Insider Monkey has been monitoring insider trades this year to identify which stocks are gaining interest from corporate officers. In light of the market’s shift towards defensive, dividend-paying stocks, insiders have been buying up financial and bank dividend stocks such as JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Company (NYSE:WFC), and Citigroup Inc. (NYSE:C). Blackstone Inc (NYSE:BX), a major player in alternative investment management with a market cap of $155 billion, is also drawing attention.
Blackstone Inc (NYSE:BX) is a key player in the financials and investment management sector, boasting over $1 trillion in assets under management. As of March this year, the company held $8.4 billion in cash, cash equivalents, and corporate treasury investments.
One notable insider transaction at Blackstone occurred on May 6 when Ruth Porat, a director at the company, purchased 42,850 shares at $119.58 per share, totaling $33,121. Since then, the stock has seen a 1% increase as of May 13.
In terms of valuation and dividends, Blackstone’s PE ratio is 45, higher than industry peers. However, given the company’s growth trajectory and consistent dividends, the higher ratio is deemed justified. With substantial cash reserves and a history of dividend growth (9% CAGR over the past decade), Blackstone’s dividends appear secure.
Looking ahead to 2024, Blackstone outlined expectations for the year during its earnings call in April. The company highlighted the complex market environment, discussing factors such as inflation, geopolitical turbulence, and the upcoming election year. Despite these challenges, Blackstone remains optimistic about its position in the market, citing a strong portfolio, ample dry powder for investments, and shareholder returns.
While Blackstone has garnered positive sentiment from hedge funds and insiders, it may not be the top financial dividend stock insiders are buying in 2024, according to Insider Monkey’s analysis. Investors seeking alternatives to Blackstone can explore the list of 10 Best Financial Dividend Stocks with Insider Buying provided by Insider Monkey.
In conclusion, while Blackstone Inc (NYSE:BX) is a prominent player in the financial and investment management industry, investors should weigh their options carefully before making investment decisions.