In a recent transaction, Ruth Porat, a director at Blackstone Inc. (NYSE:BX), purchased shares of the company's common stock with a total value of $36,798. The shares were acquired on November 4, 2024, with prices ranging from $167.9 to $170.92 per share. These acquisitions were made through a dividend reinvestment plan via brokerage accounts, as noted in the filing. Additionally, some of the purchased shares are held indirectly through a family limited partnership, where Porat serves as a general partner. Following these transactions, Porat's direct and indirect ownership of Blackstone shares increased accordingly.
In other recent news, Blackstone Real Estate has made a significant move in the real estate sector, agreeing to acquire Retail Opportunity (SO:FTCE11B) Investments (NASDAQ:ROIC) Corp in a transaction valued at approximately $4 billion. In the leadership domain, Blackstone has announced a reshuffling of its leadership team within its Tactical Opportunities division with Chris James being named the Global Head of the division. On the expansion front, Blackstone Group (NYSE:BX) is planning to expand its private wealth business into new European markets in the upcoming year. The firm's wealth products have seen significant growth, with global private wealth assets surging to approximately $250 billion.
In analyst notes, TD (TSX:TD) Cowen maintained its Hold rating on Blackstone but increased the stock's price target, while BMO (TSX:BMO) Capital Markets also adjusted its outlook on Blackstone, increasing the price target. In the telecommunications sector, Blackstone Inc has placed a bid of approximately $5.03 billion to acquire a minority stake in the cellphone infrastructure division of Rogers Communications (TSX:RCIa). These are recent developments that highlight Blackstone's active efforts to diversify its portfolio and increase its assets under management.
InvestingPro Insights
Ruth Porat's recent purchase of Blackstone Inc. (NYSE:BX) shares aligns with several positive indicators highlighted by InvestingPro. The company's stock has shown remarkable performance, with a 76.92% total return over the past year and a strong 30.84% return in the last three months. This upward trajectory is further supported by Blackstone trading near its 52-week high, with the current price at 98.81% of that peak.
InvestingPro Tips suggest that Blackstone has maintained dividend payments for 18 consecutive years, a factor that likely influenced Porat's decision to reinvest dividends. The company's dividend yield stands at 2.03%, with a dividend growth of 8.86% in the last twelve months.
Blackstone's financial health appears robust, with a market capitalization of $217.48 billion and revenue of $11.14 billion in the last twelve months as of Q3 2024. The company boasts an impressive gross profit margin of 95.26%, indicating strong operational efficiency.
However, investors should note that Blackstone is trading at a high P/E ratio of 61.27, which may suggest the stock is priced at a premium. This valuation metric is one of 15 additional tips available on InvestingPro, offering a more comprehensive analysis for those considering an investment in Blackstone.
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