Blackstone Group (NYSE:BX) Cut to Market Perform at JMP Securities

JMP Securities downgraded shares of Blackstone Group (NYSE:BX) from an outperform rating to a market perform rating in a research note issued to investors on Monday morning, BenzingaRatingsTable reports.

BX has been the topic of a number of other research reports. Morgan Stanley reaffirmed a top pick rating on shares of in a report on Wednesday, June 5th. ValuEngine raised Alleghany from a hold rating to a buy rating in a report on Friday, April 19th. Finally, Zacks Investment Research raised Green Brick Partners from a sell rating to a hold rating in a report on Thursday, April 25th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $44.04.

NYSE:BX opened at $46.07 on Monday. The company has a 50 day moving average price of $43.27. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.98 and a current ratio of 0.98. Blackstone Group has a 12 month low of $26.88 and a 12 month high of $47.93. The company has a market capitalization of $30.56 billion, a price-to-earnings ratio of 20.38, a price-to-earnings-growth ratio of 1.03 and a beta of 1.47.

Blackstone Group (NYSE:BX) last released its earnings results on Thursday, April 18th. The asset manager reported $0.44 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.08). Blackstone Group had a return on equity of 12.79% and a net margin of 23.35%. The firm had revenue of $2.02 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period in the prior year, the firm earned $0.53 EPS. The firm’s revenue was up 14.5% on a year-over-year basis. As a group, research analysts expect that Blackstone Group will post 2.31 EPS for the current fiscal year.

In other Blackstone Group news, Director Bennett J. Goodman sold 115,000 shares of Blackstone Group stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $39.58, for a total value of $4,551,700.00. Following the completion of the transaction, the director now owns 250,000 shares in the company, valued at approximately $9,895,000. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Holdings L.P. Blackstone III acquired 120,358 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was acquired at an average price of $23.92 per share, with a total value of $2,878,963.36. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 686,872 shares of company stock worth $16,617,597. 1.00% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of BX. Community Bank & Trust Waco Texas raised its position in shares of Blackstone Group by 3.3% during the first quarter. Community Bank & Trust Waco Texas now owns 86,842 shares of the asset manager’s stock worth $3,037,000 after acquiring an additional 2,739 shares during the last quarter. First Allied Advisory Services Inc. raised its position in shares of Blackstone Group by 3.3% during the fourth quarter. First Allied Advisory Services Inc. now owns 90,295 shares of the asset manager’s stock worth $2,690,000 after acquiring an additional 2,915 shares during the last quarter. Surevest Inc. bought a new stake in shares of Blackstone Group during the fourth quarter worth $294,000. Van Leeuwen & Company LLC raised its position in shares of Blackstone Group by 3.6% during the fourth quarter. Van Leeuwen & Company LLC now owns 55,046 shares of the asset manager’s stock worth $1,641,000 after acquiring an additional 1,890 shares during the last quarter. Finally, Belpointe Asset Management LLC raised its position in shares of Blackstone Group by 43.5% during the first quarter. Belpointe Asset Management LLC now owns 31,832 shares of the asset manager’s stock worth $1,113,000 after acquiring an additional 9,645 shares during the last quarter. Hedge funds and other institutional investors own 47.07% of the company’s stock.

About Blackstone Group

The Blackstone Group L.P. is a publicly owned alternative asset manager. The firm also provides capital markets 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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