Morgan Stanley Raises Blackstone Group (NYSE:BX) Price Target to $73.00

Blackstone Group (NYSE:BX) had its price objective hoisted by Morgan Stanley from $60.00 to $73.00 in a research report report published on Thursday, BenzingaRatingsTable reports. They currently have an overweight rating on the asset manager’s stock.

BX has been the topic of a number of other reports. Wells Fargo & Co boosted their target price on Blackstone Group from $60.00 to $64.00 and gave the stock an overweight rating in a report on Thursday, December 19th. ValuEngine lowered Blackstone Group from a buy rating to a hold rating in a report on Wednesday, October 2nd. Bank of America lowered Blackstone Group from a buy rating to a neutral rating and decreased their price objective for the company from $54.00 to $52.00 in a report on Monday, October 14th. Barclays reaffirmed a buy rating and issued a $62.00 price objective on shares of Blackstone Group in a report on Wednesday, December 11th. Finally, Deutsche Bank upped their price objective on Blackstone Group from $50.00 to $55.00 and gave the company a hold rating in a report on Thursday, December 19th. Nine equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has an average rating of Hold and a consensus target price of $56.75.

Shares of BX stock traded down $1.52 during trading on Thursday, reaching $62.21. 7,475,490 shares of the company’s stock were exchanged, compared to its average volume of 4,047,881. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.82. The stock has a market capitalization of $41.45 billion, a PE ratio of 27.17, a PEG ratio of 1.24 and a beta of 1.44. Blackstone Group has a twelve month low of $32.30 and a twelve month high of $64.18. The firm’s fifty day moving average price is $56.55 and its 200-day moving average price is $51.38.

Blackstone Group (NYSE:BX) last posted its earnings results on Wednesday, October 23rd. The asset manager reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. The business had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.31 billion. Blackstone Group had a return on equity of 7.61% and a net margin of 27.05%. The firm’s revenue was down 9.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.63 EPS. As a group, analysts anticipate that Blackstone Group will post 2.26 EPS for the current fiscal year.

In other news, Vice Chairman Hamilton E. James sold 108,103 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $52.56, for a total transaction of $5,681,893.68. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Holdings L.P. Blackstone III sold 6,864,545 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $35.54, for a total value of $243,965,929.30. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,608,103 shares of company stock worth $311,151,291. Insiders own 1.00% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allworth Financial LP grew its holdings in shares of Blackstone Group by 359.8% during the 4th quarter. Allworth Financial LP now owns 469 shares of the asset manager’s stock worth $26,000 after purchasing an additional 367 shares in the last quarter. Burt Wealth Advisors acquired a new stake in shares of Blackstone Group during the 3rd quarter worth $26,000. Lenox Wealth Advisors LLC acquired a new stake in shares of Blackstone Group during the 3rd quarter worth $28,000. Hartford Financial Management Inc. acquired a new stake in shares of Blackstone Group during the 3rd quarter worth $30,000. Finally, TCI Wealth Advisors Inc. acquired a new stake in shares of Blackstone Group during the 3rd quarter worth $32,000. 53.65% of the stock is currently owned by institutional investors.

Blackstone Group Company Profile

The Blackstone Group Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services. The real estate segment specializes in opportunistic, core+ investments as well as debt investment opportunities collateralized by commercial real estate, and stabilized income-oriented commercial real estate across North America, Europe and Asia.

Further Reading: Initial Coin Offerings entail a high degree of risk

Analyst Recommendations for Blackstone Group (NYSE:BX)

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