Barclays reiterated their buy rating on shares of Blackstone Group (NYSE:BX) in a research report sent to investors on Wednesday, December 11th, AnalystRatings.com reports. Barclays currently has a $62.00 price objective on the asset manager’s stock.
A number of other research firms have also recently commented on BX. Morgan Stanley reaffirmed an overweight rating and set a $60.00 price objective (up from $57.00) on shares of Blackstone Group in a research report on Friday, October 25th. Oppenheimer lowered shares of Blackstone Group from an outperform rating to a market perform rating in a research note on Tuesday, September 24th. They noted that the move was a valuation call. Bank of America downgraded shares of Blackstone Group from a buy rating to a neutral rating and cut their price objective for the stock from $54.00 to $52.00 in a research report on Monday, October 14th. S&P Equity Research cut Blackstone Group from an outperform rating to a market perform rating in a report on Tuesday, September 24th. Finally, ValuEngine lowered Blackstone Group from a buy rating to a hold rating in a research note on Wednesday, October 2nd. Nine research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Blackstone Group currently has a consensus rating of Hold and a consensus target price of $55.13.
NYSE BX opened at $56.00 on Wednesday. Blackstone Group has a 12-month low of $29.81 and a 12-month high of $56.69. The company has a market capitalization of $36.88 billion, a PE ratio of 24.78, a price-to-earnings-growth ratio of 1.10 and a beta of 1.44. The firm’s 50 day moving average is $54.11 and its 200-day moving average is $50.01. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.82.
Blackstone Group (NYSE:BX) last announced its quarterly 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. Blackstone Group had a return on equity of 7.61% and a net margin of 27.05%. The firm had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the previous year, the business earned $0.63 earnings per share. The business’s revenue was down 9.9% compared to the same quarter last year. As a group, sell-side analysts expect that Blackstone Group will post 2.28 EPS for the current year.
In related news, Vice Chairman Hamilton E. James sold 280,046 shares of the company’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $51.73, for a total transaction of $14,486,779.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Hamilton E. James sold 108,103 shares of Blackstone Group stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $52.56, for a total value of $5,681,893.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,608,103 shares of company stock worth $311,151,291. Corporate insiders own 1.00% of the company’s stock.
Institutional investors have recently modified their holdings of the business. Burt Wealth Advisors acquired a new position in Blackstone Group in the 3rd quarter worth about $26,000. Cypress Capital Management LLC WY bought a new position in Blackstone Group in the 2nd quarter valued at approximately $25,000. Lenox Wealth Advisors LLC acquired a new stake in Blackstone Group during the 3rd quarter worth approximately $28,000. Hartford Financial Management Inc. bought a new stake in Blackstone Group during the 3rd quarter worth approximately $30,000. Finally, TCI Wealth Advisors Inc. bought a new stake in Blackstone Group during the 3rd quarter worth approximately $32,000. Hedge funds and other institutional investors own 53.38% of the company’s stock.
About Blackstone Group
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.
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