The Blackstone Group (NYSE:BX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, Zacks.com reports. The brokerage presently has a $66.00 target price on the asset manager’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 3.17% from the stock’s current price.
According to Zacks, “Shares of Blackstone have underperformed the industry over the past year. Its earnings surpassed the Zacks Consensus Estimate in two and met in one of the trailing four quarters. Recently, the company inked a deal to buy DCI, which will further enhance its digital capabilities. Blackstone remains well-positioned to benefit from its fund-raising ability, revenue mix, persistent asset inflows and inorganic growth efforts. Its transition from a publicly traded partnership to a corporation is expected to help attract more investors. Yet, continuously increasing expenses (mainly owing to higher general and administrative costs) are expected to hamper the bottom line to some extent in the near term. Further, lower chances of sustainability of the company’s capital deployment activities, given the volatile earnings and high debt level is a concern.”
Other equities analysts have also recently issued reports about the company. BMO Capital Markets lifted their price target on The Blackstone Group from $50.00 to $51.00 and gave the company a “market perform” rating in a research report on Thursday, October 29th. BidaskClub cut The Blackstone Group from a “buy” rating to a “hold” rating in a research report on Wednesday, January 6th. Morgan Stanley lowered their price target on The Blackstone Group from $69.00 to $68.00 and set an “overweight” rating on the stock in a research report on Thursday, October 29th. Finally, Oppenheimer upgraded The Blackstone Group from a “market perform” rating to an “outperform” rating and set a $58.00 price target on the stock in a research report on Thursday, October 29th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $61.21.
The Blackstone Group (NYSE:BX) last posted its earnings results on Wednesday, October 28th. The asset manager reported $0.63 EPS for the quarter, beating the consensus estimate of $0.57 by $0.06. The business had revenue of $3.03 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the prior year, the business earned $0.58 earnings per share. The firm’s revenue was up 74.8% compared to the same quarter last year. Equities analysts anticipate that The Blackstone Group will post 2.42 EPS for the current year.
In other news, major shareholder Holdings L.P. Blackstone III acquired 42,425 shares of The Blackstone Group stock in a transaction that occurred on Monday, January 4th. The stock was purchased at an average price of $34.93 per share, with a total value of $1,481,905.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Blackstone Bdc Holdings Llc acquired 997,940 shares of The Blackstone Group stock in a transaction that occurred on Thursday, January 7th. The shares were purchased at an average cost of $25.00 per share, with a total value of $24,948,500.00. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 1,042,365 shares of company stock valued at $26,480,405. Insiders own 1.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Raymond James Trust N.A. raised its holdings in The Blackstone Group by 8.8% during the fourth quarter. Raymond James Trust N.A. now owns 34,096 shares of the asset manager’s stock valued at $2,210,000 after buying an additional 2,764 shares in the last quarter. IFM Investors Pty Ltd raised its holdings in The Blackstone Group by 17.2% during the fourth quarter. IFM Investors Pty Ltd now owns 64,682 shares of the asset manager’s stock valued at $4,192,000 after buying an additional 9,509 shares in the last quarter. Iron Financial LLC raised its holdings in The Blackstone Group by 21.1% during the fourth quarter. Iron Financial LLC now owns 5,651 shares of the asset manager’s stock valued at $366,000 after buying an additional 983 shares in the last quarter. Redpoint Investment Management Pty Ltd raised its holdings in The Blackstone Group by 11.8% during the fourth quarter. Redpoint Investment Management Pty Ltd now owns 15,023 shares of the asset manager’s stock valued at $974,000 after buying an additional 1,588 shares in the last quarter. Finally, Global Retirement Partners LLC raised its holdings in The Blackstone Group by 8.0% during the fourth quarter. Global Retirement Partners LLC now owns 72,667 shares of the asset manager’s stock valued at $4,710,000 after buying an additional 5,401 shares in the last quarter. Institutional investors own 59.77% of the company’s stock.
The Blackstone Group Company Profile
The Blackstone Group Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.
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