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 note issued to investors on Tuesday. The firm currently has a $28.00 price target on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 11.16% from the company’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.”
A number of other equities analysts also recently commented on BX. TheStreet downgraded Blackstone Group L.P. to a “hold” rating in a report on Wednesday, June 15th. Deutsche Bank AG lowered their price target on Blackstone Group L.P. from $28.00 to $26.00 and set a “hold” rating on the stock in a report on Thursday, June 16th. Vetr downgraded Blackstone Group L.P. from a “strong-buy” rating to a “buy” rating and set a $28.90 price target on the stock. in a report on Thursday, June 23rd. Barclays PLC lowered their price target on Blackstone Group L.P. from $31.00 to $29.00 and set an “overweight” rating on the stock in a report on Thursday, July 7th. Finally, Keefe, Bruyette & Woods lowered their price target on Blackstone Group L.P. from $34.00 to $33.00 and set a “market perform” rating on the stock in a report on Monday, July 11th. Six analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $33.95.
Shares of Blackstone Group L.P. (NYSE:BX) traded down 0.48% during mid-day trading on Tuesday, hitting $25.07. 1,292,604 shares of the company’s stock were exchanged. The company has a market capitalization of $15.75 billion, a price-to-earnings ratio of 52.89 and a beta of 1.57. Blackstone Group L.P. has a 52 week low of $22.31 and a 52 week high of $35.24. The firm has a 50 day moving average price of $26.67 and a 200-day moving average price of $26.55.
Blackstone Group L.P. (NYSE:BX) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the company posted $0.43 earnings per share. The firm’s revenue was down 2.7% on a year-over-year basis. On average, equities analysts anticipate that Blackstone Group L.P. will post $2.08 EPS for the current year.
In other news, insider Kathleen Skero sold 11,500 shares of Blackstone Group L.P. stock in a transaction dated 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 approximately $1,139,055.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.00% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Huntington National Bank boosted its position in 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 period. TCI Wealth Advisors Inc. boosted its stake in 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. Livingston Group Asset Management CO operating as Southport Capital Management purchased a new stake in Blackstone Group L.P. during the second quarter valued at approximately $125,000. Adirondack Trust Co. boosted its stake in 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 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. Institutional investors and hedge funds 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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