Blackstone Group LP (NYSE:BX) Receives $49.75 Consensus PT from Brokerages

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Blackstone Group LP (NYSE:BX) has been given an average rating of “Buy” by the eleven brokerages that are presently covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $49.75.

Several equities research analysts recently commented on the company. Deutsche Bank upped their target price on Blackstone Group from $42.00 to $45.00 and gave the company a “hold” rating in a research report on Friday, July 19th. Citigroup upped their target price on Blackstone Group from $51.50 to $52.00 and gave the company a “buy” rating in a research report on Monday, September 9th. Morgan Stanley upped their target price on Blackstone Group from $54.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Oppenheimer set a $52.00 price target on Blackstone Group and gave the stock a “buy” rating in a research note on Friday, July 19th. Finally, JMP Securities downgraded Blackstone Group from an “outperform” rating to a “market perform” rating in a research note on Monday, July 8th.

Shares of Blackstone Group stock traded up $1.31 on Friday, hitting $53.55. 9,426,909 shares of the company’s stock traded hands, compared to its average volume of 4,226,346. Blackstone Group has a one year low of $26.88 and a one year high of $54.19. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.89 and a quick ratio of 0.89. The company has a fifty day moving average of $48.54 and a two-hundred day moving average of $41.86. The company has a market capitalization of $33.35 billion, a price-to-earnings ratio of 23.69, a price-to-earnings-growth ratio of 1.06 and a beta of 1.47.

Blackstone Group (NYSE:BX) last announced its earnings results on Thursday, July 18th. The asset manager reported $0.57 EPS for the quarter, beating the consensus estimate of $0.50 by $0.07. Blackstone Group had a return on equity of 11.30% and a net margin of 20.51%. The company had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the prior year, the company earned $0.90 EPS. The firm’s revenue for the quarter was down 43.5% compared to the same quarter last year. Equities research analysts anticipate that Blackstone Group will post 2.32 earnings per share for the current year.

In related news, major shareholder Blackstone Group Inc acquired 64,708 shares of the stock in a transaction dated Friday, August 9th. The stock was purchased at an average cost of $7.82 per share, with a total value of $506,016.56. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joan Solotar sold 25,000 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $53.83, for a total value of $1,345,750.00. Following the completion of the sale, the insider now directly owns 235,803 shares of the company’s stock, valued at $12,693,275.49. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 694,319 shares of company stock worth $5,581,544. 1.00% of the stock is owned by company insiders.

Several institutional investors have recently modified their holdings of the company. Princeton Global Asset Management LLC increased its position in shares of Blackstone Group by 5.1% during the second quarter. Princeton Global Asset Management LLC now owns 96,356 shares of the asset manager’s stock valued at $4,280,000 after acquiring an additional 4,672 shares during the last quarter. Salomon & Ludwin LLC purchased a new stake in shares of Blackstone Group during the second quarter valued at approximately $158,000. Marvin & Palmer Associates Inc. increased its position in shares of Blackstone Group by 11.3% during the second quarter. Marvin & Palmer Associates Inc. now owns 155,179 shares of the asset manager’s stock valued at $6,893,000 after acquiring an additional 15,785 shares during the last quarter. WealthPLAN Partners LLC increased its position in shares of Blackstone Group by 2.0% during the second quarter. WealthPLAN Partners LLC now owns 99,255 shares of the asset manager’s stock valued at $4,729,000 after acquiring an additional 1,949 shares during the last quarter. Finally, Griffin Asset Management Inc. increased its position in shares of Blackstone Group by 3.0% during the second quarter. Griffin Asset Management Inc. now owns 141,104 shares of the asset manager’s stock valued at $6,268,000 after acquiring an additional 4,148 shares during the last quarter. 47.20% of the stock is owned by hedge funds and other institutional investors.

Blackstone Group Company Profile

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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