Blackstone Group L.P. (BX) Rating Increased to Buy at Zacks Investment Research
Blackstone Group L.P. (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 presently has a $28.00 price target on the stock. Zacks Investment Research’s price target suggests a potential upside of 11.16% from the stock’s current price.
According to Zacks, “Estimates have been rising ahead of Blackstone’s third-quarter 2016 earnings release. Also, the company remains well positioned to capitalize on the changing investment landscape by making long-term investments and augmenting its fund-raising ability. In addition, current dislocation in the credit markets and increased liquidity pressure are anticipated to create more investment opportunities for the company. This will lead to continued growth in AUM. Further, the company continues to benefit from the changing investor preference for alternative assets and other risk management strategies. However, mounting operating expenses, increased dependence on management and advisory fees, and stringent regulations can adversely affect the company’s financials in the near term.”
BX has been the subject of a number of other research reports. Vetr lowered shares of Blackstone Group L.P. from a “strong-buy” rating to a “buy” rating and set a $29.22 price objective for the company. in a research report on Wednesday, September 21st. Credit Suisse Group AG restated a “buy” rating and issued a $35.00 target price on shares of Blackstone Group L.P. in a report on Monday, September 19th. TheStreet downgraded shares of Blackstone Group L.P. to a “hold” rating in a report on Wednesday, June 15th. Bank of America Corp. restated a “hold” rating on shares of Blackstone Group L.P. in a report on Friday, July 22nd. Finally, Barclays PLC lowered their target price on shares of Blackstone Group L.P. from $31.00 to $29.00 and set an “overweight” rating for the company in a report on Thursday, July 7th. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Blackstone Group L.P. has an average rating of “Buy” and a consensus price target of $33.95.
Blackstone Group L.P. (NYSE:BX) traded down 0.48% during midday trading on Tuesday, reaching $25.07. 1,292,604 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $26.67 and its 200 day moving average is $26.55. Blackstone Group L.P. has a 52 week low of $22.31 and a 52 week high of $35.24. The firm has a market capitalization of $15.75 billion, a P/E ratio of 52.89 and a beta of 1.57.
Blackstone Group L.P. (NYSE:BX) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.05. The business earned $1.17 billion during the quarter, compared to analyst estimates of $1.11 billion. Blackstone Group L.P. had a net margin of 15.50% and a return on equity of 6.15%. The company’s revenue was down 2.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.43 earnings per share. On average, analysts expect that Blackstone Group L.P. will post $2.08 EPS for the current fiscal year.
In related news, insider Kathleen Skero sold 11,500 shares of the company’s stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $26.51, for a total value of $304,865.00. Following the sale, the insider now directly owns 42,967 shares of the company’s stock, valued at $1,139,055.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.00% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the stock. Artemis Investment Management LLP boosted its stake in Blackstone Group L.P. by 100.1% in the second quarter. Artemis Investment Management LLP now owns 1,929,006 shares of the company’s stock valued at $47,329,000 after buying an additional 964,862 shares in the last quarter. ING Groep NV boosted its stake in shares of Blackstone Group L.P. by 148.8% in the second quarter. ING Groep NV now owns 15,846,567 shares of the company’s stock worth $388,558,000 after buying an additional 9,477,059 shares during the period. Douglas Lane & Associates LLC boosted its stake in shares of Blackstone Group L.P. by 20.8% in the second quarter. Douglas Lane & Associates LLC now owns 841,111 shares of the company’s stock worth $20,641,000 after buying an additional 144,995 shares during the period. Legal & General Group Plc boosted its stake in shares of Blackstone Group L.P. by 29.0% in the first quarter. Legal & General Group Plc now owns 750,668 shares of the company’s stock worth $21,052,000 after buying an additional 168,959 shares during the period. Finally, Silvercrest Asset Management Group LLC boosted its stake in shares of Blackstone Group L.P. by 4.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 31,334 shares of the company’s stock worth $879,000 after buying an additional 1,200 shares during the period. 49.03% of the stock is currently owned by hedge funds and other institutional investors.
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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