Blackstone Inc. (NYSE:BX) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Blackstone Inc. (NYSE:BXGet Rating) have earned a consensus rating of “Moderate Buy” from the thirteen brokerages that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and seven have given a buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $131.82.

Several brokerages have issued reports on BX. StockNews.com lowered Blackstone from a “hold” rating to a “sell” rating in a research note on Monday, July 25th. Deutsche Bank Aktiengesellschaft dropped their price target on Blackstone from $180.00 to $147.00 and set a “buy” rating for the company in a research note on Wednesday, July 13th. Wells Fargo & Company lifted their price target on Blackstone to $102.00 in a research note on Friday, July 22nd. The Goldman Sachs Group lowered their target price on Blackstone from $136.00 to $112.00 and set a “buy” rating for the company in a research note on Wednesday, June 29th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $155.00 target price on shares of Blackstone in a research note on Wednesday, April 13th.

Blackstone Price Performance

Blackstone stock opened at $101.20 on Friday. Blackstone has a 52 week low of $86.97 and a 52 week high of $149.78. The business has a 50-day simple moving average of $100.08 and a 200 day simple moving average of $111.36. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.41. The stock has a market cap of $70.91 billion, a price-to-earnings ratio of 18.47, a PEG ratio of 1.95 and a beta of 1.44.

Blackstone (NYSE:BXGet Rating) last posted its earnings results on Thursday, July 21st. The asset manager reported $1.49 EPS for the quarter, topping the consensus estimate of $1.47 by $0.02. Blackstone had a return on equity of 20.44% and a net margin of 22.48%. The business had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.46 billion. During the same period in the previous year, the business earned $0.82 earnings per share. The firm’s revenue was up 96.1% on a year-over-year basis. On average, research analysts forecast that Blackstone will post 5.16 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 8th. Investors of record on Monday, August 1st will be issued a dividend of $1.27 per share. The ex-dividend date is Friday, July 29th. This represents a $5.08 dividend on an annualized basis and a yield of 5.02%. Blackstone’s dividend payout ratio is presently 92.70%.

Insider Activity at Blackstone

In related news, major shareholder Holdings L.P. Blackstone III sold 4,236 shares of the business’s stock in a transaction dated Wednesday, May 25th. The stock was sold at an average price of $100.11, for a total transaction of $424,065.96. Following the transaction, the insider now owns 1,311,663 shares in the company, valued at approximately $131,310,582.93. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Blackstone news, Director Joseph Baratta sold 71,223 shares of the company’s stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $93.95, for a total transaction of $6,691,400.85. Following the transaction, the director now owns 1,141,965 shares in the company, valued at approximately $107,287,611.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Holdings L.P. Blackstone III sold 4,236 shares of the company’s stock in a transaction that occurred on Wednesday, May 25th. The stock was sold at an average price of $100.11, for a total value of $424,065.96. Following the transaction, the insider now owns 1,311,663 shares in the company, valued at approximately $131,310,582.93. The disclosure for this sale can be found here. Insiders have sold a total of 205,954 shares of company stock worth $11,578,255 in the last 90 days. Company insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BX. Norges Bank purchased a new position in shares of Blackstone during the 4th quarter worth approximately $831,839,000. BlackRock Inc. grew its stake in shares of Blackstone by 19.9% in the 4th quarter. BlackRock Inc. now owns 36,485,682 shares of the asset manager’s stock worth $4,720,879,000 after buying an additional 6,049,041 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Blackstone by 12.6% in the 1st quarter. Vanguard Group Inc. now owns 44,984,296 shares of the asset manager’s stock worth $5,710,306,000 after buying an additional 5,048,383 shares during the last quarter. Brown Advisory Inc. grew its stake in shares of Blackstone by 117.4% in the 1st quarter. Brown Advisory Inc. now owns 4,877,233 shares of the asset manager’s stock worth $619,999,000 after buying an additional 2,633,801 shares during the last quarter. Finally, 1832 Asset Management L.P. grew its stake in shares of Blackstone by 135.9% in the 1st quarter. 1832 Asset Management L.P. now owns 2,889,301 shares of the asset manager’s stock worth $361,731,000 after buying an additional 1,664,438 shares during the last quarter. Hedge funds and other institutional investors own 63.68% of the company’s stock.

About Blackstone

(Get Rating)

Blackstone 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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Analyst Recommendations for Blackstone (NYSE:BX)

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