John G. Finley, Chief Legal Officer at Blackstone Inc. (NYSE:BX), recently sold 42,249 shares of the company's common stock. The shares were sold at an average price of $175.94, amounting to a total transaction value of approximately $7.43 million. Following this sale, Finley holds 387,137 shares directly. The transaction was disclosed in a filing with the Securities and Exchange Commission on November 8, 2024.
In addition to his direct holdings, Finley also holds shares indirectly through various trusts and a limited liability company. These include 32,523 shares held by a limited liability company, 11,000 shares in a trust for his and his family's benefit, and 4,000 shares held in trusts benefiting his spouse and her family. Finley disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest.
In other recent news, Blackstone Real Estate has struck a $4 billion deal to acquire Retail Opportunity (SO:FTCE11B) Investments (NASDAQ:ROIC) Corp, a transaction that includes the company's debt. This acquisition follows reports of Blackstone's interest in the company, known for its ownership of strip malls across the United States. In other leadership changes, Blackstone has reshuffled its Tactical Opportunities division, appointing Chris James as the Global Head, Jas Khaira as the Head of Tactical Opportunities Americas, and Qasim Abbas as the Head of Tactical Opportunities International. TD Cowen and BMO Capital Markets have maintained their ratings on Blackstone, with adjusted price targets.
In a bid to diversify its portfolio, Blackstone is also reportedly expanding its private wealth business into new European markets and 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 recent developments highlight Blackstone's strategic moves in the investment landscape.
InvestingPro Insights
As John G. Finley, Blackstone Inc.'s Chief Legal Officer, reduces his stake in the company, investors might be curious about the firm's current financial standing and market position. According to InvestingPro data, Blackstone boasts a substantial market capitalization of $217.17 billion, reflecting its status as a major player in the alternative asset management industry.
Despite the recent insider sale, Blackstone's financial metrics paint a picture of robust performance. The company's revenue growth is particularly noteworthy, with a 35.11% increase over the last twelve months as of Q3 2024, and an even more impressive 54.13% growth in the most recent quarter. This strong top-line expansion suggests that Blackstone continues to attract capital and generate significant fees from its investment activities.
InvestingPro Tips highlight some interesting aspects of Blackstone's stock. The company has maintained dividend payments for 18 consecutive years, which may appeal to income-focused investors. Additionally, Blackstone is trading near its 52-week high, with a strong return of 83.55% over the past year. This performance indicates significant investor confidence in the company's prospects.
However, potential investors should note that Blackstone is trading at a high P/E ratio of 61.36, which is elevated relative to its near-term earnings growth. This valuation metric suggests that the stock may be priced at a premium, which could be a consideration for value-oriented investors.
For those interested in a deeper analysis, InvestingPro offers 15 additional tips on Blackstone, providing a more comprehensive view of the company's financial health and market position.
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