Blackstone Group (BX) PT Raised to $46.00 at Bank of America

Blackstone Group (NYSE:BX) had its price objective lifted by analysts at Bank of America from $40.00 to $46.00 in a research report issued to clients and investors on Monday. The firm currently has a “buy” rating on the asset manager’s stock. Bank of America’s price target would suggest a potential upside of 15.90% from the company’s current price.

Several other research analysts have also issued reports on the stock. Zacks Investment Research raised shares of Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a research note on Thursday, August 16th. Morgan Stanley increased their target price on shares of Blackstone Group from $40.00 to $42.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 14th. Citigroup increased their target price on shares of Blackstone Group from $41.50 to $43.00 and gave the stock a “buy” rating in a research note on Friday, July 20th. Jefferies Financial Group restated a “buy” rating and set a $42.00 price objective on shares of Blackstone Group in a report on Friday, July 20th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and set a $40.00 price objective on shares of Blackstone Group in a report on Friday, July 20th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $43.22.

Shares of NYSE BX opened at $39.69 on Monday. The firm has a market cap of $26.35 billion, a P/E ratio of 13.39, a P/E/G ratio of 1.21 and a beta of 1.37. Blackstone Group has a 12-month low of $29.57 and a 12-month high of $40.60. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.97 and a current ratio of 0.97.

Blackstone Group (NYSE:BX) last issued its earnings results on Thursday, July 19th. The asset manager reported $0.90 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.17. The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $1.74 billion. Blackstone Group had a net margin of 22.12% and a return on equity of 22.64%. Blackstone Group’s revenue was up 71.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.59 earnings per share. equities research analysts predict that Blackstone Group will post 3.08 earnings per share for the current fiscal year.

In other news, insider John G. Finley sold 5,000 shares of the stock in a transaction dated 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 sale, the insider now owns 113,003 shares in the company, valued at $4,065,847.94. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman J Tomilson Hill sold 674,257 shares of the stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $36.48, for a total transaction of $24,596,895.36. Following the completion of the sale, the insider now owns 928,884 shares of the company’s stock, valued at approximately $33,885,688.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 770,677 shares of company stock worth $28,061,444. Corporate insiders own 1.00% of the company’s stock.

Several hedge funds have recently made changes to their positions in BX. Natixis raised its holdings in shares of Blackstone Group by 43,717.6% in the first quarter. Natixis now owns 3,350,295 shares of the asset manager’s stock valued at $105,853,000 after purchasing an additional 3,342,649 shares during the last quarter. Cornerstone Wealth Management LLC raised its holdings in shares of Blackstone Group by 3,337.0% in the second quarter. Cornerstone Wealth Management LLC now owns 1,846,134 shares of the asset manager’s stock valued at $55,672,000 after purchasing an additional 1,792,420 shares during the last quarter. OppenheimerFunds Inc. purchased a new stake in shares of Blackstone Group in the first quarter valued at about $34,627,000. ING Groep NV purchased a new stake in shares of Blackstone Group in the second quarter valued at about $19,598,000. Finally, Russell Investments Group Ltd. raised its holdings in shares of Blackstone Group by 28.9% in the first quarter. Russell Investments Group Ltd. now owns 2,692,569 shares of the asset manager’s stock valued at $86,026,000 after purchasing an additional 604,211 shares during the last quarter. Institutional investors own 48.75% 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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Analyst Recommendations for Blackstone Group (NYSE:BX)

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