Blackstone Inc. (NYSE: BX) is back in the spotlight after a fresh series of 13F filings revealed that a new cohort of institutional investors has been quietly adding to their positions in the alternative asset manager. On November 26, 2025, multiple disclosures showed sizeable increases from J.W. Cole Advisors Inc., CreativeOne Wealth LLC and Elo Mutual Pension Insurance Co., building on earlier filings this week from Prudential Financial Inc. and Longfellow Investment Management Co. LLC. [1]
Together, the filings reinforce a clear message: big money still wants exposure to Blackstone, even as the stock trades well below its 12‑month highs and carries a rich valuation multiple.
Today’s new filings: three more institutions step up on Blackstone
J.W. Cole Advisors: position up more than 50%
In the headline move disclosed today, J.W. Cole Advisors Inc. increased its Blackstone stake by 51.5% in the second quarter. The firm bought an additional 26,165 BX shares, lifting its holdings to 77,009 shares, valued at roughly $11.52 million at the end of the reporting period. [2]
The filing highlights three important points:
- J.W. Cole’s position size indicates a high-conviction view on Blackstone rather than a token allocation.
- The increase comes on top of a broader wave of smaller new positions from wealth managers and advisory firms that 13F data shows entering the name over the last year. [3]
- The move keeps J.W. Cole aligned with the broader institutional crowd: around 70% of Blackstone’s free float is now held by institutions and hedge funds. [4]
CreativeOne Wealth: steady accumulation continues
Also published today, CreativeOne Wealth LLC disclosed that it grew its Blackstone position by 13.6% in Q2. The firm purchased 3,107 additional shares, bringing its total to 25,870 shares worth about $3.87 million. [5]
The same filing points to one of the most eye‑catching dynamics around BX this year: insider activity. Over roughly the last quarter:
- Director Joseph Baratta sold 113,000 shares, a sale worth just under $20 million at the reported average price.
- Despite that sale, insiders overall bought nearly 2.95 million shares, spending about $79 million, leaving insiders with roughly 1% ownership of the stock. [6]
For outside investors, that mix — one large sale alongside sizable net insider buying — suggests portfolio reshuffling at the top rather than a unanimous vote of bearishness or enthusiasm.
Elo Mutual Pension Insurance Co.: nearly 50% boost
The third new November 26 filing came from Elo Mutual Pension Insurance Co., which increased its Blackstone stake by 47% in the second quarter. Elo bought 25,631 additional BX shares, taking its position to 80,109 shares with a reported value of about $11.98 million. [7]
Like the other filings, Elo’s disclosure underscores that long‑term, liability‑driven investors such as pension funds are still comfortable tying their capital to Blackstone’s fee streams and performance‑linked earnings.
Earlier this week: Prudential and Longfellow ramp up exposure
The new filings build on a busy week of Blackstone‑related 13F news that began on November 25.
Prudential Financial: over 400,000 shares on the books
On November 25, Prudential Financial Inc. reported that it boosted its Blackstone stake by 8.8% in Q2. The insurer bought 32,958 shares, lifting its total holdings to 409,390 shares worth about $61.24 million, or roughly 0.06% of the company’s outstanding shares. [8]
Prudential’s filing also echoed the same key themes:
- Dividend appeal: Blackstone recently raised its quarterly payout from $1.03 to $1.29 per share, implying $5.16 annually and a dividend yield around 3.6% at recent prices. [9]
- Aggressive payout ratio: That dividend equates to a payout ratio near 147% of reported earnings, highlighting that Blackstone is distributing a large share of cash back to shareholders and relies on variable fee income and realized gains to support those payouts. [10]
Longfellow Investment Management: a tripling of its stake
Also disclosed on November 25, Longfellow Investment Management Co. LLC reported that it had lifted its Blackstone stake by 259.8% in Q2. The firm added 16,001 shares, bringing its position to 22,160 shares valued around $3.32 million. Blackstone now represents about 0.8% of Longfellow’s portfolio, making it the firm’s 14th‑largest holding. [11]
The Longfellow and Prudential filings, together with today’s updates from J.W. Cole, CreativeOne and Elo, show a consistent pattern: professional money managers are mostly using Blackstone’s pullback from its highs as an opportunity to either build or top up positions rather than exit.
