69 and its 200 day moving average is $131.24. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.66. The stock has a market cap of $88.19 billion, a P/E ratio of 30.36, a P/E/G ratio of 1.30 and a beta of 1.59.

Blackstone (NYSE:BX - Get Free Report) last issued its earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.34 by $0.02. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.The company had revenue of $3.43 billion for the quarter, compared to analysts' expectations of $3.45 billion. During the same period last year, the business earned $1.11 EPS. Blackstone's quarterly revenue was up 10.0% compared to the same quarter last year. Sell-side analysts anticipate that Blackstone Inc. will post 5.9 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were issued a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date was Monday, May 4th. Blackstone's dividend payout ratio (DPR) is currently 118.67%.

Key Headlines Impacting Blackstone

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

Insider Activity

In related news, Director Ruth Porat acquired 355 shares of the firm's stock in a transaction on Monday, May 11th. The stock was purchased at an average cost of $123.04 per share, with a total value of $43,679.20. Following the acquisition, the director owned 41,818 shares of the company's stock, valued at approximately $5,145,286.72. This trade represents a 0.86% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Vikrant Sawhney sold 30,014 shares of the business's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $125.79, for a total value of $3,775,461.06. Following the sale, the insider directly owned 899,669 shares of the company's stock, valued at $113,169,363.51. This represents a 3.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders purchased 12,355,303 shares of company stock worth $264,789,896. Company insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on BX. JPMorgan Chase & Co. reduced their price objective on shares of Blackstone from $142.00 to $136.00 and set a "neutral" rating on the stock in a research note on Friday, April 24th. Barclays lowered their price target on shares of Blackstone from $126.00 to $124.00 and set an "equal weight" rating for the company in a report on Wednesday, April 8th. HSBC lowered their price target on shares of Blackstone from $164.00 to $131.00 and set a "hold" rating for the company in a report on Friday, April 10th. Weiss Ratings lowered shares of Blackstone from a "hold (c)" rating to a "hold (c-)" rating in a report on Monday, May 4th. Finally, UBS Group lowered their price target on shares of Blackstone from $171.00 to $137.00 and set a "neutral" rating for the company in a report on Friday, February 20th. Thirteen research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat, Blackstone presently has a consensus rating of "Moderate Buy" and an average target price of $150.86.

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.

Want to see what other hedge funds are holding BX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blackstone Inc. (NYSE:BX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.