Blackstone Group L.P. (BX) Downgraded to “Hold” at Zacks Investment Research
According to Zacks, “Estimates have been falling ahead of Blackstone’s third-quarter 2016 earnings release. Further, expenses are expected to remain elevated owing to the company’s well performing funds that require more headcount. Moreover, increased dependence on management and advisory fees can adversely affect the company’s financials in the near term. Also, high dependence on commitment from investors for the alternative investment funds can adversely affect revenue growth. Nonetheless, 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. Further, the company continues to benefit from the changing investor preference for alternative assets and other risk management strategies.”
BX has been the subject of a number of other research reports. 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 research note on Thursday, July 7th. Vetr downgraded shares of Blackstone Group L.P. from a strong-buy rating to a buy rating and set a $28.90 price target for the company. in a research note on Thursday, June 23rd. Bank of America Corp. reaffirmed a hold rating on shares of Blackstone Group L.P. in a research note on Friday, July 22nd. Deutsche Bank AG decreased their price target on shares of Blackstone Group L.P. from $28.00 to $26.00 and set a hold rating for the company in a research note on Thursday, June 16th. Finally, Credit Suisse Group AG reaffirmed a buy rating and issued a $35.00 price target on shares of Blackstone Group L.P. in a research note on Monday, September 19th. Seven equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Blackstone Group L.P. has a consensus rating of Buy and an average price target of $33.95.
Shares of Blackstone Group L.P. (NYSE:BX) traded up 0.4453% during midday trading on Friday, reaching $24.7899. 879,591 shares of the company traded hands. Blackstone Group L.P. has a 12-month low of $22.31 and a 12-month high of $35.00. The firm has a market capitalization of $15.57 billion, a PE ratio of 52.2994 and a beta of 1.57. The company has a 50-day moving average of $26.32 and a 200 day moving average of $26.48.
Blackstone Group L.P. (NYSE:BX) last announced its earnings results on Thursday, July 21st. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.05. Blackstone Group L.P. had a net margin of 15.50% and a return on equity of 6.15%. The business earned $1.17 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter last year, the firm earned $0.43 earnings per share. Blackstone Group L.P.’s quarterly revenue was down 2.7% on a year-over-year basis. On average, equities analysts forecast that Blackstone Group L.P. will post $2.06 earnings per share for the current year.
In other news, insider Kathleen Skero sold 11,000 shares of the company’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $27.87, for a total value of $306,570.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.00% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in BX. Huntington National Bank boosted its stake 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 valued at $115,000 after buying an additional 682 shares during the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management purchased a new stake in shares of Blackstone Group L.P. during the second quarter valued at $125,000. TCI Wealth Advisors Inc. boosted its stake 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 valued at $125,000 after buying an additional 51 shares during the last quarter. Adirondack Trust Co. boosted its stake 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 valued at $128,000 after buying an additional 36 shares during the last quarter. Finally, Kistler Tiffany Companies LLC boosted its stake 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 valued at $132,000 after buying an additional 2,565 shares during the last quarter. 49.11% of the stock is owned by 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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