Zacks Investment Research upgraded shares of Blackstone Group L.P. (NYSE:BX) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. They currently have $28.00 target price on the stock.
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 research firms also recently weighed in on BX. Deutsche Bank AG reissued a hold rating on shares of Blackstone Group L.P. in a research note on Sunday, July 10th. Vetr raised Blackstone Group L.P. from a buy rating to a strong-buy rating and set a $31.48 price target on the stock in a research note on Monday, July 25th. Keefe, Bruyette & Woods cut 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 research note on Monday, July 11th. Jefferies Group increased their price target on Blackstone Group L.P. from $28.00 to $31.00 and gave the company a buy rating in a research note on Tuesday, August 2nd. Finally, Barclays PLC increased their price target on Blackstone Group L.P. from $29.00 to $33.00 and gave the company an overweight rating in a research note on Tuesday, August 9th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $33.95.
Blackstone Group L.P. (NYSE:BX) opened at 24.68 on Tuesday. Blackstone Group L.P. has a 52 week low of $22.31 and a 52 week high of $35.00. The stock has a market cap of $15.50 billion, a P/E ratio of 52.07 and a beta of 1.57. The firm has a 50-day moving average price of $26.32 and a 200-day moving average price of $26.48.
Blackstone Group L.P. (NYSE:BX) last announced its quarterly earnings data on Thursday, July 21st. The company reported $0.44 EPS for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.05. The firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.11 billion. Blackstone Group L.P. had a return on equity of 6.15% and a net margin of 15.50%. The business’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same period last year, the company earned $0.43 EPS. On average, equities research analysts predict that Blackstone Group L.P. will post $2.06 EPS for the current year.
In other news, insider Kathleen Skero sold 11,500 shares of the firm’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $26.51, for a total value of $304,865.00. Following the completion of the transaction, the insider now owns 42,967 shares in the company, valued at approximately $1,139,055.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.00% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions 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 worth $115,000 after buying an additional 682 shares during the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management acquired a new position in Blackstone Group L.P. during the second quarter worth approximately $125,000. TCI Wealth Advisors Inc. boosted its position 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 worth $125,000 after buying an additional 51 shares during the last quarter. Adirondack Trust Co. boosted its position 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 worth $128,000 after buying an additional 36 shares during the last quarter. Finally, Kistler Tiffany Companies LLC boosted its position 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 worth $132,000 after buying an additional 2,565 shares during the last quarter. Institutional investors own 49.11% 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.