What the 13F data says about institutional conviction
Across these filings and MarketBeat’s institutional ownership dashboard, a clear picture emerges:
- Institutional ownership sits around 70%. Hedge funds, pensions, mutual funds and other institutions control the majority of Blackstone’s free float. [12]
- Over the last 12 months, Blackstone has seen more buyers than sellers among institutions, with roughly $21.4 billion in institutional inflows versus $8.6 billion in outflows, according to aggregated 13F data. [13]
- The most recent batch of filings features both new entrants (such as Global Retirement Partners LLC and smaller advisory firms) and incremental buyers like Vanguard, which added more than 1.4 million BX shares in Q2 and now holds over 69 million shares. [14]
It’s important to remember that 13F filings are backward‑looking: they typically reflect holdings at the end of the most recent quarter, not necessarily positions as of today’s trading session. Still, when many different institutions report similar behavior — adding, not trimming — it can be a useful barometer of longer‑term confidence.
Fundamentals: earnings, dividend and analyst sentiment
Blackstone’s latest quarterly numbers, reported on November 22, help explain why so many institutional investors are comfortable staying the course. The firm:
- Delivered earnings per share of $0.97 on $2.49 billion in revenue in its most recent quarter. [15]
- Reported a net margin of about 20.6% and return on equity near 22.3%, underlining the high‑margin, fee‑driven nature of its business. [16]
- Continues to guide toward full‑year EPS around 5.87, based on analyst forecasts cited in the latest research coverage. [17]
On the income side, Blackstone’s dividend increase to $1.29 per quarter (from $1.03 previously) is a key draw for yield‑oriented investors, even if the 147% payout ratio flags some risk should markets turn against the firm’s deal pipeline or asset valuations. [18]
Wall Street, meanwhile, remains broadly positive but cautious:
- Across multiple recent notes from large banks, Blackstone carries a “Moderate Buy” consensus, with 11 Buy ratings and 9 Hold ratings.
- The average 12‑month price target sits around $179, implying meaningful upside from current levels, though several houses — including Jefferies, BNP Paribas and others — have trimmed their targets in recent weeks. [19]
Valuation and share‑price context: BX still well below its highs
From a trading perspective, Blackstone shares are not cheap — but they are off their peak.
- Recent filings reference opening prices near $142.59, a price‑to‑earnings ratio around 40–41, and a market capitalization in the $105 billion range. [20]
- MarketWatch data shows BX closing around $143.43 on Tuesday, November 25, up about 1.4% on the day but still more than 26% below its 52‑week high near $194–$201. [21]
Technical metrics, such as a 50‑day moving average near the high‑$150s, underline that the stock is trading below its recent trend, which can make it more appealing to value‑sensitive institutions that like the business but were hesitant at higher prices. [22]
For yield‑seeking funds, the combination of:
- a 3.6% dividend yield,
- strong historic ROE, and
- a business model tied to private markets, real estate, credit and secondary funds
has kept Blackstone on the shortlist of core holdings in the financials and alternatives space. [23]
What this means for investors watching Blackstone
For existing and prospective Blackstone shareholders, today’s flurry of filings sends a few key signals:
- Institutional support remains strong. The fact that pensions, insurers and asset managers are increasing, not cutting, exposure suggests they see Blackstone’s recent share‑price weakness as cyclical rather than structural. [24]
- Income is a big part of the story. The enlarged dividend makes BX attractive to income‑focused portfolios, but the high payout ratio means investors should be prepared for volatility if fee revenue softens or realizations slow. [25]
- Valuation is rich but not extreme versus history. A P/E north of 40 reflects the market’s willingness to pay up for Blackstone’s franchise, yet the stock still trades materially below its 12‑month high, giving long‑term investors some potential upside if earnings keep growing. [26]
- 13F data is a lagging indicator. These reported purchases occurred during the second quarter and may not reflect current positions. However, the broad pattern of accumulation across multiple institutions is harder to ignore than any one fund’s move. [27]
As always, individual investors should consider their own risk tolerance, time horizon and diversification before following institutional money into Blackstone. The firm’s earnings are tied to markets, deal activity and interest rates — all factors that can move quickly in either direction.
This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security.
References
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