Blackstone Inc. (NYSE: BX) ended Friday, November 28, 2025 trading around $145 per share, giving the alternative asset manager a market capitalization just above $107 billion. While the stock remains roughly a quarter below its 52‑week high near $194, new filings and fund flows show that institutions and insiders are still actively building positions in the world’s largest alternative asset manager.
Blackstone manages about $1.24 trillion in assets under management (AUM) across private equity, real estate, credit, infrastructure and other strategies, following strong inflows in the third quarter of 2025. That scale helps explain why even comparatively small percentage moves by wealth managers can translate into multi‑million‑dollar swings in BX ownership.
New 13F filings spotlight aggressive buying by GM Advisory, Laurel Wealth and Soundwatch
Fresh institutional ownership data compiled from recent 13F filings reveal a wave of new and enlarged positions in Blackstone.
- GM Advisory Group LLC
A MarketBeat summary published today shows GM Advisory Group lifting its Blackstone stake by 85.5% in the second quarter. The firm purchased 12,022 additional shares, bringing its total to 26,079 shares valued at roughly $3.9 million at the time of filing. - Laurel Wealth Advisors LLC
Laurel Wealth Advisors made one of the most eye‑catching moves. According to its latest 13F, the firm increased its BX holdings by about 14,853% in Q2, adding 115,115 shares to reach 115,890 shares overall, worth approximately $17.3 million. - Soundwatch Capital LLC
Earlier this week, Soundwatch Capital disclosed a new position in Blackstone. The firm’s most recent filing indicates it acquired a stake valued at about $634,000, representing roughly 0.06% of the company’s outstanding shares.
Taken together, GM Advisory Group and Laurel Wealth Advisors alone added roughly 127,000 shares of BX in Q2, before even accounting for Soundwatch Capital’s newly initiated position. That incremental demand helps explain why institutional ownership in Blackstone remains elevated.
Today’s filings show rotation, not an exodus, among major holders
News flow on November 28 brought a new round of 13F‑based updates—some bullish, some signaling profit‑taking.
- Baltimore Washington Financial Advisors Inc.
Baltimore Washington Financial Advisors increased its Blackstone stake by 5.4% in Q2, buying 11,180 shares to bring its total to 216,584 shares valued at about $32.4 million. BX now accounts for roughly 1.5% of the firm’s portfolio and stands as its 26th‑largest holding. - Financial Advocates Investment Management
In contrast, Financial Advocates Investment Management cut its Blackstone exposure by 49.1%, selling 3,426 shares and leaving 3,555 shares worth around $532,000 as of its most recent filing. - Edmond de Rothschild Holding S.A.
Edmond DE Rothschild Holding S.A. similarly reduced its stake, trimming it by 33.8% during Q2. The firm sold 4,978 shares, ending the period with 9,730 shares valued at approximately $1.46 million.
Across multiple MarketBeat reports, one theme is consistent: around 70% of Blackstone’s stock is owned by hedge funds and other institutional investors, underscoring that professional money managers continue to dominate the shareholder base even as they rebalance positions.
The blend of fresh buying by some firms and reductions by others points to portfolio rotation, not a wholesale shift away from BX.
Insiders are net buyers as Blackstone boosts its dividend
Institutional flows are only part of the story. Blackstone’s own insiders have been active buyers in recent months—a notable signal in a year when the stock has lagged major indices.
MarketBeat’s filings recap several significant insider acquisitions:
- Entities tied to Blackstone, including Private Multi‑Asset Blackstone and Holdings IV GP Mana Blackstone, collectively purchased about 2.95 million shares over the last 90 days, with an aggregate value close to $79 million.
- On the board level, Director James Breyer recently bought 13,900 shares at an average price near $143.86, increasing his personal stake by more than 25% to just under 69,000 shares.
At the same time, Blackstone’s board has been raising cash returns to shareholders. In conjunction with its third‑quarter results, the company boosted its quarterly dividend from $1.03 to $1.29 per share, or $5.16 annually, implying a dividend yield of roughly 3.6% at current prices. Several filings note that this payout equates to a payout ratio in the high‑140% range on trailing earnings—aggressive, but supported by the company’s distributable earnings power.
Put together, elevated insider buying plus a higher dividend suggest that management remains confident in the durability of cash flows, even amid short‑term share price pressure.
Analysts stay constructive even as BX trails the Nasdaq
Despite the ongoing buying by institutions and insiders, Blackstone’s share price performance has been weak in 2025.
A fresh analysis from Barchart published on November 28 highlights that:
- BX trades about 25% below its 52‑week high of roughly $194.
- Over the past three months, shares are down about 15.5%, compared with a 7.8% gain for the Nasdaq Composite.
