Analysts Set Blackstone Group L.P. (NYSE:BX) PT at $35.02
Shares of Blackstone Group L.P. (NYSE:BX) have been given a consensus recommendation of “Buy” by the nineteen brokerages that are presently covering the firm. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $35.02.
Several equities research analysts have issued reports on BX shares. Vetr downgraded Blackstone Group L.P. from a “strong-buy” rating to a “buy” rating and set a $29.89 price target for the company. in a report on Thursday, July 21st. Jefferies Group increased their price target on Blackstone Group L.P. from $28.00 to $31.00 and gave the stock a “buy” rating in a report on Tuesday, August 2nd. Credit Suisse Group AG restated a “buy” rating and issued a $35.00 price target on shares of Blackstone Group L.P. in a report on Sunday, September 11th. Bank of America Corp. reiterated a “hold” rating on shares of Blackstone Group L.P. in a report on Friday, July 22nd. Finally, Deutsche Bank AG decreased their price objective on Blackstone Group L.P. from $28.00 to $26.00 and set a “hold” rating for the company in a report on Thursday, June 16th.
Shares of Blackstone Group L.P. (NYSE:BX) opened at 25.53 on Friday. Blackstone Group L.P. has a 12-month low of $22.31 and a 12-month high of $35.24. The company has a 50-day moving average price of $26.74 and a 200 day moving average price of $26.58. The firm has a market capitalization of $16.03 billion, a price-to-earnings ratio of 53.86 and a beta of 1.58.
Blackstone Group L.P. (NYSE:BX) last announced its quarterly earnings results on Thursday, July 21st. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.05. Blackstone Group L.P. had a return on equity of 6.15% and a net margin of 15.50%. The company earned $1.17 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the prior year, the company earned $0.43 earnings per share. The company’s revenue for the quarter was down 2.7% compared to the same quarter last year. Equities research analysts expect that Blackstone Group L.P. will post $2.08 earnings per share for the current fiscal year.
In other news, insider Kathleen Skero sold 11,500 shares of the stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $26.51, for a total transaction of $304,865.00. Following the transaction, the insider now owns 42,967 shares in the company, valued at $1,139,055.17. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.00% of the company’s stock.
Several institutional investors have recently made changes to their positions in BX. Huntington National Bank raised its position in shares of Blackstone Group L.P. by 17.0% in the second quarter. Huntington National Bank now owns 4,687 shares of the company’s stock worth $115,000 after buying an additional 682 shares during the period. Livingston Group Asset Management CO operating as Southport Capital Management purchased a new position in shares of Blackstone Group L.P. during the second quarter worth $125,000. TCI Wealth Advisors Inc. raised its position in shares of Blackstone Group L.P. by 1.0% in the second quarter. TCI Wealth Advisors Inc. now owns 5,074 shares of the company’s stock worth $125,000 after buying an additional 51 shares during the period. Adirondack Trust Co. raised its position in shares of Blackstone Group L.P. by 0.7% in the second quarter. Adirondack Trust Co. now owns 5,236 shares of the company’s stock worth $128,000 after buying an additional 36 shares during the period. Finally, Kistler Tiffany Companies LLC raised its position in shares of Blackstone Group L.P. by 91.8% in the second quarter. Kistler Tiffany Companies LLC now owns 5,359 shares of the company’s stock worth $132,000 after buying an additional 2,565 shares during the period. Institutional investors own 49.03% of the company’s stock.
About Blackstone Group L.P.
The Blackstone Group L.P. (Blackstone) is a global alternative asset manager. The Company’s alternative asset management businesses include investment vehicles focused on private equity, real estate, hedge fund solutions, non-investment grade credit, secondary funds and other multi-asset class strategies.
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