Blackstone (NYSE:BX) is boosting its asset base by over $60 billion thanks to a partnership with insurance provider Resolution Life, reports the Wall Street Journal.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
The asset management behemoth is investing half a billion dollars in resolution while also helping it raise an additional $2.5 billion or more. The move will help resolution put its hands on new chunks of policies.
Concurrently, Blackstone will oversee the insurance company’s illiquid investments which will add over $60 billion to its AUM over the next six years.
Is BX a Good Stock to Buy?
Further, Blackstone is set to report its third-quarter numbers on October 20. The Street expects the company to post an EPS of $0.98 for the period.
In the year-ago period, it had delivered an EPS of $1.28 versus the Street’s estimates of $0.89. Blackstone stock is down nearly 17% over the past month.
At the same time, analysts remain cautiously optimistic about BX stock with a Moderate Buy consensus rating based on 10 Buys and five Holds.
The average Blackstone price target of $119.08 points to a potential upside of 41.54% in the stock.
Read full Disclosure
