Shares of Blackstone Group LP (NYSE:BX) have earned a consensus recommendation of “Buy” from the fourteen brokerages that are currently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and twelve have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $43.54.
Several analysts recently commented on the stock. Zacks Investment Research upgraded shares of Blackstone Group from a “hold” rating to a “buy” rating and set a $43.00 price target for the company in a research report on Thursday. Argus upped their price target on shares of Blackstone Group from $39.00 to $46.00 and gave the company a “buy” rating in a research report on Tuesday. Bank of America upped their price target on shares of Blackstone Group from $40.00 to $46.00 and gave the company a “buy” rating in a research report on Monday. Morgan Stanley upped their price target on shares of Blackstone Group from $42.00 to $48.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Citigroup upped their price target on shares of Blackstone Group from $43.00 to $47.50 and gave the company a “buy” rating in a research report on Monday.
In other Blackstone Group news, insider John G. Finley sold 5,000 shares of the business’s stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $35.98, for a total value of $179,900.00. Following the transaction, the insider now directly owns 113,003 shares of the company’s stock, valued at approximately $4,065,847.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider John G. Finley sold 10,000 shares of the business’s stock in a transaction on Friday, August 10th. The shares were sold at an average price of $35.76, for a total transaction of $357,600.00. Following the completion of the transaction, the insider now directly owns 113,003 shares in the company, valued at $4,040,987.28. The disclosure for this sale can be found here. Insiders sold a total of 770,677 shares of company stock worth $28,061,444 over the last three months. 1.00% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in BX. Natixis increased its stake in Blackstone Group by 43,717.6% in the 1st quarter. Natixis now owns 3,350,295 shares of the asset manager’s stock valued at $105,853,000 after buying an additional 3,342,649 shares during the period. Cornerstone Wealth Management LLC increased its stake in Blackstone Group by 3,337.0% in the 2nd quarter. Cornerstone Wealth Management LLC now owns 1,846,134 shares of the asset manager’s stock valued at $55,672,000 after buying an additional 1,792,420 shares during the period. OppenheimerFunds Inc. acquired a new position in Blackstone Group in the 1st quarter valued at $34,627,000. ING Groep NV acquired a new position in Blackstone Group in the 2nd quarter valued at $19,598,000. Finally, Russell Investments Group Ltd. grew its stake in shares of Blackstone Group by 28.9% during the 1st quarter. Russell Investments Group Ltd. now owns 2,692,569 shares of the asset manager’s stock worth $86,026,000 after purchasing an additional 604,211 shares during the period. 48.75% of the stock is currently owned by institutional investors.
BX stock traded down $0.47 on Friday, hitting $38.10. The company’s stock had a trading volume of 3,901,500 shares, compared to its average volume of 4,523,176. Blackstone Group has a 1 year low of $29.57 and a 1 year high of $40.60. The company has a market cap of $26.05 billion, a price-to-earnings ratio of 13.63, a price-to-earnings-growth ratio of 1.20 and a beta of 1.37. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.97 and a quick ratio of 0.97.
Blackstone Group (NYSE:BX) last released its quarterly earnings results on Thursday, July 19th. The asset manager reported $0.90 EPS for the quarter, beating the consensus estimate of $0.73 by $0.17. Blackstone Group had a net margin of 22.12% and a return on equity of 22.64%. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $1.74 billion. During the same quarter in the prior year, the firm earned $0.59 EPS. Blackstone Group’s revenue for the quarter was up 71.4% on a year-over-year basis. analysts anticipate that Blackstone Group will post 3.08 earnings per share for the current year.
Blackstone Group Company Profile
The Blackstone Group L.P. is a publicly owned hedge fund sponsor. The firm also provides financial advisory services to its clients. It provides its services to public and corporate pension funds, academic, cultural, and charitable organizations, retirees, sovereign wealth funds, and institutional and individual investors.
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