Blackstone Inc.'s (NYSE:BX) Chief Legal Officer, John G. Finley, has sold a total of 35,000 shares of the company's common stock, accumulating over $4.6 million from the sales. The transactions took place on August 7, 2024, with the shares being sold at a weighted average price of $131.74.
The sale was conducted in multiple transactions with prices ranging from $131.47 to $132.25 per share. Following these transactions, Finley's direct holdings in Blackstone common stock have decreased to 429,386 shares. It's important to note that the reported price is an average, and the specific number of shares sold at each price within the range can be provided upon request by the SEC, Blackstone, or a security holder of the issuer.
In addition to the direct holdings, the SEC filing also reveals indirect ownership of Blackstone shares through various trusts and a limited liability company. According to the footnotes provided in the filing, Finley is associated with a limited liability company that holds 32,523 shares, and he is a trustee for multiple family trusts that hold a total of 15,000 shares.
The transactions were disclosed in a Form 4 filing with the Securities and Exchange Commission, which is a requirement for insiders to report trades in their company's shares. The filing was signed by Tabea Hsi as Attorney-In-Fact on August 9, 2024.
Investors and market watchers often monitor insider sales and purchases as they can provide insights into an insider's perspective on the company's current valuation and future prospects. However, these transactions do not necessarily indicate a change in company fundamentals, and investors are encouraged to consider a range of factors when evaluating their investment decisions.
In other recent news, Blackstone has acquired a majority stake in engineering firm Westwood Professional Services, with the company's management and employee shareholders maintaining a minority interest. This strategic move is expected to enhance Westwood's capabilities in its key markets. The financial terms of the deal were not disclosed.
Meanwhile, Carlyle Group (NASDAQ:CG) reported a 11.7% decline in its second-quarter distributable earnings to $343 million, mainly due to lower cash generation from asset sales. However, the firm saw a record high of $273 million in fee-related earnings, a 32% increase from the previous year. Total assets under management rose to $435 billion, marking a 13% increase from the prior quarter. The firm also secured $12.4 billion from investors in a successful fundraising quarter.
On a different note, Pondera Holdings is exploring potential options for Whisker, including possibly selling its majority share, which could value the company at approximately $1 billion. Whisker is working with Bank of America and Houlihan Lokey (NYSE:HLI) to evaluate its strategic options.
Finally, Blackstone Group (NYSE:BX) reported a strong second quarter with GAAP net income reaching $948 million and distributable earnings of $1.3 billion, or $0.96 per share. The firm deployed a record $34 billion during the quarter, the highest in two years. Blackstone's assets under management grew 7% year-over-year to $1.1 trillion. The firm expects a favorable environment for investment and real estate value appreciation due to a decline in construction starts and lower cost of capital.
InvestingPro Insights
As Blackstone Inc.'s (NYSE:BX) Chief Legal Officer capitalizes on stock sales, investors may look for deeper insights into the company's financial health and future prospects. According to InvestingPro data, Blackstone boasts a significant market capitalization of $159.8 billion. The company's Price/Earnings (P/E) ratio stands at 47.39, which might seem high, but it's important to note that it is trading at a low P/E ratio relative to its near-term earnings growth, with a PEG ratio of just 0.73. This suggests that Blackstone's earnings growth could be robust, which is supported by the expectation of net income growth this year, an InvestingPro Tip that indicates potential upside.
Despite recent revenue growth of 48.12% in the last twelve months as of Q2 2024, the company has seen a slight quarterly revenue decline of -2.56% in Q2 2024. Nevertheless, Blackstone has demonstrated a strong gross profit margin of 88.74% in the same period, highlighting its ability to maintain profitability. Moreover, the company has maintained dividend payments for 18 consecutive years, with a current dividend yield of 2.51%, reflecting its commitment to returning value to shareholders.
For investors seeking more comprehensive analysis, there are additional InvestingPro Tips available, which include insights such as analysts' earnings revisions and the company's high Price/Book multiple. To explore these tips and further refine investment strategies, investors can visit InvestingPro's dedicated page for Blackstone at https://www.investing.com/pro/BX.
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