Blackstone Group (BX) Lifted to “Buy” at Zacks Investment Research
Blackstone Group (NYSE:BX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage currently has a $42.00 target price on the asset manager’s stock. Zacks Investment Research‘s target price points to a potential upside of 11.20% from the stock’s current price.
According to Zacks, “Shares of Blackstone have outperformed the industry over the past six months. The company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in each of the trailing four quarters. The company remains well positioned to capitalize on its fund-raising ability. Moreover, benefit from revenue mix, persistent asset inflows and inorganic growth efforts will support its profitability in the future. However, mounting expenses and the adverse effects of the ongoing volatility in the capital markets remain major near-term concerns for the company.”
A number of other equities analysts have also recently issued reports on BX. Credit Suisse Group dropped their target price on Blackstone Group from $48.00 to $47.00 and set an “outperform” rating for the company in a report on Friday, July 20th. Oppenheimer set a $42.00 target price on Blackstone Group and gave the stock a “buy” rating in a report on Thursday, July 19th. Morgan Stanley reissued a “buy” rating on shares of Blackstone Group in a report on Friday. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $40.00 target price on shares of Blackstone Group in a report on Friday, July 20th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $42.00 target price on shares of Blackstone Group in a report on Friday, July 20th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $41.70.
Blackstone Group (NYSE:BX) last announced its quarterly earnings data on Thursday, July 19th. The asset manager reported $0.90 EPS for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.17. Blackstone Group had a return on equity of 22.64% and a net margin of 22.12%. The company had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $1.74 billion. During the same quarter last year, the company earned $0.59 EPS. The company’s quarterly revenue was up 71.4% on a year-over-year basis. sell-side analysts predict that Blackstone Group will post 3.08 earnings per share for the current fiscal year.
In other news, insider John G. Finley sold 5,000 shares of Blackstone Group stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $35.98, for a total value of $179,900.00. Following the completion of the sale, the insider now directly owns 113,003 shares of the company’s stock, valued at approximately $4,065,847.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman J Tomilson Hill sold 674,257 shares of Blackstone Group stock in a transaction on Monday, August 20th. The shares were sold at an average price of $36.48, for a total value of $24,596,895.36. Following the completion of the sale, the insider now directly owns 928,884 shares of the company’s stock, valued at $33,885,688.32. The disclosure for this sale can be found here. Insiders have sold a total of 770,677 shares of company stock valued at $28,061,444 over the last ninety days. Insiders own 1.00% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quad Cities Investment Group LLC bought a new position in shares of Blackstone Group in the 2nd quarter worth $122,000. Rockefeller Capital Management L.P. bought a new position in shares of Blackstone Group in the 1st quarter worth $142,000. Archford Capital Strategies LLC bought a new position in shares of Blackstone Group in the 1st quarter worth $147,000. BDO Wealth Advisors LLC bought a new position in shares of Blackstone Group in the 1st quarter worth $154,000. Finally, McKinley Carter Wealth Services Inc. bought a new position in shares of Blackstone Group in the 1st quarter worth $168,000. 48.76% of the stock is owned by institutional investors.
Blackstone Group Company Profile
The Blackstone Group L.P. is a publicly owned hedge fund sponsor. The firm also provides financial advisory 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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