Blackstone Group (NYSE:BX) Price Target Raised to $64.00

Blackstone Group (NYSE:BX) had its price objective lifted by Wells Fargo & Co from $60.00 to $64.00 in a research report report published on Thursday, BenzingaRatingsTable reports. Wells Fargo & Co currently has an overweight rating on the asset manager’s stock.

BX has been the subject of several other reports. Oppenheimer cut shares of Blackstone Group from an outperform rating to a market perform rating in a report on Tuesday, September 24th. They noted that the move was a valuation call. Citigroup lowered shares of Blackstone Group from a buy rating to a neutral rating and set a $52.00 price target on the stock. in a research note on Wednesday, September 18th. They noted that the move was a valuation call. ValuEngine downgraded shares of Blackstone Group from a buy rating to a hold rating in a report on Wednesday, October 2nd. BMO Capital Markets assumed coverage on shares of Blackstone Group in a report on Monday, October 7th. They issued a market perform rating and a $44.00 price objective for the company. Finally, Bank of America downgraded shares of Blackstone Group from a buy rating to a neutral rating and lowered their target price for the stock from $54.00 to $52.00 in a research report on Monday, October 14th. Nine analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Blackstone Group has an average rating of Hold and a consensus target price of $55.13.

Shares of Blackstone Group stock opened at $55.80 on Thursday. Blackstone Group has a 1 year low of $27.88 and a 1 year high of $55.97. The company has a market cap of $36.79 billion, a P/E ratio of 24.69, a P/E/G ratio of 1.46 and a beta of 1.45. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.82. The stock has a 50-day moving average price of $53.16 and a 200 day moving average price of $49.02.

Blackstone Group (NYSE:BX) last released its earnings results on Wednesday, October 23rd. The asset manager reported $0.58 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.05. The company had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Blackstone Group had a return on equity of 7.61% and a net margin of 27.05%. The business’s revenue for the quarter was down 9.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.63 EPS. On average, equities analysts forecast that Blackstone Group will post 2.28 earnings per share for the current fiscal year.

In other news, major shareholder Holdings L.P. Blackstone III sold 6,864,545 shares of the firm’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $35.54, for a total value of $243,965,929.30. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Blackstone Group Inc sold 8,875,211 shares of the business’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $2.50, for a total transaction of $22,188,027.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,608,103 shares of company stock worth $311,151,291. Corporate insiders own 1.00% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Marshall Wace LLP acquired a new stake in Blackstone Group in the 1st quarter valued at $50,000. Gabelli Funds LLC raised its stake in Blackstone Group by 5.2% during the second quarter. Gabelli Funds LLC now owns 163,000 shares of the asset manager’s stock worth $7,240,000 after acquiring an additional 8,000 shares in the last quarter. GWM Advisors LLC lifted its holdings in shares of Blackstone Group by 22.5% during the second quarter. GWM Advisors LLC now owns 8,271 shares of the asset manager’s stock valued at $367,000 after acquiring an additional 1,519 shares during the period. Parallel Advisors LLC lifted its holdings in shares of Blackstone Group by 21.2% during the second quarter. Parallel Advisors LLC now owns 13,471 shares of the asset manager’s stock valued at $598,000 after acquiring an additional 2,352 shares during the period. Finally, H D Vest Advisory Services grew its stake in Blackstone Group by 28.4% during the second quarter. H D Vest Advisory Services now owns 11,190 shares of the asset manager’s stock worth $497,000 after buying an additional 2,472 shares during the last quarter. Hedge funds and other institutional investors own 53.38% 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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