Blackstone (NYSE:BX) Shares Gap Down Following Analyst Downgrade

Blackstone Inc. (NYSE:BXGet Rating)’s share price gapped down prior to trading on Tuesday after BMO Capital Markets lowered their price target on the stock from $115.00 to $109.00. The stock had previously closed at $89.85, but opened at $87.23. Blackstone shares last traded at $87.21, with a volume of 72,341 shares changing hands.

Other analysts have also issued research reports about the company. Credit Suisse Group lowered Blackstone from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $85.50 to $67.50 in a report on Tuesday. Argus dropped their target price on Blackstone from $137.00 to $115.00 in a report on Tuesday, October 25th. The Goldman Sachs Group decreased their target price on Blackstone from $117.00 to $101.00 and set a “buy” rating on the stock in a research report on Monday, October 3rd. Barclays reduced their price target on Blackstone from $120.00 to $104.00 in a research report on Monday, October 10th. Finally, Bank of America reissued a “buy” rating and set a $125.00 price target on shares of Blackstone in a research report on Thursday, October 6th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Blackstone has a consensus rating of “Hold” and an average target price of $113.10.

Insiders Place Their Bets

In other Blackstone news, insider John G. Finley sold 50,000 shares of Blackstone stock in a transaction that occurred on Friday, November 11th. The shares were sold at an average price of $107.21, for a total transaction of $5,360,500.00. Following the transaction, the insider now owns 355,698 shares of the company’s stock, valued at approximately $38,134,382.58. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider John G. Finley sold 50,000 shares of Blackstone stock in a transaction that occurred on Friday, November 11th. The shares were sold at an average price of $107.21, for a total value of $5,360,500.00. Following the sale, the insider now owns 355,698 shares of the company’s stock, valued at approximately $38,134,382.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Holdings L.P. Blackstone III sold 7,200 shares of Blackstone stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $32.68, for a total transaction of $235,296.00. Following the completion of the sale, the insider now directly owns 862,800 shares in the company, valued at approximately $28,196,304. The disclosure for this sale can be found here. Insiders have sold a total of 20,210,871 shares of company stock valued at $207,282,832 in the last 90 days. 1.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Financial Advantage Inc. purchased a new position in shares of Blackstone during the 1st quarter valued at $26,000. Destiny Wealth Partners LLC purchased a new position in shares of Blackstone during the 2nd quarter valued at $25,000. Whalerock Point Partners LLC purchased a new position in shares of Blackstone during the 3rd quarter valued at $282,571,000. Mach 1 Financial Group LLC purchased a new position in shares of Blackstone during the 3rd quarter valued at $25,000. Finally, SJS Investment Consulting Inc. purchased a new position in shares of Blackstone during the 3rd quarter valued at $26,000. 61.87% of the stock is currently owned by hedge funds and other institutional investors.

Blackstone Price Performance

The firm’s 50-day moving average is $90.16 and its 200-day moving average is $97.37. The company has a market capitalization of $61.62 billion, a PE ratio of 24.80, a price-to-earnings-growth ratio of 2.22 and a beta of 1.44. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.52.

Blackstone (NYSE:BXGet Rating) last announced its earnings results on Thursday, October 20th. The asset manager reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.09. Blackstone had a net margin of 20.58% and a return on equity of 20.75%. The company had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.52 billion. During the same period in the previous year, the business earned $1.28 earnings per share. The firm’s quarterly revenue was down 14.8% compared to the same quarter last year. Equities analysts predict that Blackstone Inc. will post 5.15 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 7th. Investors of record on Monday, October 31st were given a $0.90 dividend. The ex-dividend date was Friday, October 28th. This represents a $3.60 annualized dividend and a yield of 4.10%. Blackstone’s dividend payout ratio (DPR) is presently 101.70%.

About Blackstone

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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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