Blackstone (NYSE:BX) Price Target Cut to $114.00

Blackstone (NYSE:BX) had its price objective decreased by TD Cowen from $117.00 to $114.00 in a research report report published on Friday, Benzinga reports. TD Cowen currently has a hold rating on the asset manager’s stock.

Other analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods lifted their price objective on Blackstone from $123.00 to $127.00 and gave the company a market perform rating in a research report on Friday, January 26th. Morgan Stanley raised their target price on Blackstone from $144.00 to $145.00 and gave the company an overweight rating in a report on Wednesday, April 17th. Bank of America cut their target price on Blackstone from $141.00 to $132.00 and set a buy rating on the stock in a report on Friday. BMO Capital Markets raised their target price on Blackstone from $95.00 to $101.00 and gave the company a market perform rating in a report on Friday, January 26th. Finally, Piper Sandler cut their target price on Blackstone from $150.00 to $146.00 and set an overweight rating on the stock in a report on Wednesday, April 10th. Thirteen investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Hold and a consensus price target of $122.94.

Blackstone Stock Performance

Shares of Blackstone stock opened at $122.09 on Friday. The stock has a market cap of $87.25 billion, a PE ratio of 43.14, a price-to-earnings-growth ratio of 0.98 and a beta of 1.51. The business has a fifty day simple moving average of $126.31 and a 200-day simple moving average of $118.06. The company has a quick ratio of 0.80, a current ratio of 0.79 and a debt-to-equity ratio of 0.61. Blackstone has a 12 month low of $79.92 and a 12 month high of $133.56.

Blackstone (NYSE:BX) last released its quarterly earnings data on Thursday, April 18th. The asset manager reported $0.98 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.98. The firm had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $2.56 billion. Blackstone had a return on equity of 17.33% and a net margin of 20.84%. The business’s revenue for the quarter was up 166.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.97 earnings per share. On average, sell-side analysts anticipate that Blackstone will post 4.82 EPS for the current fiscal year.

Blackstone Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 6th. Shareholders of record on Monday, April 29th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date is Friday, April 26th. Blackstone’s payout ratio is 132.86%.

Insider Buying and Selling at Blackstone

In other Blackstone news, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of Blackstone stock in a transaction that occurred on Sunday, March 3rd. The stock was sold at an average price of $11.10, for a total transaction of $27,853,407.60. Following the sale, the insider now directly owns 12,802 shares of the company’s stock, valued at $142,102.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider John G. Finley sold 49,000 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $127.93, for a total value of $6,268,570.00. Following the transaction, the insider now directly owns 393,143 shares of the company’s stock, valued at approximately $50,294,783.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 2,509,316 shares of the business’s stock in a transaction that occurred on Sunday, March 3rd. The stock was sold at an average price of $11.10, for a total value of $27,853,407.60. Following the completion of the transaction, the insider now directly owns 12,802 shares in the company, valued at $142,102.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,587,168 shares of company stock valued at $37,816,476. 1.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BX. Northwest Financial Advisors bought a new position in Blackstone in the 4th quarter worth approximately $25,000. Bourgeon Capital Management LLC raised its position in Blackstone by 86.2% in the 4th quarter. Bourgeon Capital Management LLC now owns 216 shares of the asset manager’s stock worth $28,000 after purchasing an additional 100 shares during the last quarter. Roble Belko & Company Inc bought a new stake in shares of Blackstone during the 4th quarter valued at $30,000. Advantage Trust Co bought a new stake in shares of Blackstone during the 4th quarter valued at $30,000. Finally, Exchange Traded Concepts LLC raised its position in shares of Blackstone by 763.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 233 shares of the asset manager’s stock valued at $31,000 after acquiring an additional 206 shares during the last quarter. Institutional investors own 70.00% of the company’s stock.

Blackstone Company Profile

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.