Credit Suisse Group Reaffirms Buy Rating for Blackstone Group (BX)

Blackstone Group (NYSE:BX)‘s stock had its “buy” rating restated by Credit Suisse Group in a research report issued on Thursday. They presently have a $47.00 price target on the asset manager’s stock. Credit Suisse Group’s price target indicates a potential upside of 37.51% from the stock’s previous close.

A number of other research firms have also weighed in on BX. Bank of America raised their price objective on Blackstone Group from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, October 20th. Vetr lowered Blackstone Group from a “strong-buy” rating to a “buy” rating and set a $35.50 price objective for the company. in a research report on Monday, December 4th. Zacks Investment Research lowered Blackstone Group from a “hold” rating to a “sell” rating in a research report on Monday, September 25th. Oppenheimer reaffirmed a “buy” rating on shares of Blackstone Group in a research report on Thursday, October 19th. Finally, Morgan Stanley raised their price objective on Blackstone Group from $40.00 to $41.00 and gave the company an “overweight” rating in a research report on Monday, October 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $38.20.

Blackstone Group (NYSE BX) traded up $0.44 during mid-day trading on Thursday, reaching $34.18. The company had a trading volume of 11,147,700 shares, compared to its average volume of 5,607,043. Blackstone Group has a one year low of $28.45 and a one year high of $35.09. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.95. The company has a market cap of $41,540.00, a price-to-earnings ratio of 14.73, a PEG ratio of 0.54 and a beta of 1.37.

Blackstone Group (NYSE:BX) last posted its quarterly earnings data on Thursday, October 19th. The asset manager reported $0.69 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.14. Blackstone Group had a return on equity of 19.71% and a net margin of 22.88%. The company had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same quarter last year, the company earned $0.57 EPS. The firm’s revenue for the quarter was up 21.4% on a year-over-year basis. equities research analysts predict that Blackstone Group will post 2.8 earnings per share for the current year.

In related news, insider John G. Finley sold 800 shares of Blackstone Group stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $32.00, for a total value of $25,600.00. Following the completion of the sale, the insider now owns 87,852 shares of the company’s stock, valued at $2,811,264. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Group L.P. Blackstone acquired 228,535 shares of the business’s stock in a transaction that occurred on Friday, December 28th. The stock was purchased at an average cost of $29.63 per share, with a total value of $6,771,492.05. The disclosure for this purchase can be found here. 1.00% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC grew its holdings in shares of Blackstone Group by 3.5% in the second quarter. FMR LLC now owns 40,769,760 shares of the asset manager’s stock worth $1,359,671,000 after acquiring an additional 1,387,363 shares during the period. Janus Henderson Group PLC grew its holdings in shares of Blackstone Group by 1,142.0% in the second quarter. Janus Henderson Group PLC now owns 8,062,439 shares of the asset manager’s stock worth $268,879,000 after acquiring an additional 7,413,287 shares during the period. Fred Alger Management Inc. grew its holdings in shares of Blackstone Group by 23.8% in the second quarter. Fred Alger Management Inc. now owns 6,289,738 shares of the asset manager’s stock worth $209,763,000 after acquiring an additional 1,211,146 shares during the period. Swedbank grew its holdings in shares of Blackstone Group by 14.6% in the third quarter. Swedbank now owns 5,433,122 shares of the asset manager’s stock worth $181,303,000 after acquiring an additional 693,200 shares during the period. Finally, Capital World Investors grew its holdings in shares of Blackstone Group by 101.0% in the second quarter. Capital World Investors now owns 3,988,250 shares of the asset manager’s stock worth $133,008,000 after acquiring an additional 2,004,000 shares during the period. 46.40% of the stock is owned by institutional investors.

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Blackstone Group Company Profile

The Blackstone Group L.P. is a global alternative asset manager. The Company’s alternative asset management businesses include investment vehicles focused on private equity, non-investment grade credit, secondary private equity funds of funds and multi-asset class strategies. It operates through four segments: Private Equity, Real Estate, Hedge Fund Solutions and Credit.

Analyst Recommendations for Blackstone Group (NYSE:BX)

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