- Over the past 12 months, BX has fallen around 24%, while the Nasdaq has risen more than 20%.
- Year‑to‑date, Blackstone is off roughly 16% against a 20% advance for the tech‑heavy benchmark.
Technically, BX has been trading below its 200‑day moving average since late October and under its 50‑day average since late September, confirming a bearish trend on the charts.
Yet the same reports note that Wall Street remains broadly constructive:
- Across MarketBeat and Barchart data, about 23 analysts cover Blackstone, with a consensus rating of “Moderate Buy.”Barchart.com+4MarketBeat+4MarketBeat+4
- The average 12‑month price target clusters around $178–$179 per share, implying roughly 20–23% upside from recent levels near $145.
This combination—weak recent performance but positive analyst outlook—helps explain why some institutions are leaning into the stock while others are taking profits.
Fundamentals: strong Q3 earnings, record AUM and a fatter dividend
Behind the conflicting market signals, Blackstone’s underlying business has continued to grow.
On October 23, 2025, Blackstone reported third‑quarter 2025 results that beat expectations on key profitability metrics:
- Revenue: about $3.09 billion, down from roughly $3.66 billion a year earlier, reflecting lower realizations and more challenging real‑estate conditions.
- Net income: approximately $625 million, or $0.80 per share, versus around $781 million, or $1.02 per share, in the prior‑year quarter.
- Distributable earnings: roughly $1.89 billion, or $1.52 per share, up close to 48% year over year and comfortably ahead of consensus estimates in the $1.22–$1.24 range.
- Fee‑related earnings: around $1.5 billion, up about 26% from a year earlier, highlighting the growth of more stable, recurring fee revenue.
- AUM: a record ~$1.24 trillion, helped by about $54 billion of net inflows during the quarter.
The company simultaneously declared the $1.29 quarterly dividend now being reflected in the MarketBeat articles, reinforcing the connection between strong distributable earnings and higher cash returns.
For many institutions, those metrics—a rising base of fee income, record AUM and a generous dividend—are central to the long‑term investment case for BX, even if short‑term sentiment is shaky.
Income investors: Blackstone‑managed closed‑end funds pay out today
Beyond BX itself, a set of Blackstone Credit & Insurance closed‑end funds also make scheduled distributions on November 28, 2025, following announcements made earlier this year.
According to Business Wire and Nasdaq:
- Blackstone Senior Floating Rate 2027 Term Fund (NYSE: BSL) is paying a monthly distribution of $0.087 per share.
- Blackstone Long‑Short Credit Income Fund (NYSE: BGX) is distributing $0.081 per share.
- Blackstone Strategic Credit 2027 Term Fund (NYSE: BGB) is paying $0.078 per share, with the ex‑date and record date on November 20 and the payoff scheduled for today.
These payouts are part of a dynamic distribution policy that ties monthly amounts to each fund’s recent net investment income, giving the credit platform flexibility to navigate shifting credit conditions.
For investors seeking income exposure to Blackstone’s credit strategies, today’s distributions serve as another reminder of how the broader Blackstone ecosystem funnels cash back to shareholders.
What to watch next for Blackstone stock
Looking ahead, several near‑term catalysts could shape how investors reassess Blackstone’s risk–reward profile:
- Management commentary at upcoming conference
Blackstone has announced that President and COO Jon Gray will present at the Goldman Sachs 2025 US Financial Services Conference on December 10, 2025, at 12:20 p.m. ET. Investors will be listening closely for updates on fundraising, deployment, credit quality and real‑estate valuations. - Fundraising and deployment trends
With more than $188 billion in dry powder and a strong deal pipeline, Blackstone’s ability to put capital to work at attractive returns will be critical for sustaining distributable earnings growth. - Rate path and credit conditions
Given Blackstone’s large credit and real‑asset exposure, the trajectory of interest rates and any deterioration in credit markets could influence both valuations and investor sentiment. - Institutional and insider behavior
New 13F filings and Form 4 insider reports will continue to provide a real‑time gauge of how professional investors—and those inside the firm—are positioning around BX.
Bottom line
On November 28, 2025, the picture around Blackstone is nuanced:
- The stock price is weak, trading well below its highs and underperforming the Nasdaq and S&P 500.
- Institutions and insiders are still buying, with multiple wealth managers sharply boosting stakes and insiders acquiring millions of shares in recent months.
- Fundamentals look solid, with record AUM, rising fee‑related earnings and a higher dividend underpinned by strong distributable earnings.
For current and prospective shareholders, the key question is whether today’s combination of institutional accumulation and discounted valuation represents a value opportunity—or a reflection of deeper market concerns around alternative assets and credit risk. As always, individual investors should consider their own risk tolerance, time horizon and diversification needs before making any decision about Blackstone (BX) or related funds.
