Blackstone (NYSE:BX) Lifted to Hold at StockNews.com

StockNews.com upgraded shares of Blackstone (NYSE:BXGet Rating) from a sell rating to a hold rating in a research note issued to investors on Thursday.

Other equities analysts have also issued reports about the stock. Morgan Stanley reduced their price target on shares of Blackstone from $154.00 to $125.00 and set an overweight rating for the company in a research report on Tuesday, July 19th. Barclays initiated coverage on shares of Blackstone in a report on Wednesday, August 31st. They set an overweight rating and a $120.00 target price for the company. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Blackstone from $147.00 to $153.00 and gave the company a buy rating in a report on Friday, August 12th. The Goldman Sachs Group cut their target price on shares of Blackstone from $136.00 to $112.00 and set a buy rating for the company in a report on Wednesday, June 29th. Finally, Wells Fargo & Company lifted their target price on shares of Blackstone to $102.00 in a report on Friday, July 22nd. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $131.33.

Blackstone Stock Performance

BX opened at $85.40 on Thursday. Blackstone has a 12-month low of $84.11 and a 12-month high of $149.78. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $59.92 billion, a PE ratio of 15.58, a P/E/G ratio of 1.73 and a beta of 1.45. The firm has a 50 day moving average of $98.89 and a two-hundred day moving average of $105.50.

Blackstone (NYSE:BXGet Rating) last posted its quarterly earnings results on Thursday, July 21st. The asset manager reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.47 by $0.02. Blackstone had a net margin of 22.48% and a return on equity of 20.80%. The company had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.46 billion. During the same period last year, the firm posted $0.82 EPS. Blackstone’s revenue for the quarter was up 96.1% compared to the same quarter last year. On average, analysts anticipate that Blackstone will post 5.16 EPS for the current year.

Blackstone Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 8th. Investors of record on Monday, August 1st were issued a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 5.95%. The ex-dividend date was Friday, July 29th. Blackstone’s payout ratio is presently 92.70%.

Insiders Place Their Bets

In other Blackstone news, Director Joseph Baratta sold 71,223 shares of Blackstone stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $93.95, for a total transaction of $6,691,400.85. Following the sale, the director now owns 1,141,965 shares of the company’s stock, valued at approximately $107,287,611.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Blackstone news, major shareholder Holdings L.P. Blackstone III sold 41,500 shares of Blackstone stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $32.94, for a total transaction of $1,367,010.00. Following the sale, the insider now owns 898,993 shares of the company’s stock, valued at approximately $29,612,829.42. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joseph Baratta sold 71,223 shares of the business’s stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $93.95, for a total transaction of $6,691,400.85. Following the transaction, the director now directly owns 1,141,965 shares in the company, valued at approximately $107,287,611.75. The disclosure for this sale can be found here. Insiders have sold a total of 161,423 shares of company stock valued at $9,660,717 in the last 90 days. 1.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of BX. Norges Bank acquired a new position in shares of Blackstone during the 4th quarter valued at about $831,839,000. BlackRock Inc. boosted its position in shares of Blackstone by 19.9% during the 4th quarter. BlackRock Inc. now owns 36,485,682 shares of the asset manager’s stock valued at $4,720,879,000 after acquiring an additional 6,049,041 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Blackstone by 12.6% during the 1st quarter. Vanguard Group Inc. now owns 44,984,296 shares of the asset manager’s stock valued at $5,710,306,000 after acquiring an additional 5,048,383 shares during the last quarter. Brown Advisory Inc. lifted its position in Blackstone by 117.4% in the first quarter. Brown Advisory Inc. now owns 4,877,233 shares of the asset manager’s stock valued at $619,999,000 after buying an additional 2,633,801 shares during the last quarter. Finally, 1832 Asset Management L.P. lifted its position in Blackstone by 135.9% in the first quarter. 1832 Asset Management L.P. now owns 2,889,301 shares of the asset manager’s stock valued at $361,731,000 after buying an additional 1,664,438 shares during the last quarter. Institutional investors and hedge funds own 61.87% of the company’s stock.

About Blackstone

(Get Rating)

Blackstone Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.

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