In a recent transaction, entities associated with Blackstone Inc. (NYSE:BX) sold a significant number of shares in Hamilton Insurance Group Ltd. (NYSE:HG). The sale consisted of 8,625,465 shares at a price of $12.00 per share, followed by another sale of 499,264 shares at the same price, totaling approximately $103.7 million.
The shares were sold pursuant to a Share Repurchase Agreement dated May 8, 2024, with the repurchase expected to close on May 10, 2024. This transaction involved indirect ownership through various entities, including BSOF Master Fund L.P. and BSOF Master Fund II L.P., both Cayman Islands exempted limited partnerships, and managed by Blackstone Alternative Solutions L.L.C.
Footnotes included in the report indicate that these entities are part of a complex ownership structure that includes Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings I/II GP L.L.C., and Blackstone Group (NYSE:BX) Management L.L.C. The latter is owned by senior managing directors of Blackstone and controlled by the company's founder, Stephen A. Schwarzman.
Each reporting person within the structure may be deemed to beneficially own the securities sold, but they have disclaimed beneficial ownership except to the extent of their pecuniary interest. The securities sold were held indirectly by the reporting entities, and the nature of the ownership is detailed in the footnotes of the report.
This sale represents a significant divestment by Blackstone entities in Hamilton Insurance Group Ltd., and it contributes to the ongoing financial developments within the investment management firm's extensive portfolio.
InvestingPro Insights
Following the notable divestment by Blackstone in Hamilton Insurance Group Ltd. (NYSE:HG), current metrics and analyst insights provide a broader picture of the company's financial health and stock performance. Hamilton Insurance Group's market capitalization stands at $1.79 billion, with a striking Price/Earnings (P/E) ratio of 5.33, indicating that the stock may be undervalued when compared to industry peers. Additionally, the company's revenue has shown robust growth over the last twelve months as of Q4 2023, with a 28.56% increase, reflecting strong business performance.
Investors might also be interested in the stock's recent momentum, as Hamilton Insurance Group has experienced a significant return of 14.41% over the last week and an even more impressive 29.58% over the last month. This trend aligns with one of the InvestingPro Tips, which highlights the stock's strong return in the short term. Moreover, the company's liquid assets surpass its short-term obligations, suggesting a stable financial position for meeting immediate liabilities.
For those seeking more in-depth analysis, InvestingPro offers additional tips on Hamilton Insurance Group, including insights into earnings revisions and technical indicators such as the Relative Strength Index (RSI). With three analysts having revised their earnings projections upwards for the upcoming period, prospects for future profitability appear to be on the rise. To access these insights and more, interested readers can visit InvestingPro. Furthermore, users can take advantage of a special promotion by using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes a total of 10 InvestingPro Tips for Hamilton Insurance Group.
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