Investors Buy Blackstone Group (BX) on Weakness After Analyst Downgrade
Investors bought shares of Blackstone Group LP (NYSE:BX) on weakness during trading on Monday after Deutsche Bank lowered their price target on the stock from $35.00 to $34.00. $70.80 million flowed into the stock on the tick-up and $27.61 million flowed out of the stock on the tick-down, for a money net flow of $43.19 million into the stock. Of all stocks tracked, Blackstone Group had the 28th highest net in-flow for the day. Blackstone Group traded down ($0.66) for the day and closed at $31.80
A number of other research analysts also recently commented on the stock. Morgan Stanley reaffirmed a “buy” rating on shares of Blackstone Group in a research report on Friday, September 14th. JMP Securities raised their price objective on shares of Blackstone Group from $39.00 to $43.00 and gave the stock an “outperform” rating in a research report on Monday, September 24th. ValuEngine raised shares of Blackstone Group from a “hold” rating to a “buy” rating in a research report on Saturday, September 22nd. Zacks Investment Research raised shares of Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a research report on Thursday, August 16th. Finally, Argus raised their price objective on shares of Blackstone Group from $39.00 to $46.00 and gave the stock a “buy” rating in a research report on Tuesday, September 25th. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $42.27.
In other news, major shareholder Blackstone Bgsl Holdings Llc bought 192,000 shares of the stock in a transaction dated Tuesday, November 6th. The shares were acquired at an average price of $25.00 per share, with a total value of $4,800,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.00% of the company’s stock.
The firm has a market cap of $21.50 billion, a price-to-earnings ratio of 11.31, a PEG ratio of 1.05 and a beta of 1.39. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.97 and a current ratio of 0.97.
Blackstone Group (NYSE:BX) last issued its earnings results on Thursday, October 18th. The asset manager reported $0.76 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.02. The business had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $1.79 billion. Blackstone Group had a net margin of 22.34% and a return on equity of 22.67%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.69 earnings per share. Analysts predict that Blackstone Group LP will post 2.96 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, November 5th. Investors of record on Monday, October 29th were paid a $0.64 dividend. This is a boost from Blackstone Group’s previous quarterly dividend of $0.58. The ex-dividend date was Friday, October 26th. This represents a $2.56 annualized dividend and a dividend yield of 8.05%. Blackstone Group’s dividend payout ratio (DPR) is 91.10%.
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About Blackstone Group (NYSE:BX)
The Blackstone Group L.P. is a publicly owned alternative asset manager. The firm also provides capital markets 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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