NEW YORK – Blackstone Inc. (NYSE:BX) announced that board member Kelly A. Ayotte will resign following her recent election as the governor of New Hampshire. The resignation will take effect on Thursday, reducing the size of the investment firm's board from nine to eight members.
Ayotte, who has served on Blackstone's board of directors, informed the company of her decision to step down on November 8, 2024. Her departure comes as she transitions to her new role in public office. The company expressed its gratitude to Ayotte for her contributions during her tenure on the board.
Blackstone, a leading global investment business specializing in alternative asset management and financial advisory services, is headquartered in New York. The company is incorporated in Delaware and operates under the investment advice industry classification.
The information about Ayotte's resignation is based on a recent SEC filing by Blackstone, which provides a formal record of the change in the company's executive leadership structure.
In other recent news, Blackstone Real Estate has agreed to acquire Retail Opportunity (SO:FTCE11B) Investments (NASDAQ:ROIC) Corp in a transaction valued at approximately $4 billion. This all-cash deal will privatize the company known for its ownership of strip malls across the United States. In addition to this, Blackstone has placed a bid of $5.03 billion to acquire a minority stake in the cellphone infrastructure division of Rogers Communications (TSX:RCIa).
On the leadership front, Blackstone has reshuffled its Tactical Opportunities division, with Chris James named as the Global Head.
Blackstone is also planning to expand its private wealth business into new European markets in the upcoming year. This strategic move is part of Blackstone's broader initiative to attract funds from wealthy clients, diversifying beyond its traditional institutional investor base. Blackstone's global private wealth assets have surged to approximately $250 billion, up from $103 billion in 2020.
In analyst notes, TD (TSX:TD) Cowen maintained its Hold rating on Blackstone but increased the stock's price target to $149.00. BMO (TSX:BMO) Capital Markets also adjusted its outlook on Blackstone, increasing the price target to $134 from the previous $112 while maintaining a Market Perform rating on the stock.
These developments represent Blackstone's active efforts to diversify its portfolio and increase its assets under management.
InvestingPro Insights
As Blackstone adjusts to the departure of board member Kelly A. Ayotte, recent financial data from InvestingPro sheds light on the company's robust performance. Blackstone's market capitalization stands at an impressive $221.45 billion, reflecting its significant presence in the alternative asset management sector.
The company's financial health appears strong, with revenue growth of 35.11% over the last twelve months as of Q3 2024, and an even more substantial quarterly revenue growth of 54.13% in Q3 2024. This growth trajectory aligns with an InvestingPro Tip indicating that net income is expected to grow this year, suggesting continued financial strength despite the board change.
Blackstone's commitment to shareholder returns is evident in its dividend history. An InvestingPro Tip highlights that the company has maintained dividend payments for 18 consecutive years, demonstrating stability and reliability for income-focused investors. The current dividend yield stands at 1.9%, with a dividend growth rate of 8.86% over the last twelve months.
Investors should note that Blackstone is trading near its 52-week high, with a price that is 99.13% of its peak. This performance is reflected in the strong returns across various timeframes, including an impressive 89.59% total return over the past year.
For those interested in a deeper analysis, InvestingPro offers 15 additional tips on Blackstone, providing a comprehensive view of the company's financial position and market performance.
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