Blackstone Group (NYSE:BX) PT Raised to $54.00

Blackstone Group (NYSE:BX) had its target price hoisted by Morgan Stanley from $50.00 to $54.00 in a research note released on Tuesday, July 9th, BenzingaRatingsTable reports. The brokerage currently has an overweight rating on the asset manager’s stock.

A number of other analysts have also issued reports on the stock. JMP Securities lowered shares of Blackstone Group from an outperform rating to a market perform rating in a research report on Monday, July 8th. ValuEngine upgraded shares of Blackstone Group from a hold rating to a buy rating in a report on Friday, April 19th. Finally, Zacks Investment Research upgraded shares of Blackstone Group from a strong sell rating to a hold rating in a report on Thursday, April 25th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $47.22.

Blackstone Group stock traded down $1.09 during mid-day trading on Tuesday, reaching $47.98. The company had a trading volume of 6,248,412 shares, compared to its average volume of 4,866,431. Blackstone Group has a 1 year low of $26.88 and a 1 year high of $49.81. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.98 and a quick ratio of 0.98. The company has a market cap of $31.63 billion, a P/E ratio of 21.23, a P/E/G ratio of 1.08 and a beta of 1.47. The business’s 50-day simple moving average is $46.07.

Blackstone Group (NYSE:BX) last issued its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.07. Blackstone Group had a net margin of 20.51% and a return on equity of 11.28%. The business had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period last year, the company posted $0.90 EPS. The company’s revenue was down 43.5% on a year-over-year basis. On average, analysts anticipate that Blackstone Group will post 2.32 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 5th. Stockholders of record on Monday, July 29th will be paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date is Friday, July 26th. Blackstone Group’s dividend payout ratio is presently 84.96%.

In other news, major shareholder Holdings L.P. Blackstone III purchased 85,400 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were purchased at an average price of $23.96 per share, with a total value of $2,046,184.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Bennett J. Goodman sold 115,000 shares of Blackstone Group stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $39.58, for a total transaction of $4,551,700.00. Following the sale, the director now directly owns 250,000 shares in the company, valued at approximately $9,895,000. The disclosure for this sale can be found here. In the last three months, insiders bought 271,400 shares of company stock worth $6,546,484. Insiders own 1.00% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in BX. Bank of Montreal Can increased its stake in Blackstone Group by 49.9% during the 1st quarter. Bank of Montreal Can now owns 21,124,981 shares of the asset manager’s stock worth $738,740,000 after buying an additional 7,030,805 shares during the period. Ellis Investment Partners LLC increased its position in shares of Blackstone Group by 3,640.1% in the 1st quarter. Ellis Investment Partners LLC now owns 2,870,039 shares of the asset manager’s stock worth $2,870,000 after purchasing an additional 2,793,303 shares during the last quarter. Artemis Investment Management LLP increased its position in shares of Blackstone Group by 92.0% in the 2nd quarter. Artemis Investment Management LLP now owns 2,050,040 shares of the asset manager’s stock worth $90,868,000 after purchasing an additional 982,153 shares during the last quarter. RMB Capital Management LLC increased its position in shares of Blackstone Group by 102.2% in the 4th quarter. RMB Capital Management LLC now owns 10,015 shares of the asset manager’s stock worth $299,000 after purchasing an additional 468,000 shares during the last quarter. Finally, SHANDA ASSET MANAGEMENT HOLDINGS Ltd bought a new stake in shares of Blackstone Group in the 4th quarter worth about $6,893,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Blackstone Group Company Profile

The Blackstone Group L.P. is a publicly owned alternative asset manager. The firm also provides capital markets 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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Analyst Recommendations for Blackstone Group (NYSE:BX)

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