Blackstone Group LP (NYSE:BX) Receives $49.75 Average Price Target from Analysts

Blackstone Group LP (NYSE:BX) has been assigned an average recommendation of “Buy” from the eleven research firms that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $49.75.

A number of analysts have recently commented on the company. Barclays assumed coverage on Blackstone Group in a report on Monday, August 5th. They issued an “overweight” rating and a $56.00 price target on the stock. Deutsche Bank boosted their price target on Blackstone Group from $42.00 to $45.00 and gave the company a “hold” rating in a report on Friday, July 19th. Citigroup set a $52.00 price target on Blackstone Group and gave the company a “buy” rating in a report on Friday, July 19th. JMP Securities lowered Blackstone Group from an “outperform” rating to a “market perform” rating in a report on Monday, July 8th. Finally, Zacks Investment Research upgraded Blackstone Group from a “strong sell” rating to a “hold” rating in a report on Thursday, April 25th.

Shares of Blackstone Group stock traded up $1.00 during trading on Tuesday, reaching $48.84. The stock had a trading volume of 5,309,063 shares, compared to its average volume of 5,011,091. The company has a market capitalization of $31.24 billion, a price-to-earnings ratio of 21.61, a P/E/G ratio of 1.03 and a beta of 1.47. The stock has a fifty day moving average price of $47.02 and a two-hundred day moving average price of $40.02. Blackstone Group has a 52 week low of $26.88 and a 52 week high of $49.81. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.82.

Blackstone Group (NYSE:BX) last issued its quarterly earnings results on Thursday, July 18th. The asset manager reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.07. The company had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.15 billion. Blackstone Group had a return on equity of 11.30% and a net margin of 20.51%. The company’s quarterly revenue was down 43.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.90 earnings per share. On average, equities analysts forecast that Blackstone Group will post 2.32 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 29th were issued a dividend of $0.48 per share. The ex-dividend date was Friday, July 26th. This represents a $1.92 annualized dividend and a yield of 3.93%. Blackstone Group’s payout ratio is presently 84.96%.

In related news, major shareholder Blackstone Group Inc bought 77,743 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were acquired at an average price of $7.80 per share, for a total transaction of $606,395.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christopher Striano sold 7,000 shares of the company’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $48.23, for a total value of $337,610.00. Following the sale, the insider now owns 36,186 shares in the company, valued at approximately $1,745,250.78. The disclosure for this sale can be found here. Insiders have purchased 368,319 shares of company stock worth $2,838,614 in the last quarter. 1.00% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Community Bank & Trust Waco Texas increased its position in 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 buying an additional 2,739 shares during the last quarter. Belpointe Asset Management LLC increased its position in 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 buying an additional 9,645 shares during the last quarter. Hollencrest Capital Management increased its position in Blackstone Group by 5.2% during the first quarter. Hollencrest Capital Management now owns 62,978 shares of the asset manager’s stock worth $2,203,000 after buying an additional 3,096 shares during the last quarter. National Asset Management Inc. increased its position in Blackstone Group by 15.7% during the first quarter. National Asset Management Inc. now owns 27,818 shares of the asset manager’s stock worth $973,000 after buying an additional 3,775 shares during the last quarter. Finally, Meitav Dash Investments Ltd. acquired a new position in Blackstone Group during the first quarter worth approximately $738,000. Institutional investors and hedge funds own 45.05% of the company’s stock.

Blackstone Group Company Profile

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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