Morgan Stanley reissued their buy rating on shares of Blackstone Group (NYSE:BX) in a report published on Friday morning.
Several other equities research analysts have also weighed in on BX. Zacks Investment Research upgraded Blackstone Group from a hold rating to a buy rating and set a $40.00 price objective on the stock in a research note on Thursday, August 16th. Oppenheimer set a $42.00 price objective on Blackstone Group and gave the company a buy rating in a research note on Thursday, July 19th. Jefferies Financial Group reiterated a buy rating and issued a $42.00 price objective on shares of Blackstone Group in a research note on Friday, July 20th. Credit Suisse Group lowered their price objective on Blackstone Group from $48.00 to $47.00 and set an outperform rating on the stock in a research note on Friday, July 20th. Finally, Keefe, Bruyette & Woods reiterated a buy rating and issued a $40.00 price objective on shares of Blackstone Group in a research note on Friday, July 20th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $41.50.
Blackstone Group stock opened at $36.80 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $23.88 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 1.10 and a beta of 1.37. Blackstone Group has a 12 month low of $29.57 and a 12 month high of $37.52.
Blackstone Group (NYSE:BX) last posted 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. The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $1.74 billion. Blackstone Group had a return on equity of 22.64% and a net margin of 22.12%. The company’s revenue for the quarter was up 71.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.59 EPS. analysts expect that Blackstone Group will post 3.08 earnings per share for the current fiscal year.
In other Blackstone Group news, Vice Chairman J Tomilson Hill sold 674,257 shares of the stock in a transaction on Monday, August 20th. The stock was sold at an average price of $36.48, for a total value of $24,596,895.36. Following the transaction, the insider now directly owns 928,884 shares in the company, valued at approximately $33,885,688.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John G. Finley sold 5,000 shares of the 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 completion of the transaction, the insider now owns 113,003 shares in the company, valued at $4,065,847.94. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 770,677 shares of company stock worth $28,061,444. 1.00% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in shares of Blackstone Group in the 1st quarter valued at $5,369,000. PNC Financial Services Group Inc. lifted its stake in shares of Blackstone Group by 2.8% in the 2nd quarter. PNC Financial Services Group Inc. now owns 708,399 shares of the asset manager’s stock valued at $22,790,000 after purchasing an additional 19,278 shares during the period. Independent Advisor Alliance lifted its stake in shares of Blackstone Group by 7.8% in the 2nd quarter. Independent Advisor Alliance now owns 59,405 shares of the asset manager’s stock valued at $1,911,000 after purchasing an additional 4,304 shares during the period. OppenheimerFunds Inc. lifted its stake in shares of Blackstone Group by 1.4% in the 2nd quarter. OppenheimerFunds Inc. now owns 1,098,800 shares of the asset manager’s stock valued at $35,348,000 after purchasing an additional 15,000 shares during the period. Finally, US Bancorp DE lifted its stake in shares of Blackstone Group by 29.5% in the 1st quarter. US Bancorp DE now owns 51,560 shares of the asset manager’s stock valued at $1,647,000 after purchasing an additional 11,735 shares during the period. Hedge funds and other institutional investors own 48.80% of the company’s stock.
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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